Connect with us

Published

on

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.

Continue Reading

US

Children killed in mass shooting at birthday party in Stockton, California

Published

on

By

Children killed in mass shooting at birthday party in Stockton, California

Children are among the fatalities in a mass shooting at a child’s birthday party in California.

Police said four people had died and 10 were wounded in the incident in Stockton, about 60 miles east of San Francisco.

Officers were called on Saturday to a banquet hall just before 6pm local time (2am UK time) and district attorney Ron Freitas said children were among the dead.

He said the attacker was still at large.

First responders walk through a parking lot near the scene of a mass shooting in Stockton, California. Pics: AP
Image:
First responders walk through a parking lot near the scene of a mass shooting in Stockton, California. Pics: AP

“We can confirm at this time that approximately 14 individuals were struck by gunfire, and four victims have been confirmed deceased,” San Joaquin County Sheriff’s Office said on X.

The post said early indications suggest it could be a “targeted incident” but that information remains limited.

Police have so far not disclosed the attacker’s identity and the motive is unclear.

Stockton’s vice mayor Jason Lee confirmed on Facebook that the shooting on Lucile Avenue happened at a child’s birthday party.

Pics: AP
Image:
Pics: AP

Mayor Christina Fugazzi also said that “families should be together instead of at the hospital, standing next to their loved one, praying that they survive”.

California governor Gavin Newsom’s office added that he had been briefed on the “horrific shooting”.

Continue Reading

Sports

Sources: LSU expected to hire Kiffin on Sunday

Published

on

By

Sources: LSU expected to hire Kiffin on Sunday

OXFORD, Miss. — The Lane Kiffin saga is finally coming to an end.

Sources told ESPN on Saturday that the expectation is LSU will hire Kiffin away from Ole Miss on Sunday. A source cautioned that the deal was not signed as of late Saturday but added that it “would be a shock” if he didn’t sign it.

Should Kiffin agree to the contract, it will pay him, a source said, around $12 million annually across seven seasons, with the potential for bonuses, making him one of the highest paid coaches in the sport.

Kiffin, 50, and the Rebels just wrapped up an 11-1 regular season with a 38-19 win over rival Mississippi State, all but assuring them a berth in the 12-team College Football Playoff. That said, the expectation among Ole Miss officials is that Kiffin will not coach the Rebels in the CFP, barring an unexpected change.

Sources told ESPN’s Marty Smith on Sunday that Kiffin will hold a 10 a.m. ET meeting with Ole Miss players, followed by an announcement about his future.

After Kiffin said he would decide on Saturday whether he’ll coach at Ole Miss or LSU in 2026, he met with Rebels athletics director Keith Carter and chancellor Glenn Boyce for a couple of hours at the chancellor’s home in Oxford.

But the day came and went without an announcement.

There was a growing sense at Ole Miss on Saturday that Kiffin might coach the Rebels in one more game if they clinched a spot in next week’s SEC championship game in Atlanta.

However, No. 10 Alabama‘s 27-20 victory against rival Auburn in Saturday night’s Iron Bowl eliminated the Rebels. The Crimson Tide will play No. 4 Georgia for the SEC title.

While Florida and LSU courted Kiffin, Carter and Boyce were adamant that he wouldn’t be allowed to coach the Rebels in the CFP if Kiffin took a job with an SEC rival. Kiffin had lobbied the Ole Miss administrators to change their minds, but Carter and Boyce dug in their heels on that issue.

Among other reasons, Ole Miss doesn’t want Kiffin around its players with the transfer portal opening on Jan. 2. The Rebels also don’t want their CFP games to be a “commercial” for LSU’s future under Kiffin.

Even with Kiffin potentially leaving, the Rebels will probably still be in the mix to host a first-round CFP game at Vaught-Hemingway Stadium on Dec. 19 or 20.

Continue Reading

Science

NASA Steps In to Support ESA’s Rosalind Franklin Rover Ahead of 2028 Mars Launch

Published

on

By

NASA will deliver crucial hardware, thermal units, landing thrusters, and a U.S. launch vehicle to support ESA’s Rosalind Franklin rover, set for launch in 2028. The rover will drill two meters into Mars to search for ancient life using the advanced Mars Organic Molecule Analyzer instrument.

Continue Reading

Trending