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.
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Dave Wilson is a college football reporter. He previously worked at The Dallas Morning News, San Diego Union-Tribune and Las Vegas Sun.
BROOKINGS, S.D. — When Scott Peterman, a South Carolina season-ticket holder, examined the Oct. 25 football schedule, he realized he had two options: He could stay at home and watch his Gamecocks play Alabama. Or he could travel 1,300 miles to the fourth-largest town in South Dakota to watch some FCS football.
But this wasn’t just any FCS game. It was No. 1 North Dakota State vs. No. 2 South Dakota State. The Bison vs. the Jackrabbits for the Dakota Marker, the arena where champions are forged. So Peterman, obviously, decided to make the pilgrimage.
“Small college football is about the old-school rivalries where they dislike each other a good bit and it shows,” said Peterman, who played linebacker at Wofford before graduating from South Carolina. “It’s hard-nosed football. College football has become more like a business now. I’m not saying these kids are not going to make it [to the NFL]. Some will, but the vast majority of ’em are not. But these kids are playing football to play football.”
And, boy, do they play some football. Since 2011, North Dakota State has won 10 national championships. South Dakota State has won two, as many as every school from the other 48 states combined. (James Madison won the title for the 2016 season and Sam Houston won the spring COVID title game in 2021, beating SDSU.) Each year, the road to those titles really begins with this rivalry game in October, in either Brookings down south or Fargo up north. This would be just the fourth No. 1 vs. No. 2 matchup in the regular season in FCS history. Three of those came in the Dakota Marker.
It’s one of the most unique rivalries in college football. A heated matchup with mostly polite fans who will tell anyone that will listen about the virtues of football in the Dakotas and how proud they are of all their small-town boys that come to play for the state’s de facto professional teams. Fans brag about how the two programs make each other better.
“It’s a bitter respect,” Bison fan Les Ressler said.
The agricultural schools have played for nearly 125 years, but for the first century or so, it was a bit of a secondary rivalry. NDSU’s venom was originally mostly reserved for North Dakota. SDSU had it out for South Dakota. But in 2004, the States decided to move from Division II to D-I, and the original rival schools opted to stay put.
Two coaches, two athletic directors and two administrators from NDSU and SDSU met at the state line between the two and shook on their new partnership of sorts. They would move together. A quartzite stone nearby marked the spot where north and south were split by an imaginary line. A Dakota Marker.
“It’s very similar to a Michigan-Ohio State or Alabama-Georgia, where it’s a border battle,” said Ryan McKnight, who played offensive line at South Dakota State from 2006-2010 and hosts a huge tailgate party as the president of the Jackrabbit Former Players Association. “It’s a national championship feel for a regular-season game,” McKnight said. “You don’t get that everywhere. You don’t get that in other rivalries.”
At the JFPA party, the air was filled with the light fragrance of livestock and an occasional waft of beer. A massive smoker that would be the envy of any Texan rose into the sky on a huge trailer. The entire rig was built by former Jacks. Brookings was buzzing with the opportunity for revenge.
The Jackrabbits, winners of 33 straight home games, had lost twice to the Bison last year, once in the Marker in Fargo, and once in the FCS playoff semifinals. In that game, North Dakota State QB Cam Miller had four total touchdowns, and during a TV interview on the field, he let loose. “Now I can say it,” Miller said. “I hate them. I hate the Jackrabbits.”
Mikey Daniel, a Brookings native and former SDSU running back, who spent three seasons in the NFL, was eager for them to be back in South Dakota, because he said the Jackrabbits defend their turf.
“We can’t stand each other,” he said. “I was here from 2015-2019. Never lost [to] these guys at home. Carson Wentz. Trey Lance, any of [the NDSU stars], we don’t like them.”
Most of the players on both teams are from this part of the country — the Dakotas, Minnesota, Wisconsin — and often are recruited by both schools. Things sometimes get personal.
