Uber Eats partners with Pipe to offer capital to restaurants

Fintech company Pipe has announced a new partnership with Uber to provide small businesses with easier access to capital. This collaboration will allow eligible restaurants on Uber Eats to receive pre-approved capital offers customized based on their revenue and cash flow, all through Pipe’s embedded technology integrated into the Uber Eats Manager app.

The partnership between Pipe and Uber Eats is aimed at simplifying the capital acquisition process for small businesses. By leveraging Pipe’s AI technology, restaurants can access capital without the need for credit checks, FICO scores, or personal guarantees typically required by traditional banks. The seamless integration of Pipe’s services within the Uber Eats Manager app will enable restaurants to apply for and receive funding directly through the platform.

Luke Voiles, CEO of Pipe, expressed his excitement about the partnership, emphasizing the importance of helping small businesses succeed. With a focus on providing access to capital for restaurants, Voiles highlighted the challenges faced by small businesses in obtaining funding and the need for innovative solutions like the one offered by Pipe.

Pipe’s valuation of $2 billion reflects the company’s commitment to supporting small businesses through its unique approach to capital financing. By analyzing anonymous credit card transaction data shared by Uber, Pipe can offer capital amounts tailored to each restaurant’s performance metrics. This data-driven approach ensures that capital offers are based on objective criteria, making the process more transparent and accessible for restaurant owners.

Karl Hebert, Uber’s vice president of global commerce and financial services, praised Pipe’s small business-focused process, citing it as a key factor in the partnership. By partnering with Pipe, Uber aims to empower its restaurant partners with the financial resources they need to succeed on the Uber Eats platform.

Pipe’s high approval rate of 98% for applications demonstrates the effectiveness of its capital financing model. With quick funding disbursement and flexible repayment options based on revenue flow, Pipe enables restaurant owners to grow their businesses without the constraints of traditional term loans.

This collaboration between Pipe and Uber is not the first initiative aimed at supporting small businesses. In 2022, Uber partnered with Visa to provide $1 million in grants to small businesses on the Uber Eats platform affected by various challenges, including the Covid-19 pandemic and natural disasters.

Overall, the partnership between Pipe and Uber represents a significant step forward in providing small businesses with the financial support they need to thrive. By leveraging technology and data-driven insights, Pipe and Uber are empowering restaurant owners to overcome financial barriers and achieve sustainable growth.