Parker, a startup that provided corporate credit cards and banking services for e-commerce businesses, has filed for bankruptcy and reportedly shut down. Part of Y Combinator’s winter 2019 cohort, its Series A was led by Valar Ventures.
Parker emerged from stealth in 2023, offering a corporate credit card designed for e-commerce companies. Co-founder and CEO Yacine Sibous claimed the startup’s unique feature was its underwriting process for assessing e-commerce cash flows.
Parker’s website remains active, highlighting over $200 million raised, including a $125 million lending arrangement. However, social media posts suggest Parker’s credit card partner, Patriot Bank, confirmed the shutdown to customers. Competitors have responded with attempts to attract Parker’s former customers.
Parker filed for Chapter 7 bankruptcy on May 7, with $50 million to $100 million in assets and liabilities, and 100 to 199 creditors. Fintech consultant Jason Mikula noted failed acquisition talks led to the abrupt shutdown, affecting small business customers and questioning banking partners’ oversight.
Parker didn’t respond to TechCrunch’s email. Sibous hasn’t acknowledged the shutdown or bankruptcy on LinkedIn, but reiterated the $200 million funding and $65 million revenue. He mentioned reconsidering hiring practices and decision-making if starting over.
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