But at other times, NDSU-SDSU is one of the most polite rivalries in college football. Fans will tell you that the two teams make each other better. SDSU fans begrudgingly acknowledge that NDSU is one of the great programs in all of sports. NDSU fans admire how SDSU has stepped its game up.
Fans walk up and down Main Ave., hitting classic bars like Ray’s Corner, where Kari Westlund dishes some vicious trash talk.
“Everybody wants to live in South Dakota,” Westlund said, while wearing a “Buck the Fison” T-shirt. “Blue and yellow are much prettier colors than green and gold. We’re warmer.”
The weather is a frequent topic of discussion when canvassing fans on what the biggest differences are between the two Dakotas.
Vern Muscha of Bismarck, North Dakota, thinks it’s a badge of honor.
“We’re tougher. We’re up north,” he said. “You boys in the south here, it’s warmer. You can’t take the tough s—.”
Nick’s Hamburger Shop has been open since 1929. Owner Justin Price, who bought it in July and serves as just the fourth steward since the counter-service spot opened, says the SDSU-NDSU rivalry has always been a strange mix of politeness and pride.
“I think there’s that Midwest friendliness to it until the game starts,” he said. “Then after it’s over, we just kind of both go our ways.”
The game didn’t kick off until 7 p.m. CT, but a record crowd of 19,477 packed the Jackrabbits’ Dana J. Dykhouse Stadium. It was mostly blue-and-yellow-clad fans, with NDSU fans admiring how SDSU has gotten better at protecting its stadium from the invading Bison horde.
Fans in striped overalls stood in line for cheese curds and chislic, the “official nosh of South Dakota,” red meat cubes (usually beef, lamb or venison) grilled, seasoned with garlic salt and eaten with toothpicks, like a bar snack.
All week, there were concerns about the availability of SDSU quarterback Chase Mason, who had injured his foot last week. One local podcaster compared rumors of Mason’s health to conspiracy theories about the moon landing.
Then the game started, and Mason was on the sideline in a boot. The game was effectively over quickly. NDSU quarterback Cole Payton racked up for 380 yards and four touchdown runs to lead North Dakota State to a 38-7 victory. The Bison had 500 yards, the Jackrabbits just 166. It was a bitter defeat. As the final seconds ticked off, the green and gold sprinted to the corner of the end zone to hoist the 75-pound Dakota Marker.
So, it’s been settled. North Dakota State has the inside track to this year’s national title, with likely home-field advantage in the playoffs. The Bison are now up one more game in the all-important series (12-10 since the move to Division I). But NDSU fans know South Dakota State will be back at the end of the year.
“If their starting quarterback wasn’t hurt, it would’ve made things a little bit different,” Bison fan Brandon Miller said. “I still feel we are the better team this year in the grand scheme of things, but it would’ve been a little bit better ball game today.”
As fans dispersed, a disappointed Jackrabbits fan, whose team had just lost its four-year-long home winning streak, walked by Miller and his tailgating crew and apologized. “Sorry about that,” she said, of SDSU’s lack of competitiveness.
In the hotel lobby by campus, NDSU fans walked in and saw a group of SDSU fans and apologized to them for the beatdown.
“Are you buying?” one Jackrabbits fan said, pointing to the hotel bar. “If we won, we would be.”
“That’s called North Dakota Nice and South Dakota Nice,” Miller said.
Peterman said games like this are more important now that NIL and the transfer portal have altered the fabric of the sport.
“For 99% of them, this is it for their football career,” he said. “They’re going to be going right back to work. They’ll be farmers and doctors and lawyers. That’s the heart of America right there.”
Sean “Diddy” Combs is expected to spend around three years in prison, federal inmate records show.
The 55-year-old music mogul was given a 50-month sentence and a $500,000 fine earlier this month for flying people around the US and abroad for sexual encounters, including his then-girlfriend and male sex workers, in violation of prostitution laws.
According to Sky News’ US partner NBC News, his expected release date is 8 May 2028, according to the Federal Bureau of Prisons.
Prosecutors had pushed for Combs, serving his first criminal conviction, to serve 11 years in prison.
