Trusted by B2B technology scale-ups
Upfront Cash on Every Deal. Inside Your CRM.
Quote in your CRM
Pipe's old marketplace lived outside your sales process, and its new business lives inside other platforms - for restaurants and salons, not B2B sellers. Ratio builds the proposal inside Salesforce or HubSpot: reps configure pricing and payment terms, the buyer picks a schedule, approval runs instantly, and signature happens in the same flow. The deal never leaves the CRM.
Cash Upfront
Old Pipe traded your signed ARR for capital at a discount, repriced by the market. Ratio pays you the contract value upfront at the moment of yes, while your buyer pays over time. Pricing is risk-based, and you choose who absorbs the fee: buyer, seller, or a split. Need capital against contracts you've already signed? Ratio Trade converts your existing book into upfront cash - no debt, no dilution, no warrants.
Renewals on Autopilot
Pipe's marketplace stopped at the payout - collections and renewals stayed your problem, and churny contracts got repriced. Ratio automates collections and renewals as part of the platform, with co-termination back to the original contract, so the financing and the relationship live in the same place.
Why I refinanced my Pipe deal with Ratio
Pipe Didn't Fail You. It Just Left.
In 2021, Pipe was the Nasdaq for revenue: SaaS companies traded subscription contracts for upfront capital, and it worked - until rates rose. Liquidity dried up, churny contracts got repriced, and the marketplace was fully wound down by early 2024. Today's Pipe is a genuinely good business - embedded merchant cash advances inside platforms like Uber Eats and Boulevard - but its customers are restaurants, salons, and contractors. Not you.
The lesson isn't that upfront capital on contracts was a bad idea. It's that financing which lives outside the deal commoditizes toward rate and breaks in bad macro. Ratio rebuilt the idea where it belongs: inside the close. Boost gives you upfront cash on new deals at the moment your buyer signs. Trade gives you a lump sum against the contracts you've already signed. No debt, no dilution, no warrants, no covenants.
Pipe
Pipe's old model activated after a deal was signed: upload contracts, take the market's price. Its new model doesn't activate for B2B software sellers at all.
Ratio
Ratio runs the close itself. Reps configure terms, route buyers through instant approval, send e-sign, collect upfront cash, and renew - all inside the CRM where the deal lives.
Pipe vs Ratio: Side-by-Side Comparison
Pipe's marketplace is gone, and its new business serves a different customer. Here's how today's Pipe and Ratio compare for a B2B software or technology seller.
DIMENSION
Pipe (today)
Who it serves
B2B tech scale-ups, $5M–$100M ARR: SaaS, hardware, robotics
Vertical SaaS platforms & payment facilitators; end borrowers are SMB merchants (restaurants, salons, contractors)
SaaS revenue financing
Core product: BNPL on closed deals (Boost) + upfront capital on existing contracts (Trade)
Discontinued - marketplace fully wound down in early 2024
Financing instrument
BNPL on closed deals (Boost) + upfront capital on existing contracts (Trade) - no debt, no dilution, no warrants
Merchant cash advance repaid as a % of daily processing revenue
Where it lives
Inside your CRM: proposals, e-sign, approval, billing, renewals in one flow
Inside partner platforms' dashboards (white-labeled); no proposal or quoting layer
Buyer approval
Real-time credit algorithm; most buyers approved instantly with just an EIN
Real-time payment-ledger underwriting - for merchant processing accounts, not B2B contracts
Multi-year & custom terms
Up to 60-month terms; milestone, deferred, and usage-based schedules
N/A for B2B contracts; advances sized to processing volume
Who carries risk
Flexible: Full Recourse, Insolvency Risk, or Partial Recourse
Pipe purchases future receivables; structure fixed by the MCA model
Financing fee control
Buyer, seller, or split absorption; risk-based pricing
Fee structure set by Pipe and its platform partners
Collections & renewals
Automated, included, with co-termination
Repayment auto-deducted from merchant processing; renewals N/A
Channel & reseller deals
VARs, marketplaces, indirect sales supported
Not applicable
Reporting
Finance-grade dashboards: pipeline, cash, program
Partner-facing dashboards for merchant programs
Security
SOC 2 + bank-level security, role-based access
SOC 2
When Pipe Is Still the Right Answer
If you run a vertical software platform or payments company and want to offer white-labeled capital to your SMB merchants, Pipe is built exactly for that - it reports strong activation and repeat usage, and it's well capitalized. Go talk to them.
