Pipe, a Fintech firm offering embedded financing tools for small businesses, has raised $16 million in a funding round led by investors including Fin Capital and MaC Venture Capital, the company said.
The deal marks Pipe’s first equity fundraising since it relaunched its embedded financing product in 2024, as the company looks to expand partnerships and move closer to profitability.
Marlon Nichols, general managing partner at MaC Venture Capital, has joined Pipe’s board as part of the investment.
Pipe said its financing arm, Pipe Capital, has originated more than 15,000 advances globally over the past two years, with total volume exceeding $300 million.
The company embeds access to working capital within the software platforms used by small businesses, allowing merchants to tap financing without leaving their operating systems.
Its growth has been driven in part by tie-ups with software and payments firms including Boulevard, GoCardless, Housecall Pro, Live Payments and Uber.
Pipe said revenue in the first quarter of 2026 nearly doubled from a year earlier, though it did not disclose absolute figures.
The company has also broadened its reach beyond the United States, with 20% of cumulative capital originations now coming from international markets.
More recently, it signed up AI-powered point-of-sale provider Epos Now to widen access to financing for brick-and-mortar businesses in the United States, Canada, and the UK.
Separately, Pipe said it extended its warehouse facility with Victory Park Capital for two years, for up to $225 million, giving it additional lending capacity as it scales originations.
The raise comes as fintech lenders and embedded finance providers seek to prove they can grow without the cash burn that defined the sector’s earlier expansion.
For Pipe, the pitch to investors appears to rest less on breakout valuation and more on execution: repeat originations, software distribution and tighter capital discipline.
That may resonate in a market where private funding remains selective and investors are rewarding fintechs that can show a clearer path to sustainable earnings rather than growth at any cost.