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2024 Under 30 alums Milan Ray and Yacine Sibous met at the Silicon Valley campus of the French coding bootcamp, 42, in 2018. There the two spent up to 16 hours a day learning how to code. But the time together not only increased their skills as computer engineers, it also allowed them to bond over their shared interest in building businesses to reach financial freedom. It turns out that financial support is exactly what the now-cofounders offer customers today.
“We realized that although there were a lot of great tools that help you build an e-commerce business or make digital entrepreneurship super easy, they lacked a suite of financial products that were specifically designed for business owners’ needs,” says Sibous. “We thought there was this opportunity to build a banking platform for these e-commerce companies.”
After graduating from 42’s program in 2019, the two cofounded Parker, a fintech company that offers banking, corporate credit cards and financial analytics to clients including Rebag, Untuckit, Caraway and Pathwater, among other consumer brands. This week, they announced a $20 million Series B fundraising round, led by Valar Ventures with support from Y Combinator. It brings their total funding to $58 million in venture backing, plus $120 million in debt financing. The new money will go toward engineering, which is currently the biggest team in the company, the cofounders say. But “we also need capital to grow the cards,” Sibous says. “There’s just no way to build a banking product without raising venture money. You need to raise credit facilities and you need equity to do that.”
With nearly $60 million in the books today, it wasn’t always this rosy. After YC, “we went through a two year journey where nothing was working,” Sibous says.
But after years of pivoting—to an e-commerce aggregator, a “Shopify for SaaS,” and a consumer product that would make it easier for immigrants to get credit cards—they returned to their original concept: a digital bank for e-commerce companies.
One of the biggest innovations Parker has brought its clients is rolling pay-back terms. While most card payment plans are on a monthly basis—you spend what you need in November, and pay it all back in a lump sum on December 1, Parker offers up to 90 days on each transaction. That means if a business makes a payment on November 20th, they don’t have to pay that all back in ten days’ time.
“A lot of these brands are bootstrapping and they have to get expensive loans or merchant cash advances when they use existing credit cards like Amex to run all their ad spend,” Ray says. “But if they use Parker, you don’t need to get these expensive loans because by changing the timing of your payments, you went from paying your bills early to [ideally] paying it when you receive your profits.”
But beyond the credit card services, Ray and Sibous are working to set Parker apart from competitors like Brex (whose cofounders Henrique Dubugras and Pedro Franceschi made the Under 30 list in 2019). “They have their corporate card products, but in terms of the suite we’re building, no one really comes close,” Sibous says. And continuing to build that suite is the next hurdle. They’re now working on components like personalized data on the efficiency of advertising spend, and suggestions on which products a client should launch next.
“If we can have all your financial data in one place, we can start automating a lot of the decision-making that goes into building your online store,” Sibous says.
Tata for now,
Alex & Zoya
The Battle Over How Much Politics To Allow On TikTok
TikTok now has more users than people who voted in the 2020 presidential election, but it’s had a years-long internal debate as to how political content fits on the app. With staff groups being organized to prevent “toxic” content, some executives now say political ads could be a surefire boost to the company’s revenue. Read more about the ongoing political battle here.
