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."
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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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Jensen Huang, co-founder and chief executive officer of Nvidia Corp., left, and Emmanuel Macron, France’s president at the 2025 VivaTech conference in Paris, France, on Wednesday, June 11, 2025.
Nathan Laine | Bloomberg | Getty Images
Nvidia boss Jensen Huang has been on a tour of Europe this week, bringing excitement and intrigue to everywhere he visited.
His message was clear — Nvidia is the company that can help Europe build its artificial intelligence infrastructure so the region can take control of its own destiny with the transformative technology.
I’ve been in London and Paris this week following Huang around as he met with U.K. Prime Minister Keir Starmer, French President Emmanuel Macron, journalists, fans, analysts and gave a keynote at Nvidia’s GTC event in the capital of France.
Here’s the what I saw and the key things I learned.
At London Tech Week, the lines were long and the auditorium packed to hear him speak.
The GTC event in Paris was full too. It was like going to a music concert or sporting event. There were GTC Paris T-shirts on the back of every chair and even a merchandise store.
Nvidia GTC in Paris on 11 June 2025
Arjun Kharpal
The aura of Huang really struck me when, after a question-and-answer session with him and a room full of attendees, most people lined up to take pictures or selfies with him.
Macron and Starmer both wanted to be seen on stage with him.
Nvidia positions itself as Europe’s AI hope
Nvidia’s key product is its graphics processing units (GPU) that are used to train and execute AI applications.
But Huang has positioned Nvidia as more than a chip company. During the week, he described Nvidia as an infrastructure firm. He also said AI should be seen as infrastructure like electricity.
His pitch to all countries was that Nvidia could be the company that will help countries build out that infrastructure.
“We believe that in order to compete, in order to build a meaningful ecosystem, Europe needs to come together and build capacity that is joint,” Huang said during a speech at the Viva Tech conference in Paris on Wednesday.
Jensen Huang, CEO of Nvidia, speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 11, 2025.
Gonzalo Fuentes | Reuters
One of the most significant partnerships announced this week is between French startup Mistral and Nvidia to build a so-called AI cloud using the latter’s GPUs.
Huang spoke a lot during the week about “sovereign AI” — the concept of building data centers within a country’s borders that services its population rather than relying on servers located overseas. Among European policymakers and companies, this has been an important topic.
Huang also heaped praise on the U.K., France and Europe more broadly when it came to their potential in the AI industry.
China still behind but catching up
On Thursday, Huang decided to do a tour of Nvidia’s booth and I managed to catch him to get a few words on CNBC’s “Squawk Box Europe.”
A key topic of that discussion was China. Nvidia has not been able to sell its most advanced chips to China because of U.S. export controls and even less sophisticated semiconductors are being blocked. In its last quarterly results, Nvidia took a $4.5 billion hit on unsold inventory.
I asked Huang about how China was progressing with AI chips, in particular referencing Huawei, the Chinese tech giant that is trying to make semiconductor products to rival Nvidia.
Huang said Huawei is a generation behind Nvidia. But because there is lots of energy in China, Huawei can just use more chips to get results.
“If the United States doesn’t want to partake, participate in China, Huawei has got China covered, and Huawei has got everybody else covered,” Huang said.
In addition, Huang is concerned about the strategic importance of U.S. companies not having access to China.
“It’s even more important that the American technology stack is what AI developers around the world build on,” Huang said.
Just reading between the lines somewhat — Huang sees a world where Chinese AI tech advances. Some countries may decide to build their AI infrastructure with Chinese companies rather than American. That in turn could give Chinese companies a chance to be in the AI race.
Quantum, robotics and driverless is the future
Huang often uses public appearances to talk about the future.
I asked him about some of those areas he’s bullish on like robotics and driverless cars, technology that Nvidia’s products can power.
Huang told me this will be the “decade of” autonomous vehicles and robotics.
Nvidia boss Jensen Huang delivers a speech on stage talking about robotics.
Arjun Kharpal | CNBC
During his keynote at GTC Paris on Wednesday, he also address quantum computing, saying the technology is reaching “an inflection point.”
Quantum computers are widely believed to be able to solve complex problems that classic computers can’t. This could include things like discovering new drugs or materials.
Iran claims it has shot down two Israeli jets and that its response to Friday night’s attacks on nuclear and military infrastructure has begun.
The reports emerged as smoke was seen rising from Tel Aviv as Iran launched missiles at the Israeli city.
Air raid sirens had been heard across Tel Aviv and Jerusalem as the missiles neared Israel.
Footage has shown Israel’s Iron Dome air defence system – which uses radars to detect and intercept short-range rockets, missiles and drones – stopping Iranian missiles from striking the city.
However, video also suggests some missiles made it through. According to Israeli medics, a total of 34 people were taken to hospital in the Tel Aviv metropolitan area.
