Parker, a leading American fintech startup that provided corporate credit cards and banking services to e-commerce businesses, has filed for Chapter 7 bankruptcy. With this, the company's operations have been completely terminated, according to reports. Customers have already been informed of the company's closure through its credit card partner Patriot Bank. This has put current customers in a big crisis.

Parker, which was started with the support of Y Combinator and Valar Ventures, officially announced its services in 2023. The company worked with the aim of providing better financial services to e-commerce entrepreneurs. The company's website still claims to have raised more than $200 million in funding, including loans. But the company's bankruptcy filing documents show that it has between $50 million and $100 million in liabilities.

Economists have pointed to the failure of negotiations to acquire the company as the main reason for the unexpected closure. Although there has been no official comment on the closure, the company's CEO, Yacine Sibous, indirectly admitted in a LinkedIn post that over-hiring and rash decisions were to blame.