We invented a new asset class: trading recurring revenue like bonds.

SaaS companies have predictable revenue. That revenue can be traded for upfront cash. No equity dilution. No debt.

The 2022 downturn tested our model. Defaults rose. We tightened underwriting. The core idea is still sound.

Founders shouldn't have to give away equity to fund growth when they already have predictable revenue.

Every business with recurring revenue — SaaS, streaming, insurance — can use Pipe. The market is massive.

Revenue-based financing is the future for capital-efficient software companies.