History is littered with failed start-ups that promised big things but failed to deliver – one common feature of such disappointments is a founder who did a brilliant job of getting the business off the ground but lacked the skills to scale it. In that context, credit is due to the founders of fintech Pipe, who are stepping back from operational control of the business. Pipe will announce today that it has hired Square executive Luke Voiles as its new CEO.
Pipe is a financing platform that enables growing business with recurring revenues to raise capital against future sales by selling them to investors. As Forbes reported last year, Pipe has helped 23,000 companies offer $7 billion worth of assets to investors in the three years since its launch. Founders Harry Hurst, Josh Mangel and Zain Allarakhia built the firm from scratch and have raised more than $300 million from investors in the business.
Read the full article: Forbes.com