Out of curiosity, why wouldn't Pipe's model have worked? To my knowledge, invoice factoring has been around since ancient times, and became a key (albeit exploi

Out of curiosity, why wouldn't Pipe's model have worked? To my knowledge, invoice factoring has been around since ancient times, and became a key (albeit exploitative) part of the textile industry among others. If a SaaS has a degree of lock-in to the extent that churn rates can be modeled predictably, I don't see how churn risk couldn't just be modeled alongside the traditional risk that the customer becomes insolvent on existing invoices. Now, if Pipe was subsidizing those risk-adjusted prices with VC money, then squandering that by being an inexperienced operating team, I can see how they themselves may have failed. But is that a death knell for the entire model? Is it that VC backed companies are themselves at higher risk of default in a correlated way that wasn't being taken into account?