Corporate Card Startup Parker Scores $157M for E-Commerce Businesses
Parker, a startup that offers credit cards for e-commerce firms, emerged from stealth with $157 million in equity and debt funding.
The 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.
Co-founded by Yacine Sibous and Milan Ray, the company touts itself as “the first charge card for e-commerce” with raised limits that are on average 10 to 20 times higher than traditional business credit cards, like CapitalOne and American Express.
The company focuses on the middle market – companies with $3 million to $100 million in annual sales. Parker 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 in 2019.