But if you're a B2B software or technology company that came here looking for what Pipe used to be - non-dilutive funding against your contracts and ARR - that product no longer exists at Pipe. And the version of it that survives shouldn't live outside your sales motion anyway. Financing bolted on after the close is exactly the model that broke. The durable version prices each deal on its own risk, gets accepted by your buyer inside the proposal, and pays you the moment the deal closes. That's Ratio.
80.2%
of SaaS leaders saw payment terms block deals in the last 90 days.
What Changes on Ratio
+30%
Higher close rates when payment-term friction comes out of the deal.
+25%
ACV growth when discounting for annual prepay stops.
87%
Of deals priced and approved automatically in under one second.
FAQS
Whether you lead sales, run operations, or own the numbers.
Pipe Revenue-Based Financing: Where That Demand Goes in 2026
Pipe Technologies launched in 2019 with a simple, radical idea: treat recurring software contracts like an asset class. SaaS companies uploaded their subscription agreements, institutional buyers bid on them, and sellers walked away with upfront capital - revenue based financing packaged as a trading venue rather than a lender. Founders loved the pipe funding model for the same reasons they loved the category: it was fast, non-dilutive, covenant-free, and it turned ARR into growth budget without a term sheet. By 2021 the marketplace was the most visible name in pipe capital, valued around $2B and held up as proof that recurring revenue itself could be an investable asset.
Then rates rose, and the model's structural weakness surfaced. Marketplace liquidity dried up, churny contracts got repriced mid-stream, and customer acquisition costs ate the fee margin. By early 2024 the trading marketplace was fully wound down. The pipe fintech story didn't end there - it changed customers.
Today's Pipe is an embedded Capital-as-a-Service provider: white-labeled merchant cash advances offered inside vertical software platforms like Uber Eats, Boulevard, Housecall Pro, and GoCardless, backed by a $225M facility from Victory Park Capital. It's a disciplined, focused business - but its borrowers are restaurants, salons, and home-services contractors. Anyone scanning pipe competitors for B2B software financing is looking at a company that no longer competes in that lane.
The lesson for anyone evaluating revenue based financing companies today is structural, not cyclical. Financing that owns no workflow commoditizes toward rate: when the only variable is price, capital gets cheap in good markets and disappears in bad ones. The durable version of arr financing and saas financing prices each deal on its own risk and lives where deals actually happen - inside the proposal, at the moment the buyer says yes. That's what makes non dilutive funding sustainable across cycles: the capital is attached to the close, not bolted on after it.
That's the design behind Ratio. Boost embeds BNPL in the proposal itself: your buyer picks payment terms inside the quote, approval runs instantly on the buyer's credit, and you collect the full contract value upfront while the buyer pays monthly, quarterly, or on a custom schedule. Pricing is risk-based - typically 4-20% - and you decide who absorbs the fee: the buyer, the seller, or a split.
Trade covers the other half of what old Pipe did: upfront capital on the contracts you've already signed. One company-level underwrite, approval in about 48 hours, and your existing book converts into a lump sum with no debt, no dilution, and no warrants. Billing, collections, and renewals run on the same platform rails, so the financing and the customer relationship stay in one place.
If you're searching for Pipe because you want capital without dilution, the product you're remembering didn't disappear - it moved into the close. Ratio is where non-dilutive capital for B2B software and technology sellers lives now: on every new deal through Boost, and against your existing contracts through Trade.
