Fintech company Pipe partners with Uber Eats to offer small businesses easier access to loans. Restaurants on the Uber Eats Manager app will see pre-approved capital offers from Pipe, customized based on their revenue. The process does not involve credit checks or personal guarantees, providing a seamless experience for restaurant owners.

The new partnership between Pipe and Uber Eats will start rolling out this week, allowing restaurants to work with Pipe directly within the Uber Eats Manager app. Pipe uses AI to determine loan amounts based on six months of anonymous credit card transaction history from Uber.

Pipe CEO Luke Voiles highlights the importance of providing capital to small businesses, especially in the restaurant space where access to capital is crucial. The company’s approach has seen businesses grow by 12% month over month, with 98% of Pipe loans being approved within 24 hours.

Uber previously partnered with Visa in 2022 to provide $1 million in grants to small businesses on the Uber Eats platform impacted by the Covid-19 pandemic and other unexpected events. The new collaboration with Pipe aims to further support restaurant partners by offering flexible loans based on revenue flow.

Read more at CNBC: Uber Eats partners with Pipe to offer loans to restaurants