Pipe, an alternative financing startup, is partnering with Compass Mining in a deal that will enable the bitcoin mining firm to offer a new type of buy now, pay later financing to crypto customers.

How it works: The so-called "mine now, pay later" offering lets Compass — or really, any company selling cryptocurrency mining hardware — to provide more flexible payment terms to customers.

The big picture: The key to this partnership is how it allows the company to extend its financing marketplace to new industries and verticals.

Context: Pipe got its start offering financing to SaaS companies with predictable revenues before it expanded.

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