Welcome to the October installment of Fin Capital's Monthly Wave. It’s been a busy month for the team and our portfolio companies.

• Pipe + Uber: Embedded Working Capital: Through this partnership, eligible restaurants across the U.S. will gain access to Pipe capital directly within Uber Eats Manager—the platform merchants use to monitor, manage, and grow their businesses. Leveraging its advanced underwriting engine, Pipe delivers personalized, pre-approved capital with transparent, upfront pricing. Uber selected Pipe for its merchant-friendly approach, which offers funding solutions designed specifically for small businesses. These include multi-draw advances, flexible repayment structures that adjust with business performance, and clear, transparent terms. Pipe reports that businesses using its embedded financing accelerate an average of 12% month over month. For CFOs and capital managers, this marks a pivotal shift. Embedded finance reduces friction and could redefine the small business lending landscape. It blurs the line between operations and capital management, creating new, recurring revenue opportunities for platforms and their SMB partners alike. We expect the vast reach of the Uber platform to significantly accelerate the adoption of embedded lending. Congrats Pipe on this landmark partnership!  

• Blockchain Goes Mainstream - Figure IPO: Figure’s recent IPO was a milestone for on-chain finance and a big step towards mainstream blockchain adoption in global markets. Figure has both built a large, profitable HELOC origination business, and scaled its blockchain-based securitization platform ($50B+ in blockchain transactions). As a result, Figure has become the largest platform for recording and securitizing assets (loans, funds, and other assets) on chain. Its proprietary blockchain platform (Provenance) removes the cost and complexity of traditional securitization rails. Over time, this leads to better pricing and faster settlement and funding for borrowers. While the near-term revenue engine is HELOC origination and sale, Figure’s blockchain efforts are an important efficiency driver for the business and the broader capital markets. When combined, they allow Figure to prove ownership and servicing rights on-chain, match loans to buyers, and eventually finance and trade them against a native, interest-bearing stablecoin (USDF). Figure was the firm’s first investment and we are excited for the future of the company and real-asset (RWA) tokenization at large.  

• The New Era of Agentic Commerce: Unless you’ve been completely offline, it’s hard to miss the recent announcements from Mastercard, Visa, Stripe, and Google around agentic payments. In Google’s case, they recently announced their AP2 protocol. AP2 is a shared standard that enables autonomous AI agents to initiate, execute, and complete transactions (such as purchasing goods or services) securely, transparently, and consistently on behalf of users. The protocol is payment-agnostic, supporting multiple payment methods including cards, real-time bank transfers, and even stablecoins or crypto. At its core, AP2 revolves around mandates — cryptographically signed digital credentials that capture a user’s intent and authorization. Today, most smaller merchants rely on traditional discovery channels like search, ads, or online marketplaces. With AP2, AI agents can transact directly with merchants that expose AP2-compliant checkout endpoints.  This innovation levels the playing field for long-tail merchants, enabling them to receive autonomous orders without needing custom integrations into every agent ecosystem. While the immediate impact benefits smaller merchants, Google’s broader play is clear: to defend its position in commerce discovery and power the next generation of AI-driven shopping experiences. We’re highly enthusiastic about this area and how it will disrupt commerce as we know it. We welcome introductions to exceptional companies innovating in the space. 

New GTM Navigator! Implementing AI in Your GTM Strategy

Catch our latest episode featuring Lauren Houpt, Investment Associate at Fin Capital, and Jessica Pely, Co-Founder & CEO of Loyee.ai! They dive into AI trends in go-to-market strategies, how founders can assess AI’s value, key evaluation criteria, internal infrastructure hygiene, buy vs build mentalities, and real-world use cases Jessica is observing in the market. Read the full transcript here.

Events

• October 9: SMBC Fin Atlas Beyond Fund Launch Party – SF Tech Week 

  • Join us tomorrow to celebrate our strategic collaboration with SMBC! This exclusive event will bring together industry leaders, investors, and partners to explore how our combined expertise will unlock new opportunities in capital markets, investment insights, and financial technology solutions. Reach out to [email protected] to request your spot. 

• October 27-29: Money20/20 in Las Vegas 

  • We’re excited to invite our portfolio companies & fintech friends to our annual cocktail event during Money20/20 - please reach out to [email protected] to request your spot. Though space is limited & highly selective, we will do our best to accommodate. We’ll also be hosting meetings in Rosina, come say hi! 

• November 19: NYC Office Launch Event 

  • We’ve moved to SoHo! Join us for an evening of drinks, bites, music, and good company as we celebrate our new office & exciting chapter of the firm – please reach out to [email protected] to request your spot. 

Portfolio News

It’s been a busy month, sharing some of the latest moments from across portfolio…

• Aiera announces partnership with Third Bridge which will accelerate AI-driven financial research through their expert network consortium. 

• Bite Investments announces their $25M fundraise to enable expanding their technology, team, and enhance services for asset managers & investors globally. Congratulations! 

• Capstack and Jack Henry announce partnership to serve more than 3,000 banks & credit unions with loan analytics and servicing.  

• DailyPay releases a new feature – adding frontline communication to its platform to continue enabling hourly workers. Additionally, Nelson Chai, Uber’s former CFO has been named CEO and will be a tremendous leader for the company.   

• Congratulations to Figure on their IPO! An exciting beginning to transforming the financial services industry through blockchain technology. We’re grateful to be a part of the journey! 

• FiVerity joins the American Fintech Council (AFC) to help drive collaborative fraud & AML defense by connecting internal systems & workflows across industries. 

• Kard announces partnership with Narmi to bring seamless, merchant funded card rewards to community banks & credit unions. 

• Ocrolus partners with Fannie Mae to streamline mortgage income calculations & integrate into existing workflows to originate loans with greater confidence. 

• Pipe announces new integration with Uber which will employer restaurants with more access to working capital 

• Talos integrates its order and execution management system (OEMS) with BlackRock’s Aladdian Platform, which will enable the expansion of institutional digital asset order management capabilities.  

• Trucksmarter announces their $16M fundraise to accelerate growth & product innovation, starting with Dispatch, an AI tool designed to help carriers and brokers book loads faster. 

What We’re Reading

INDUSTRY RESEARCH 

• FT Partners: Q2 2025 FinTech Insights (Read More) 

BLOGS, PODCASTS AND VIDEOS 

• Trovata + ATOM: The future of TMS is here (Watch Here) 

• Hummingbird: Why AI agents are only as effective as the work you give them (Read More) 

• Pipe: Why customer centricity is the secret to winning in vertical SaaS (Read More) 

• Mostly Metrics: How to build a sales capacity model (Read More) 

• The Pragmatic Engineer: How tech companies measure the impact of AI on software development (Read More) 

• GoodBetterBest: 5 pricing experiments you can run today (Read More) 

• The SaaS CFO: 6 metrics buyers ask for before they buy your SaaS (Read More) 

Thanks for reading!

We are grateful for your partnership and support, and welcome any feedback you have. We’ll see you next month with more!

-The Fin Capital team

_Disclaimer

_{This material is provided for informational purposes, and it is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in any fund or investment vehicle managed by Fin Venture Capital Management LLC (“Fin”) or its affiliates. Content obtained from third-party sources, although believed to be reliable, has not been independently verified as to its accuracy or completeness and cannot be guaranteed. Fin has no obligation to update, modify or amend the content of this post nor notify its readers in the event that any information, opinion, projection, forecast or estimate included, changes or subsequently becomes inaccurate.}