Pipe hires new leadership to focus on embedded product

Illustration: Maura Losch/Axios

Revenue-based financing startup Pipe is re-tooling its business to focus on an embedded capital-as-a-service product and has a new senior leadership team to lead that charge, new CEO Luke Voiles tells Axios exclusively.

The big picture: Pipe is looking to expand beyond its current customer base to offer a solution that would enable partners to offer financing solutions to their customers.

Driving the news: Since bringing on Voiles, a former Square and Intuit exec, in February, Pipe has made a bevy of other senior management hires.

Context: The turnover in senior leadership comes not long after Pipe founders Harry Hurst, Josh Mangel, and Zain Allarakhia announced they were stepping down last November.

Between the lines: The new leadership was brought in, Voiles says, to rebuild Pipe's tech stack and make its financing product "a truly scalable business."

What's happening: The company is now focused on building an embedded capital-as-a-service business and partnering with other vertical SaaS platforms to offer revenue-based financing solutions to their customers.

Of note: According to Voiles, the company still has nearly five years of runway and an 85-person team remaining.