2025 at Pipe: Increased Growth, Increased Impact

As the clock ticks down on 2025, we wanted to take some time to celebrate the small businesses and partners that have fueled our growth this year. We launched Pipe Capital in 2024, and in 2025 we really saw it scale, which made this a tremendously rewarding year. Every capital advance that goes out through Pipe provides funds that a small business might not have otherwise been able to access and is powering their growth or ongoing operations. 

Quantifying Pipe’s scale in 2025

Pipe’s business is ending the year on a very strong note. Our 2025 revenue will be up more than 3x from 2024. We’ve put ourselves on a path to profitability by refocusing around our core products and geographies, and when you couple the efficiency of our business with our strong growth path, the future looks good.

Origination volume through Pipe Capital was 2.3x higher in 2025, year-over-year. This has been on the back of strong, steady month-over-month growth. Originations in November were 70% higher than originations in January and more than double what they were a year ago, as we’ve expanded the impact of our capital product. 

Growing business = growing merchant impact

The lifeblood of Pipe’s business, and why we do what we do, are the small businesses across the world who get access to capital through Pipe that has been out of their grasp for too long. 

In the last 18 months, Pipe Capital has now originated almost 15,000 advances to small businesses around the world, totalling more than $250 million. Pipe supports the sections of the US economy that consumers love and rely on: 30% of capital originations went to construction firms and contractors and 18% went to restaurants.

Through our capital programs with our various partners, we commonly see a Net Promoter Score more than 2x what is common for large financial institutions. This focus on building a capital product tailored for the best small business experience is also reinforced by how many SMBs get repeat capital advances through Pipe. More than 60% of businesses come back for a second advance within 12 months.

Major new partnerships live in 2025 and expanding in 2026

We launched major new capital programs in 2025. In September we announced our partnership with Uber, bringing capital access to hundreds of thousands of US restaurants who use the Uber Eats Manager app to manage their business. As Kelli Jones, owner of 404 Coffee in Atlanta put it: "Uber Eats' merchant capital was key to assist with our planned expansion.” 

In February of 2025, after a pilot program in late 2024, UK fintech unicorn GoCardless announced the launch of their capital product powered by Pipe, and in early December announced that they’d originated more than £30 million pounds in small business advances through the program. Through GoCardless we’ve been lucky enough to play a role in the growth of businesses in the UK like Remoteli and Bristol Distilling Company. These businesses found that accessing capital through Pipe and GoCardless was seamless and simple, and helped them manage cashflow and enable growth.

Pipe’s global footprint grows 

We expanded our geographic footprint significantly. Close to 20% of our originations, and growing, are now from outside the US. We ended 2024 up and running in the US and Canada, and 2025 was the first full year that we were live in the United Kingdom. Alongside our work with GoCardless, in November we also expanded our partnership with Uber to support Uber Eats restaurants in the UK as well as the US. That same month we also announced our launch in Australia, with Live Payments, our first partner on the ground. 

An exciting new year beckons

We’re approaching 2026 with momentum and growth at our backs, locked on a path to profitability, excited to serve our partners and the small businesses that rely on them (and looking forward to welcoming and announcing new partners in the new year). 

Wishing you a happy holiday season, from everyone at Pipe!