Parker, a startup offering corporate credit cards and banking services to e-commerce businesses, has filed for bankruptcy and shut down, according to reports.
The company, which emerged from stealth in 2023 with a Series A led by Valar Ventures, had raised over $200 million in funding. However, it struggled to sustain its operations, with multiple social media posts confirming the shutdown.
Parker's bankruptcy filing shows assets ranging from $50 million to $100 million and liabilities in the same range, with 100-199 creditors listed.
A fintech consultant claimed that Parker had been negotiating a potential acquisition before its abrupt shutdown, leaving small business customers in a tough spot. The move has also raised questions about the oversight of banking partners Piermont and Patriot.