Combs, who has been detained since his arrest in September 2024, was acquitted on more serious charges of racketeering and sex trafficking.
He pleaded not guilty and maintained his innocence.
‘Disgusting, shameful and sick’
Combs, who told a federal district court in New York he admitted his past behaviour was “disgusting, shameful and sick”, is set to appeal the conviction and sentence.
During a seven-week trial, four days of testimony was heard from Cassie, now Cassie Venture Fine, who told the court she was coerced and sometimes blackmailed into sexual encounters with male workers.
Jurors were also shown video clips of Combs dragging and beating Ms Fine in a Los Angeles hotel hallway, following one of those encounters.
She submitted a letter to the judge, ahead of the sentencing, calling Combs a “manipulator” and would fear for her safety if he was immediately released.
David Lammy has confirmed there will be an independent investigation into the accidental release of a migrant jailed for sex offences, as he blamed “human error” for the incident.
The deputy prime minister and justice secretary told MPs he was “livid” on behalf of Hadush Kebatu’s victims and he would be deported back to Ethiopia “as quickly as possible”.
Kebatu, who was found guilty in September of sexually assaulting a 14-year-old girl and a woman in Epping, was freed in error from HMP Chelmsford in Essex on Friday instead of being handed over to immigration officials for deportation.
His accidental release sparked widespread alarm and a manhunt that resulted in him being found and arrested by the Metropolitan Police in the Finsbury Park area of London at around 8.30am on Sunday.
Addressing MPs in the House of Commons, Mr Lammy said the mistake should not have happened as he sought to lay part of the blame on to the Conservatives over the state of the prison system over the past 14 years.
More on David Lammy
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He said “there must and there will be accountability” for the mistaken release of Kebatu from prison.
“I’ve been clear from the outset that a mistake of this nature is unacceptable,” he said.
“We must get to the bottom of what happened and take immediate action to try and prevent similar releases in error to protect the public from harm.”
Mr Lammy said he ordered an “urgent review” into the checks that take place when an offender is released from prison, and new safeguards have been added that amount to the “strongest release checks that have ever been in place”.
The justice secretary said the investigation would be led by former Metropolitan Police deputy commissioner Dame Lynne Owens, who also used to lead the National Crime Agency.
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Witness describes confusion outside prison
He also said the investigation would have the same status as high-profile probes into other prison incidents, including the attack on three prison officers at HMP Franklin in April of this year and the escape of Daniel Khalife from HMP Wandsworth in 2023.
‘Calamity Lammy’
Shadow justice secretary Robert Jenrick referred to a report by Sky News which detailed how a witness present at the prison observed Kebatu appearing “confused” upon his release.
The witness said Kebatu had in fact tried to go back into the prison several times, but was instead guided to Chelmsford station, where he caught a train to London.
Mr Jenrick claimed the case was proof “the only illegal migrants this government are stopping are those that actually want to leave the UK”.
“Dear oh dear,” he said. “Where to begin? This justice secretary could not deport the only small boat migrant who wanted – no – who tried to be deported.
“Having been mistakenly released, Hadush Kebatu came back to prison asking to be deported not once, not twice, but five times, but he was turned away.”
He went on: “The only illegal migrants this government are stopping are those that actually want to leave the UK.
“His officials, briefing the press, called it the mother of all – yeah, they’re not wrong, are they?”
Mr Jenrick, who served as immigration minister under the previous Conservative government, branded his opposite number “calamity Lammy”.
“It’s a national embarrassment and today the justice secretary feigns anger at what happened.”
Continuing with his attack, Mr Jenrick asked Mr Lammy whether he would resign if Kebatu was not deported “by the end of the week” – to which he received no reply.
But asked later by an MP whether he was considering his position, Mr Lammy replied: “A ridiculous question, the answer is no.”
The new checks announced by Mr Lammy on Monday involve five pages of instructions and require more senior prison staff to sign off a release, according to documents obtained by Sky News.