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The Brazilian fintech Stark Bank, backed by Jeff Bezos, has seen a significant rise in profits while effectively managing its funding.

What Happened: Stark Bank, a Sao Paulo-based company, has witnessed a three-fold increase in its payment processing business, reaching 155 billion reais ($31 billion) in 2023. This expansion has resulted in a doubling of the firms net income to 71.5 million reais, reported Bloomberg.

Despite this substantial growth, the company has kept its funding from its 2022 Series B round, which included investments from Bezos Expeditions, the family office of Amazon.com Inc AMZN founder Jeff Bezos, and Ribbit Capital, largely untouched.

The firms founder, Rafael Stark, who owns 38% of the company, has no plans to dilute his stake and is instead focused on creating long-term value.

"While a lot of tech companies are trying to stop losing money we're posting high levels of profitability," Stark, 35, said. "There's no need to keep raising money and diluting my stake. It's better to grow and create much more value further down the road."

See Also: NASA, The US Navy And The US Army Are All Partners Of This Cutting-Edge Company Laser Photonics Corporation

Stark Bank, which helps companies process payments, invoices, and receivables, is concentrating on capturing a larger share of the domestic market from major corporate banks. Despite its small market share in Brazil, the firm has shown potential for further growth.

Stark, who legally changed his surname to Stark on all official documents, is considering a potential initial public offering (IPO) around 2029, following a similar growth path to digital bank Nu Holdings. He is currently focused on expanding the companys presence in Brazil and Sao Paulo, where the countrys largest firms are located.

Why It Matters: The success of Stark Bank is a testament to the potential of the Brazilian fintech industry. This development also highlights the strategic investments made by Bezos in the Latin American startup scene.

Earlier this year, Bezos sold over $6 billion in Amazon stock, prompting speculation about his future plans. This move followed his investment in Perplexity, an AI startup aiming to challenge Googles dominance in internet search.

This news comes after Bezos was referred to as the most unusual business leader of our era by Amazon CEO Andy Jassy. Bezos unique approach to business and investment strategies has continued to yield results, as seen in Stark Banks success.

In January, a fund backed by Bezos exceeded $5 million in single-family home acquisitions. This further highlights Bezos successful investment strategies and the positive impact they are having on the companies he supports.

Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Soaring Demand For BTC ETFs: Analyst Forecasts King Crypto Surge To $600K By 2025, Matching 300 Ounces Of Gold

Image Via Shutterstock Engineered by Benzinga Neuro , Edited by Kaustubh Bagalkote

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more. Loading… Loading…

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Politics

‘I wish I’d never met him’: Peter Mandelson ‘regrets’ association with Jeffrey Epstein

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'I wish I'd never met him': Peter Mandelson 'regrets' association with Jeffrey Epstein

Peter Mandelson, the UK ambassador to the United States, has told Sky News he “regrets” his association with paedophile Jeffrey Epstein.

Lord Mandelson‘s links to the late billionaire were exposed in a 2019 report by JP Morgan bank, filed in a New York court.

Epstein killed himself in August of that year while awaiting trial on charges of sex trafficking minors.

He had previously served an 18-month sentence after pleading guilty to procuring a person under the age of 18 for prostitution.

Whilst serving that sentence, the JP Morgan report suggests that Mr Mandelson stayed at Epstein’s Manhattan flat.

Epstein wrote to his private banker on 17 June 2009: “Peter will be staying at 71st over weekend…”

At the time, Lord Mandelson was the Business Secretary in the UK government under then-Prime Minister Gordon Brown. He was appointed UK ambassador to the United States in December 2024.

Jeffrey Epstein. File pic: New York State Sex Offender Registry via AP
Image:
Jeffrey Epstein. File pic: New York State Sex Offender Registry via AP

Sky News asked him if he did, indeed, stay at Epstein’s flat while the disgraced financier was in jail.

He replied: “I’m not answering any questions about him. My knowledge of him is something I regret, I wish I’d never met him in the first place.”

Asked why he had an association with Epstein whilst he was in jail, Lord Mandelson replied: “Why did many people meet him? He was a prolific networker. And I wish I’d never met him in the first place.”

