Uber and Pipe team up for a groundbreaking integration, granting eateries direct access to business capital through the innovative financial platform.
In a significant move to support local businesses, Uber Technologies, Inc. and Pipe Capital have announced a strategic partnership. This collaboration aims to unlock growth for restaurants by putting long-overdue capital within reach.
Starting this week, eligible restaurants on the Uber Eats platform will have access to working capital through Pipe Capital. Uber Eats will show customized capital offers from Pipe in Uber Eats Manager, based on restaurant revenue, cash flow, and business performance.
Karl Hebert, Vice President of Global Commerce and Financial Services at Uber, stated that this collaboration is designed to empower restaurant owners to grow without traditional financing burdens. Luke Voiles, CEO of Pipe, noted that Uber Eats is an integral part of how its restaurant partners operate, making access to working capital a natural next step.
Pipe's solution offers a multi-draw advance, transparent terms, and flexible payments that adjust to meet the performance of a business. The capital offers from Pipe are based solely on historical business performance and cash flow, not requiring credit checks, personal guarantees, or extensive documentation.
404 Coffee, a restaurant in Atlanta, has already found Uber Eats' merchant capital key for their planned expansion. Owner Kelly Jones appreciates the sales-based funding with no credit checks and personal guarantees, as well as the flexibility to draw more capital up to the approved limit.
Pipe assesses risk through its cutting-edge underwriting engine to offer personalized, pre-approved capital offers with transparent and up-front pricing. The company also has a dedicated merchant support team to ensure the process is straightforward and easy to navigate.
This partnership between Uber and Pipe Capital is a step forward in supporting local businesses and helping them succeed. By providing hundreds of thousands of US restaurants access to working capital, the collaboration hopes to make a meaningful impact on the restaurant industry.
The benefits of Uber Eats' merchant capital extend beyond just financial support. No early-payment penalties are a significant advantage, as 404 Coffee has discovered. This partnership between Uber and Pipe Capital will undoubtedly help restaurants across the US thrive and grow.
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