Fintech Startup Parker Files for Chapter 7 Bankruptcy

Parker, a fintech startup that provided corporate credit cards and banking services targeted at e-commerce businesses, filed for Chapter 7 bankruptcy protection on May 7. The company emerged from stealth in 2023 after participating in Y Combinator’s winter 2019 cohort. Its Series A round was led by Valar Ventures.

At launch, the startup promoted an underwriting process designed to assess e-commerce cash flows. ” Parker’s website remains online without any reference to a shutdown. A banner on the site states that the company raised more than $200 million in total funding, including a $125 million lending arrangement.

Multiple social media posts this week reported that Parker’s credit card partner Patriot Bank notified customers of the shutdown. Competitors in the sector posted messages seeking to attract Parker’s former customers.

The company reported between 100 and 199 creditors. Fintech consultant Jason Mikula stated that Parker had been in negotiations for a potential acquisition. He said the failure of those talks led to the shutdown.

Yacine Sibous has not directly addressed the bankruptcy or shutdown on LinkedIn. In a recent post, he repeated the $200 million funding total and noted the company had reached $65 million in revenue. He added that if he started over he would avoid over-hiring, reactive decisions, and doomsayers.

Parker did not immediately respond to a request for comment from TechCrunch.