WASHINGTON (dpa-AFX) - Fintech firm Pipe has struck a partnership with Uber to provide small restaurants with easier access to capital, embedding its technology directly into the Uber Eats Manager app, CNBC reports.
Beginning this week, eligible restaurants on the platform will see pre-approved capital offers customized to their revenue and cash flow. The process bypasses traditional hurdles such as credit checks, FICO scores, or personal guarantees - barriers that have historically kept many small businesses from securing funding.
Instead, Pipe uses artificial intelligence to evaluate six months of anonymized transaction history provided through Uber, allowing businesses to apply and receive funds within 24 hours.
Pipe CEO Luke Voiles said the partnership is aimed at 'making it so seamless and embedded that the customers don't even realize somebody else is involved.' According to the company, 98 percent of applications are approved, with restaurants reporting growth of up to 12 percent month-over-month after accessing the capital.
The Uber Eats Manager app serves as a one-stop platform for thousands of U.S. restaurants to oversee operations. With the new integration, restaurant owners can request and manage financing directly through the dashboard.
Karl Hebert, Uber's vice president of global commerce and financial services, said Pipe was chosen for its small business-focused model, emphasizing that 'Uber is focused on helping restaurant partners be successful on Uber Eats.'
Unlike fixed-term loans, Pipe structures repayments flexibly around a business's revenue flow, offering relief to restaurants experiencing downturns. The initiative follows Uber's earlier 2022 partnership with Visa, which offered $1 million in grants to support restaurants affected by the pandemic and other disruptions.
The collaboration underscores both companies' efforts to strengthen restaurant resilience while tapping into the growing demand for embedded financial services.
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