Read more from Sky News:
Manhunt after two people shot dead in US park
Kremlin accused Trump of ’emotional overload’

As US ambassador, Lord Mandelson represents Britain’s interests in Washington and has vowed to treat Donald Trump‘s administration with “respect, seriousness and understanding of where they are coming from politically”.

This comes after Lord Mandelson described the US president as a “danger to the world”, for which he apologised earlier this year.

He told the Alain Elkann Interviews podcast in 2019: “What Donald Trump represents and believes is an anathema to mainstream British opinion.”

President Donald Trump, center, with from l-r., Vice President JD Vance, and Britian's ambassador to the United States Peter Mandelson, making remarks on a trade deal between U.S. and U.K. in the Oval Office of the White House, Thursday, May 8, 2025, in Washington. (AP Photo/Evan Vucci)
Image:
US President Donald Trump, vice president JD Vance, and UK ambassador to the US Peter Mandelson. Pic: AP

Mr Mandelson added: “Even those who have a sneaking admiration for Donald Trump because of his personality, nonetheless regard him as reckless, and a danger to the world.”

But in January this year, Lord Mandelson said he now considered his remarks “as ill-judged and wrong”.

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World

Palestinians flock to Gaza aid centres despite concerns – as lawyers call for sanctions on Israel

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Palestinians flock to Gaza aid centres despite concerns - as lawyers call for sanctions on Israel

Thousands of Palestinians have flocked to aid distribution sites in Gaza with desperation for food overcoming concerns over Israeli-enforced checks at the centres.

The Gaza Humanitarian Foundation (GHF), which is backed by Israel and the US, said on Tuesday it had distributed around 8,000 food boxes, equivalent to about 462,000 meals – just a fraction of what is needed, aid agencies say.

The centres have opened as hundreds of legal professionals in the UK, including lawyers and former judges, accused Israel of “genocide” and “war crimes”.

Palestinians carry food boxes delivered by the Gaza Humanitarian Foundation in Rafah. Pic: AP
Image:
Palestinians carry food boxes delivered by the Gaza Humanitarian Foundation in Rafah. Pic: AP

Crowds including women and children could be seen at one centre in Rafah, southern Gaza, where people received packages including rice, flour, canned beans, pasta, olive oil, biscuits and sugar.

Witnesses in Rafah said Israeli gunfire was heard after desperate people broke fences to reach supplies.

The Israeli military said its forces did not direct aerial gunfire towards the centre, but rather fired warning shots in an area outside the hub.

In a statement, it said control over the situation had been established, with aid distribution to continue as planned.

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Many Palestinians stayed away amid fears over Israel’s plan to use biometric screening procedures on those receiving vital food packages.

Israeli officials said one advantage of the new aid system is the chance to screen recipients to exclude anyone they say is connected with Hamas.

Palestinians seeking aid gather near an aid distribution site run by the U.S.-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, May 27, 2025. REUTERS/Hatem Khaled
Image:
Thousands gather for aid. Pic: Reuters

A person kneels next to food supplies as Palestinians seeking aid gather near an aid distribution site run by the U.S.-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, May 27, 2025. REUTERS/Hatem Khaled
Image:
A person kneels next to food supplies in Rafah. Pic: Reuters

Humanitarian groups briefed on the plans say anyone receiving aid will have to submit to facial recognition technology – which many Palestinians fear will end up in Israeli hands to track and possibly target them.

Father-of-seven Abu Ahmed said: “As much as I want to go because I am hungry and my children are hungry, I am afraid.”

He continued: “I am so scared because they said the company [GHF] belongs to Israel and is a mercenary, and also because the resistance [Hamas] said not to go.”

A youngster carries food aid as Palestinians seeking aid gather near an aid distribution site run by the U.S.-backed Gaza Humanitarian Foundation, in Rafah, in the southern Gaza Strip, May 27, 2025. REUTERS/Hatem Khaled
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A child carries a bottle of oil. Pic: Reuters

UN boycotts aid foundation

Israel previously said its forces would not be involved in the distribution points but its endorsement of the plan, which resembles Israeli schemes floated previously, has led to many questioning the neutrality of GHF.

