FinTech: E-Commerce Focused, Corporate Credit Card Issuer Parker Raises $157M
Corporate credit card provider Parker emerged from stealth on Thursday.
Parker, a charge card built specifically for e-commerce, has raised $157 million in total funding to support the growth of online brands. The card offers differentiated features such as limits based on business performance, rolling terms, emphasis on credit duration over rewards, and software tools to help business operators invest in their best projects.
The card is aimed at mid-market, internet-native brands and retailers with $5-$200 million in annual revenue and profitable, sustainable business models. The company has been successful in sectors such as apparel, luxury goods, wellness, skincare, beauty, and food & beverage. (Medium)
Before its public launch, Parker has already processed over $300 million in transaction volume and has grown to support hundreds of brands, including big and very high-growth businesses.
The funding includes $31.1 million in Series A venture funding led by Valar Ventures, following $5.9 million in previously unannounced seed and pre-seed funding led by Valar Ventures and Y Combinator. The round also includes $70 million in debt from Triple Point Capital and Jefferies.
Parker aims to become the financial backbone for the next generation of e-commerce leaders.
“VCs are pulling back, banks and lenders are tightening up, and a charge card, used thoughtfully, has a bigger role to play than ever before,” the company said in a Medium blog.
Related Story: Mastercard Brings New Benefits To Small Business Cardholders
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