NEW YORK (PRWEB) MARCH 16, 2023--Parker, the first charge card for e-commerce, today announced $157M in funding. This includes $31.1M in Series A venture funding led by Valar Ventures, following $5.9M in previously unannounced Seed funding. Alongside venture funding, the company has raised a combined $70M in debt, comprised of venture debt from Triple Point Capital and warehouse debt from Jefferies. The Jefferies warehouse debt facility includes an uncommitted option to upsize by $50M, for a combined total amount of $120M.
The company currently has hundreds of customers, and the ten largest brands using Parker generate over $1B in combined revenue each year. Companies relying on Parker include Amour Vert, Italic, SpikeBall, Canopy, Caraway, Immi, and Obvi. The company has seen particular success across mid-market, internet native retailers in industries like apparel, luxury goods, wellness, skincare, beauty, and food & beverage.
“Parker has identified an opportunity as a massive segment of e-commerce has been underserved by traditional banks, startup cards, and merchant cash advance companies,” said Andrew McCormack, Valar Ventures. “The company has seen great product/market fit among companies that require flexible financing terms and innovative underwriting to be successful and unlock growth. This team is building an exciting business."
Co-founded by Yacine Sibous and Milan Ray, Parker offers a unique approach to underwriting, with limits based on the performance of the business. By combining this with customizable, rolling payments terms, Parker gives e-commerce businesses a financing model built for their unique needs.
“As former e-commerce entrepreneurs, we built the card and software that met the needs of online businesses like ours,” said Yacine Sibous, Co-Founder & CEO, Parker. “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.
Parker is the first charge card for e-commerce. With over $300M in transaction volume since inception, Parker is used by brands like Amour Vert, Italic, SpikeBall, Canopy, and Caraway. The company has raised $157M in funding from investors that include Valar Ventures, Y Combinator, Jefferies, and Triple Point Capital. Parker is based in New York, with offices in Tribeca. The company was co-founded by Yacine Sibous and Milan Ray.
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Source: Company press release.
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