Jeff Bezos-Backed Brazilian Fintech Stark Bank Doubles Profit, Preserves Cash

Published

2 years ago

March 28, 2024

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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

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Business

COVID schemes’ fraud and error cost taxpayers £11bn

Published

54 mins ago

December 9, 2025

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COVID schemes' fraud and error cost taxpayers £11bn

COVID-19 fraud and error cost the taxpayer nearly £11bn, a government watchdog has found.

Pandemic support programmes such as furlough, bounce-back loans, support grants and Eat Out to Help Out led to £10.9bn in fraud and error, COVID Counter-Fraud Commissioner Tom Hayhoe’s final report has concluded.

Lack of government data to target economic support made it “easy” for fraudsters to claim under more than one scheme and secure dual funding, the report said.

Weak accountability, bad quality data and poor contracting were identified as the primary causes of the loss.

The government has said the sum is enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.

An earlier report from Mr Hayhoe for the Treasury in June found that failed personal protective equipment (PPE) contracts during the pandemic cost the British taxpayer £1.4 billion, with £762 million spent on unused protective equipment unlikely ever to be recovered.

Factors behind the lost money had included government over-ordering of PPE, and delays in checking it.

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Politics

COVID schemes’ fraud and error cost taxpayers £11bn

Published

54 mins ago

December 9, 2025

admin

COVID-19 fraud and error cost the taxpayer nearly £11bn, a government watchdog has found.

Lack of government data to target economic support made it “easy” for fraudsters to claim under more than one scheme and secure dual funding, the report said.

Weak accountability, bad quality data and poor contracting were identified as the primary causes of the loss.

The government has said the sum is enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.

Factors behind the lost money had included government over-ordering of PPE, and delays in checking it.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the latest version.

US

Luigi Mangione had handgun, silencer and ‘manifesto’ in backpack during arrest, police say

Published

54 mins ago

December 9, 2025

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Luigi Mangione had handgun, silencer and 'manifesto' in backpack during arrest, police say

Police officers found a handgun, a silencer and a red notebook described as a “manifesto” when they arrested Luigi Mangione.

The 27-year-old was arrested in December 2024 and charged with killing UnitedHealthcare chief executive Brian Thompson in New York City.

Mangione‘s lawyers want to block prosecutors from showing or telling jurors at his eventual trial in Manhattan about statements he allegedly made and items they said police seized from his backpack during his arrest at a McDonald’s in Pennsylvania.

The objects include a 9mm handgun prosecutors say matches the one used in the killing, a silencer, a magazine with bullets wrapped in underwear and a notebook in which they say Mangione described his intent to “wack” a healthcare executive.

The defence contends the items should be excluded because police did not get a warrant before searching Mangione’s backpack.

Prosecutors deny claims Mangione was illegally searched and questioned.

They also want to suppress some statements he made to police, such as allegedly giving a false name, because officers asked him questions before telling him he had a right to remain silent.

Last week, Mangione watched surveillance videos of the killing of Mr Thompson, 50, as he walked to a New York City hotel for his company’s annual investor conference.

Mangione has pleaded not guilty to state and federal murder charges.

The state charges carry the possibility of life in prison, while federal prosecutors are seeking the death penalty.

This week’s hearing concerns only the state case, but Mangione’s lawyers want to bar evidence from both cases.

In September, a judge dismissed two terrorism counts against Mangione, finding prosecutors had not presented enough evidence Mangione intended to intimidate health insurance workers or influence government policy.

Trial dates are yet to be set in either the state or federal cases.