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

Latest Alternative Investment News

FinTech: Pluto Inks Collaboration With Mastercard For B2B Payments In The UAE
Pluto, a prominent provider of financial corporate spend management solutions in the UAE, has forged a strategic alliance with Mastercard (NYSE: MA), the global technology giant in the payments sector….

Alternative Investments/Real Estate: Alternative Investing Platform Yieldstreet Acquires Real-Estate Focused Cadre
Yieldstreet, a prominent private market investment platform, has officially announced its acquisition of Cadre, an online real estate-focused investment platform catering to institutional and high net worth investors. This strategic…

Venture Capital: Rocket Propulsion Startup Ursa Major Lands $138M
Ursa Major Technologies recently closed its Series D and D-1 funding rounds, securing a substantial $138 million investment led by Explorer 1 Fund and Eclipse, with participation from RTX Ventures,…

Artificial Intelligence: Saudi Venture Fund Forced To Sell Shares In Altman-Backed Chip Startup Rain AI
The Biden administration has compelled Saudi Aramco (TADAWUL: 2222)-backed venture capital firm, Prosperity7, to divest its shares from Rain Neuromorphics, a Silicon Valley AI chip startup supported by Sam Altman,…