Fintech Updates: Pipe’s Three Co-Founders Resigned

Fintech Updates: Pipe’s Three Co-Founders Resigned

Hot news for you: three of the startup company Pipe’s co-founders resigned since it searched for a veteran CEO to lead the fintech company.

It’s unusual for three co-founders to leave simultaneously, especially after the startup company raised $6 million in a seed round led by Craft Ventures back in 2019.

There are rumors about it, including with the CEO and co-founder Harry Hurst.

The fintech company made around $80 million in loans to one or several crypto-mining companies.

The deal goes south after the loan has been entirely written off since the current finance condition of the crypto business. Pipe denied the claims against it.

It’s always interesting to explore a growing startup company.

For example, Pipe’s board only consists of three co-founders (who have resigned) and one independent director, Peter Ackerson.

Ackerson is a general partner of Pipe at Fin Capital, who became a VC three years ago.

Besides, once a new CEO is found, he will get Hurst’s position on the finance company’s board.

However, it’s still uncommon for fintech startups that have raised $300 million in capital and are valued at $2 billion not to have an independent board.

It turns out that there is a fourth co-founder of the fintech company, Michal Cieplinski. Interestingly, he remains in his finance role as a chief business officer.

Designed by Alexander Rabu