Fintech firm that raised $200 million files for Chapter 7

The fintech firm is Parker, a Y Combinator–backed corporate card and banking startup that abruptly filed for Chapter 7 liquidation after raising more than $200 million.

Who is the company?

• The firm is Parker, a fintech that provided corporate credit cards and banking services to e‑commerce businesses, including lending against ad spend.

• It was backed by Y Combinator, with a Series A led by Valar Ventures, and had reached about $65 million in annual revenue before shutting down.

Funding and capital structure

• Parker raised more than $200 million in total funding, including a $125 million lending facility alongside equity rounds.

• Reports describe it as having “raised over $200M” to build corporate cards for e‑commerce businesses and support rapid growth.

Bankruptcy details

• Parker filed for Chapter 7 bankruptcy (liquidation, not reorganization) on May 7, 2026, according to court filings and company commentary.

• Its bankruptcy petition indicates roughly $50–$100 million in assets and a similar range of liabilities, with between 100 and 199 creditors listed.

• Coverage notes the collapse was abrupt, coming shortly after near-$90 million acquisition talks and leaving many small e‑commerce customers locked out without warning.

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