On Our Radar
-The world’s wealthiest person just got richer—and more powerful. After the election results were announced on Wednesday, Tesla’s shares surged 15% and took Elon Musk’s net worth up by $21 billion (to $285.6 billion). His support for President-elect Donald Trump doesn’t end with the campaigning—now Trump wants Musk as a government efficiency advisor in his new administration. (Forbes)
-Speaking of Trump, on November 26 the president-elect is scheduled to be sentenced for the New York hush money trial—where, in May, he was found guilty on 34 counts for falsifying business records and hiding payments to porn star Stormy Daniels in exchange for her silence. But experts think it’s unlikely to happen: Sentencing a president-elect, even with something like probation or home confinement, could interfere with his role of running the country, they say. (Politico)
-The dog days aren’t over! Young people are raising pets instead of children. Millennials—specifically—own more cats, dogs and other pets than any other age group. And they’re changing their lifestyles to accommodate their furry friends. One pet parent, Yena Kim, even quit her dream job to build a brand around her Shiba Inu. But while she’s earning a living off of this dog-friendly business, others are spending more than $500 a month on goods for their pets. Read more about the phenomenon here. (Business Insider)
One Minute With Karan Jerath
We’re bringing you the scoop on a new Under 30 community member. Up this week: Karan Jerath, who was the youngest member to make the 2016 30 Under 30 Energy list. Jerath was recognized for engineering a subsea wellhead containment device that could capture oil and gas, separate it into liquids and gasses and store it on a surface vessel. He’s presently helping build companies focused on sustainable innovation with Squared Circles, a venture studio that’s created businesses like micro algae-based cooking oil maker Algae Cooking Club and skincare brand Freaks of Nature. This year, Squared Circles closed a $40 million Series A.
The following has been slightly edited for length and clarity.
You’ve been innovating since you were in high school and were one of the youngest members to be featured on the Forbes list. Looking back, what would you tell your 18-year-old self? I’d tell my 18-year-old self to embrace the uncertainties and unconventional paths ahead. At that age, there’s a natural pull to seek stability. But it’s precisely in navigating the unknown—taking risks and leaning into challenges that don’t yet have answers—where true growth and transformation occur. I’d remind myself that each risk, even the ones that don’t pan out as planned, will build resilience and shape a unique perspective that no textbook or traditional path could ever provide.
How has being recognized for your work at a young age influenced your present-day career? Early recognition provided validation, but it also instilled a strong sense of responsibility. It opened doors, but more importantly, it redefined my understanding of success. Success, for me, isn’t about accolades or titles—it’s about creating lasting value and impact.
Today, I view my career as a platform to build businesses and ecosystems that genuinely benefit people and the planet, holding every project to a high standard. I’ve adopted a mindset rooted in growth and accountability. As long as the work aligns with these values and focuses on building something future-proof, it’s worth investing my time and effort.
Squared Circles has also raised a hefty Series A. Do you have any advice for founders when it comes to raising money? Raising capital is far more than a financial transaction; it’s about selecting and building strategic partnerships that add depth to your vision. My advice to founders is to look beyond the capital itself and prioritize investors who offer meaningful introductions, industry insights and guidance that can drive growth. This alignment creates a foundation of trust and a shared purpose, with strategic investors acting as thought partners who can shortcut lessons and help elevate the company’s potential.
Sustainability has been a huge theme in your work. What does it mean to you? To me, sustainability means harnessing the power of bio-fabrication to redefine how we create and consume. As our global population grows, our traditional methods of production won’t keep up—they’re too resource-intensive and often harmful to the planet. Bio-fabrication represents a transformative shift: It’s a way to produce essential materials in labs or facilities with minimal environmental impact, reimagining what’s possible with fewer resources.
This approach allows us to craft materials that are not only sustainable but also optimized for better performance, whether it’s biodegradable packaging, lab-grown proteins or innovative textiles. I see this as an opportunity to build products that align with both consumer needs and environmental realities, moving from science to meaningful cultural impact.
What role do you think youth play in driving sustainable change in today’s world?
Young people today are at the forefront of redefining our approach to sustainability. Their innovation, fearlessness and impatience with outdated systems position them as powerful changemakers. This sense of urgency fuels our ability to challenge norms and drive transformative ideas. The future of sustainable innovation really depends on giving this generation the power to take the lead.
How do you stay motivated and inspired amidst the complexities of the issues you tackle? I’m fortunate to be in a position where I’m at the forefront of next-generation material science, with access to innovations that could redefine the consumer goods landscape. Every week, I’m on dozens of calls with some of the world’s best scientists, experts, and advisors, learning about innovations that could soon be within reach of consumers.
What keeps me motivated is the vision of what’s possible and the opportunity to shape what’s next in areas that have long needed innovation and disruption. Rather than feeling limited by the current landscape, I’m energized by its potential.