Fintech startup Parker files for bankruptcy

Fintech startup Parker, which offered corporate credit cards and banking services to e-commerce businesses, has reportedly ceased operations and filed for Chapter 7 bankruptcy protection. The company, backed by significant funding including a $125 million lending arrangement, listed between $50 million and $100 million in both assets and liabilities. Parker's shutdown has left its small business customers in a difficult situation, with competitors quickly moving to attract former clients. Reports suggest that failed acquisition talks may have contributed to the startup's abrupt closure, raising questions about oversight from its banking partners.