- 1Uber Eats partnered with Pipe to bring revenue-based financing to U.S. restaurants.
- 2Uber's R2-powered Uber Eats Financing launched in Mexico in January and expanded to Chile.
- 3Uber joins Amazon, Walmart, Shopify, Intuit, Stripe, DoorDash and others offering RBF.
Uber Eats partnered with Pipe Capital earlier this month to offer revenue-based financing, the latest sign of the product spreading across platforms.
Karl Hebert, Uber's Vice President of Global Commerce and Financial Services, said restaurants are the backbone of Uber's communities and many struggle with access to capital. In the U.S., the Uber Eats Manager app will display Pipe capital offers tailored to a restaurant's revenue, cash flow and business performance.
Not Uber's first move
The step is unsurprising: rival DoorDash launched a merchant cash advance program nearly four years ago, and Uber experimented with MCAs nearly a decade ago. In January, Uber rolled out Uber Eats Financing, a revenue-based product, in Mexico through a partnership with R2. It performed well enough that Uber expanded it to Chile months later.
In Chile, the service lives entirely inside the Uber Eats Manager app, with a five-minute application and automatic payments deducted as a fixed percentage of sales made on the platform.
A crowded field
Revenue-based financing is also offered by Amazon, Walmart, Shopify, Intuit, Stripe, DoorDash, PayPal, Square, GoDaddy, Wix, Squarespace and others, and Uber is now among them. The product is available in, but not limited to, the U.S., Canada, Mexico, Chile, the UK, Germany, Ireland, Spain, South Africa, Nigeria, India, Hong Kong, the Netherlands, Australia, Japan, Brazil and Singapore.
Source reporting: deBanked.
