Parker, a New York-based firm that has launched the first charge card for ecommerce, has recently scored $157m in total funding.
The raise included $31.1m in Series A funding led by Valar Ventures, $5.9m in previously unannounced seed funding, $70m in debt as well as an uncommitted option to upsize by $50m.
Parker claims it offers a unique approach to underwriting, with limits based on the performance of the business.
By combining this with customisable, rolling payments terms, Parker gives e-commerce businesses a financing model built for their own unique needs.
Parker CEO and co-founder Yacine Sibous said, “As former e-commerce entrepreneurs, we built the card and software that met the needs of online businesses like ours. The typical Parker customer has a hit product and a healthy business, but they could use some help extending payment terms, combing through costs, and managing their cash flow.
“We want to provide these businesses with cards, software, and analytics that make these tasks effortless and let them focus on their product. Our goal is for Parker to be a true partner in their growth.” With the funding, Parker will invest across product, engineering, and go-to-market as it aims to expand to businesses across the country in 2023.”
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