- 1Pipe raised $16M in a round led by Fin Capital and MaC Venture Capital.
- 2It says it originated $300M in MCAs over two years across 15,000 merchants.
- 3Revenue tripled in 2025, per the company, after $7.1M in 2024 revenue.
Pipe says it originated $300 million in merchant cash advances over the last two years, a figure it disclosed alongside the announcement of a new $16 million funding round. The volume was spread across 15,000 merchants.
What the company said
CEO Claurelle Rakipovic said Pipe has built infrastructure for small business financing that is AI-native, partner-embedded and accessible to tens of thousands of businesses. "Pipe has kept its ambition while operating with a clear focus on the customer and fiscal discipline," she said in the release, adding that the new capital will help it move faster on what is already working.
A smaller footprint than before
Pipe's current volume is lower than its peak. In 2021 it said it had originated $1.2 billion in MCAs in a single year. It then marketed itself as the "Nasdaq for revenue" and called employees "plumbers." After it raised $300 million at a $2 billion valuation, fintech reporter Jason Mikula shared that the company generated only $7.1 million in revenue in 2024. Layoffs followed.
Pipe has kept its ambition while operating with a clear focus on the customer and fiscal discipline.
The reset
The new announcement says 2025 revenue was triple the prior year's and that the embedded financing product was relaunched in 2024. With the $16 million round and several new board members, Pipe appears to be on a path back up.
Source reporting: deBanked.
