Parker co-founders Yacine Sibous and Milan Ray. Image Credits:<\/strong> Parker<\/p>\n<\/div>\n

Parker\u2019s revenue comes from interchange and transaction fees, and since its launch, has surpassed $300 million in transaction volume. It also has a run rate of close to half a billion dollars, Sibous said. Customers include Amour Vert, Italic, SpikeBall, Canopy and Caraway.<\/p>\n

The company started raising venture capital after graduating from Y Combinator and is now announcing all of its previously unannounced funding, most recently $31.1 million in Series A venture funding led by Valar Ventures that followed $5.9 million in seed funding. In addition is $70 million in debt, comprised of venture debt from Triple Point Capital and warehouse debt from Jefferies. The warehouse debt facility also includes an uncommitted option to upsize by $50 million.<\/p>\n

\u201cParker has identified an opportunity as a massive segment of e-commerce has been underserved by traditional banks, startup cards and merchant cash advance companies,\u201d said Andrew McCormack of Valar Ventures, in a written statement. \u201cThe company has seen great product market fit among companies that require flexible financing terms and innovative underwriting to be successful and unlock growth.\u201d<\/p>\n

Sibous said Parker has maintained a solid runway through the global pandemic, which enabled it to not need as much additional funding over the years. The funding will deploy into research and development across product, engineering and go-to-market as it readies to expand across the country this year.<\/p>\n

Parker is also working toward profitability, and the company is working on scaling to access the cheaper cost of capital and upsell other products, though there is a path to profitability on just the card business, Sibous said.<\/p>\n

\u201cWe want to become the de facto card for profitable e-commerce brands looking to scale,\u201d Sibous added. \u201cWe want to build the best-in-class card experience and solve the problem space of cash flow, management and profitability. Once we\u2019ve met that goal, we\u2019ll look into expanding our product lines, including other financial products these brands might need.\u201d<\/p>\n<\/p><\/div>\n

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