The United Nations and major international aid groups have refused to cooperate with the GHF – accusing it of undermining the principle that aid should be distributed based on need.

“Humanitarian assistance must not be politicised or militarised,” said Christian Cardon, chief spokesperson of the International Committee of the Red Cross.

Read more:
GHF boss quits over independence concerns
Gaza doctor’s nine children killed
How Israel has escalated Gaza campaign

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Gaza babies are skin and bone

Ex-judges call for sanctions on Israel

Over 800 legal professionals – including former Supreme Court judges – have published an open letter calling for the UK to impose sanctions on Israel.

The letter says “genocide is being perpetrated in Gaza or that, at a minimum, there is a serious risk of genocide”. It continues: “War crimes, crimes against humanity and serious violations of international humanitarian law are being committed.”

Israel has consistently denied these accusations.

As a small flow of aid has arrived in Gaza after Israel’s months-long blockade, Israeli forces have kept up attacks on various targets in the territory.

Some 3,901 Palestinians have been killed since a ceasefire collapsed in mid-March, according to Gaza’s Hamas-run health ministry.

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Women and children dead following Gaza strike

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As the GHF centres opened on Monday, Israeli airstrikes killed at least 36 people in a school-turned-shelter that was hit as people slept, according to local health officials.

Israel said it targeted militants operating from the school.

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US

‘I wish I’d never met him’: Peter Mandelson ‘regrets’ association with Jeffrey Epstein

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on

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'I wish I'd never met him': Peter Mandelson 'regrets' association with Jeffrey Epstein

Peter Mandelson, the UK ambassador to the United States, has told Sky News he “regrets” his association with paedophile Jeffrey Epstein.

Lord Mandelson‘s links to the late billionaire were exposed in a 2019 report by JP Morgan bank, filed in a New York court.

Epstein killed himself in August of that year while awaiting trial on charges of sex trafficking minors.

He had previously served an 18-month sentence after pleading guilty to procuring a person under the age of 18 for prostitution.

Whilst serving that sentence, the JP Morgan report suggests that Mr Mandelson stayed at Epstein’s Manhattan flat.

Epstein wrote to his private banker on 17 June 2009: “Peter will be staying at 71st over weekend…”

At the time, Lord Mandelson was the Business Secretary in the UK government under then-Prime Minister Gordon Brown. He was appointed UK ambassador to the United States in December 2024.

Jeffrey Epstein. File pic: New York State Sex Offender Registry via AP
Image:
Jeffrey Epstein. File pic: New York State Sex Offender Registry via AP

Sky News asked him if he did, indeed, stay at Epstein’s flat while the disgraced financier was in jail.

He replied: “I’m not answering any questions about him. My knowledge of him is something I regret, I wish I’d never met him in the first place.”

Asked why he had an association with Epstein whilst he was in jail, Lord Mandelson replied: “Why did many people meet him? He was a prolific networker. And I wish I’d never met him in the first place.”

Read more from Sky News:
Manhunt after two people shot dead in US park
Kremlin accused Trump of ’emotional overload’

As US ambassador, Lord Mandelson represents Britain’s interests in Washington and has vowed to treat Donald Trump‘s administration with “respect, seriousness and understanding of where they are coming from politically”.

This comes after Lord Mandelson described the US president as a “danger to the world”, for which he apologised earlier this year.

He told the Alain Elkann Interviews podcast in 2019: “What Donald Trump represents and believes is an anathema to mainstream British opinion.”

President Donald Trump, center, with from l-r., Vice President JD Vance, and Britian's ambassador to the United States Peter Mandelson, making remarks on a trade deal between U.S. and U.K. in the Oval Office of the White House, Thursday, May 8, 2025, in Washington. (AP Photo/Evan Vucci)
Image:
US President Donald Trump, vice president JD Vance, and UK ambassador to the US Peter Mandelson. Pic: AP

Mr Mandelson added: “Even those who have a sneaking admiration for Donald Trump because of his personality, nonetheless regard him as reckless, and a danger to the world.”

But in January this year, Lord Mandelson said he now considered his remarks “as ill-judged and wrong”.

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