tech
Fintech startup Parker files for bankruptcy
Parker, a well-funded startup offering corporate credit cards and banking services, has filed for bankruptcy and is widely reported to have shut down.
TL;DR
- Parker, a startup providing corporate credit cards and banking for e-commerce businesses, has filed for bankruptcy and is widely reported to be shut down.
- The company had raised over $200 million in funding, including a $125 million lending arrangement.
- A message from Parker's credit card partner, Patriot Bank, confirmed the shutdown to customers.
- The bankruptcy filing indicates assets and liabilities between $50 million and $100 million, with 100-199 creditors.
- Potential acquisition talks failed, contributing to the startup's abrupt closure.
- Competitors are reportedly trying to attract Parker's former customers.
- Questions have been raised regarding the oversight by banking partners Piermont and Patriot.