Fintech startup Parker files for bankruptcy

Parker, a well-funded startup offering corporate credit cards and banking services for e-commerce businesses, has filed for bankruptcy and is widely reported to have shut down. The startup was part of Y Combinator’s winter 2019 cohort, and its Series A was led by Valar Ventures. Parker came out of stealth in 2023 , touting a corporate credit that it said was designed for use by e-commerce companies. At the time, co-founder and CEO Yacine Sibous said the startup’s “secret sauce” was an underwriting process that could properly assess e-commerce cash flows. “We imagined building better financial products for e-commerce founders with the mission of increasing the number of financially independent people,” Sibous told TechCrunch. Parker’s website is still up and doesn’t mention any shutdown. Instead, a banner at the top boasts that the company has raised more than $200 million in total funding, including a $125 million lending arrangement. However, multiple social media posts state that Parker’s credit card partner Patriot Bank sent a message to customers this week confirming the shutdown . Parker’s competitors seemed to jump on the news with their own posts seeking to lure over the startup’s former customers. And Parker’s troubles seem to be confirmed in its May 7 filing for Chapter 7 bankruptcy protection. The filing states that the company has between $50 million and $100 million in assets, with liabilities in the same range. …