Parker emerges from stealth with $157M

 

Corporate credit card startup Parker emerges from stealth with $157M funding, of which a $31.1M Series A round closed today. 

Majority of the funding was closed last year, including a previously undisclosed $5.9M seed round and $70M of venture debt and warehouse debt funding from Triple Point Capital and Jefferies. 

  • The warehouse debt facility includes an option to increase the facility by $50M. 
  • Valar Ventures led Parker's Series A round. 
  • Incoming funds will be diverted into product development and strengthening engineering and go-to-market capabilities as the startup gears up for national expansion. 
  • Parker claims their corporate credit cards have a limit of nearly $10M, 10 to 20 times higher than traditional offerings. 
  • Currently, the firm caters to organizations with between $3M to $100M in annual sales. 
  • The firm believes its USP is the underwriting process, which takes into account the cash flow of the business while determining the credit limits.

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