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.
