US corporate card start-up Parker secures $157m in equity and debt funding
Parker, which offers charge cards for e-commerce firms, has raised a total of $157 million in combined equity and debt funding.
Parker secures $157m in equity and debt funding
The total funding consists of a $31.1 million Series A round led by Valar Ventures, a $5.9 million seed round and $120 million in debt funding made up of venture debt from Triple Point Capital and warehouse debt from Jefferies.
With the funding, Parker will invest in its product and engineering teams as it aims to expand across the US from its New York base in 2023.
Co-founded by Yacine Sibous and Milan Ray, Parker says it offers e-commerce firms a “unique approach” to underwriting, with credit limits based on business performance. The company provides businesses with cards, software and analytics to offer customisable, rolling payment terms and help firms better manage their cash flow.
The company targets e-commerce firms that are underserved by traditional banks, start-up cards and merchant cash advance companies.
Parker CEO Sibous says: “As former e-commerce entrepreneurs, we built the card and software that met the needs of online businesses like ours.”
The company says it currently has hundreds of customers, including Amour Vert, Italic, SpikeBall, Canopy, Caraway, Immi and Obvi. It claims to have processed more than $300 million in transaction volume since its inception.
