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Parker, a US-based fintech startup offering corporate credit cards and banking services for e-commerce businesses, has filed for Chapter 7 bankruptcy and is widely reported to have shut down, in one of the more notable collapses in the sector in recent years.

The startup was part of Y Combinator’s winter 2019 cohort and its Series A was led by Valar Ventures. Parker emerged from stealth in 2023, promoting what co-founder and chief executive Yacine Sibous described as a “secret sauce”—an underwriting process designed to accurately assess the cash flows of e-commerce businesses. “We imagined building better financial products for e-commerce founders with the mission of increasing the number of financially independent people,” Sibous said in an interview with TechCrunch at the time.

The company’s Chapter 7 bankruptcy filing, dated May 7, states that Parker has between $50 million and $100 million in assets, with liabilities in the same range, and between 100 and 199 creditors. Unlike Chapter 11, which allows a company to restructure and attempt to continue operating, Chapter 7 results in full liquidation.

Parker had been in negotiations for a potential acquisition, and the failure of those talks reportedly led to the startup’s abrupt shutdown, leaving small business customers in a difficult position and raising questions about the oversight exercised by its banking partners Piermont and Patriot.

Parker’s chief executive has not publicly acknowledged the shutdown. In a recent LinkedIn post, he repeated the company’s $200 million total funding figure and stated it had reached $65 million in revenue, while also reflecting that if he were to start over, he would “avoid over-hiring, reactive decisions, and doomsayers.”

The collapse comes as the corporate card and business banking sector in the US, which includes better-capitalised competitors such as Brex and Ramp, faces sustained pressure from thin margins, high capital costs, and intense competition. Parker’s website remained live at the time of publication with no mention of the shutdown.