Miami Tech & Startup News

Pipe expands internationally; UK is first market for the Miami-based unicorn

Pipe expands internationally; UK is first market for the Miami-based unicorn

Pipe, the world’s first trading platform for recurring revenue, announced its global expansion, with its first international market being the United Kingdom.

“I left the UK for the United States seven years ago as it provided the best funding environment to build my first technology company, and it is enormously gratifying to bring those same opportunities to the burgeoning ecosystem of technology companies in the UK. If Pipe existed a decade ago and offered company-friendly financing options, I might never have left the UK,” said Harry Hurst, co-founder and co-CEO of Pipe, a Miami-based fintech unicorn that raised $300 million in venture funding this year.

By treating recurring revenue as an asset, Pipe allows companies to trade future recurring revenue into capital today for scaling, without debt or dilution. Institutional investors purchase these recurring revenue-generating assets, and Pipe makes money from transaction fees on these trades. Pipe reports that more than 8,000 companies have signed up to use the Pipe trading platform – and the number has doubled since May. With tens of millions of dollars being traded every month and sometimes that much in a week, tradable annual recurring revenue on the Pipe platform has exceeded $2 billion, the company said.

To be sure, international expansion has been in the plans for “the Nasdaq for Revenue.” 2021 has been a breakout year for the 2-year-old startup, having raised  a $50 million round in March and another $250 million in May from investors including Shopify, Slack, Okta, HubSpot, Marc Benioff, Chamath Palihapitiya, Alexis Ohanian’s Sven Seven Six and Morgan Stanley. Indeed, in May, Pipe became the fastest fintech in history to reach a $2 billion valuation.

One of Miami’s early adopters, Hurst moved to Miami last fall from California and set up the company’s first micro-hub. Hurst, who was bon in Britain, has been on the ground in London for this expansion because he’s been stuck in the UK since early July, due to a US immigration appointment backlog.

Pipe also hired two B2B and fintech veterans to join the executive team and help lead the international expansion. Brad Coffey, former Chief Strategy Officer at Hubspot and one of its earliest employees, will be Pipe’s Chief Customer Offer. Sid Orlando, former Editor-in-chief of Stripe, will head up content. Pipe now has 55 employees, up 50% since May.

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