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3:13
How Iran’s retaliatory attack unfolded
In a statement at around 1:50am on Saturday local time (11:50pm on Friday UK time), the Israel Defense Forces said: “In the past hour, dozens of missiles have been launched from Iran toward the State of Israel. Some of the missiles were intercepted.
“Search and Rescue forces are currently operating in a number of locations across the country in which reports of fallen projectiles were received.”
Meanwhile, the Iranian Army had earlier said in a statement that its “defence forces successfully hit and destroyed two F-35 fighter jets belonging to the zionist entity, in addition to a large number of small drones”.
“The fate of the two fighter pilots remains unknown and is being investigated,” the statement added.
Image: An explosion is seen during a missile attack in Tel Aviv tonight. Pic: AP Photo/Tomer Neuberg
Sky News correspondent Mark Stone, who used to be based in Jerusalem, has said Iran is trying to “overwhelm the Iron Dome defence system, which has to be manually reloaded again and again”.
He added: “[The Iron Dome] can be overwhelmed. We saw a number of instances in the videos a moment ago where it was clearly overwhelmed and some of those ballistic missiles hit targets in Tel Aviv.”
Three American officials have told Sky’s US partner network NBC News that the US military helped Israel down some Iranian missiles this evening.
Image: Response workers in Tel Aviv. Pic: Magen David Adom
Image: The aftermath of the attack on Tel Aviv. Pic: Magen David Adom
As the barrage of missiles was fired at Israel, Iran’s supreme leader Ayatollah Ali Khamenei wrote on X: “The Zionist regime (Israel) will not remain unscathed from the consequences of its crime.
“The Iranian nation must be guaranteed that our response will not be half-measured,” he said, adding Iran will “inflict heavy blows” on Israel.
Mr Khamenei also said that Israel has initiated a war and that Tehran will not allow it to conduct “hit and run” attacks without grave consequences.
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0:47
Smoke rises in Iran after Israeli strikes
It came before Israeli Prime Minister Benjamin Netanyahu called on Iranians to stand up to the regime in Tehran and help Israel “clear the path for you to achieve your freedom”.
In a video released during Iran’s missile attack on Israel, Mr Netanyahu said Israel had taken out a “large portion” of Iran’s ballistic missile arsenal and its “most significant enrichment facility”.
“More is on the way,” he added. “The regime does not know what hit them, or what will hit them. It has never been weaker. This is your opportunity to stand up and let your voices be heard.”
The Israeli military has told people they can now leave air raid shelters but must stay near them in case of further attacks.
The Israel Defence Forces issued instructions earlier this evening telling residents to stay in shelters and minimise movement in open areas.
UK Prime Minister Sir Keir Starmer and US President Donald Trump have agreed the mounting conflict between Iran and Israel should be resolved by “diplomacy and dialogue”.
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0:36
Israeli ambassador: ‘We were expecting Iran’s retaliation’
The two leaders spoke on Friday evening, as western nations began a diplomatic flurry to calm the conflict between Israel and Iran.
Sir Keir earlier urged Mr Netanyahu to de-escalate and work towards a “diplomatic resolution”.
Meanwhile, Mr Trump urged Iran to quickly reach an agreement on curbing its nuclear program as Israel vowed to continue its bombardment of the country.
Mr Trump framed the volatile moment in the Middle East as a possible “second chance” for Iran’s leadership to avoid further destruction “before there is nothing left and save what was once known as the Iranian Empire.”
The US president had urged Mr Netanyahu not to attack Iran.
The two leaders had what was described as a heated 40-minute exchange by telephone last Monday.
Speaking just hours before the attack, Mr Trump said he feared such action would destroy US hopes of an agreement with Iran to curtail its nuclear programme.
Tributes have been paid to victims of the Air India plane crash, including a couple and their three children and a man returning home after scattering his wife’s ashes.
Flight 171 was carrying 242 people when it struck a medical college hostel less than a minute after taking off from Ahmedabad airport, in western India, bound for Gatwick on Thursday.
Among those on board were 169 Indian nationals, 53 Britons, seven Portuguese nationals and one Canadian, the airline said.
It has confirmed 241 of those on the Boeing 787 Dreamliner were killed in the crash, with just one survivor – a British man from Leicester. Twenty-nine people on the ground were also killed, taking the total number of victims to 270, officials have said.
Tributes to those who died in the worst aviation crash in a decade are now being shared.
Arjun Patoliya
The 37-year-old had been to India to fulfil his wife Bharti’s “final wish” to scatter her ashes in her hometown in Gujarat, after she died following a battle with cancer.
He was returning home to his young daughters in north London, according to a GoFundMe page set up for the girls.
It says: “In a span of just 18 days, two young sisters – only 4 and 8 years old – have lost both of their beloved parents.”
Dr Prateek Joshi and his family
Image: The Joshi family smiling in a selfie before the plane took off. Pic: Supplied
Dr Joshi, a radiologist at the Royal Derby Hospital, was on the flight with his wife, Dr Komi Vyas, and their three children, Mirayal, Nakul and Pradyut.
In a post on Facebook, Derby Hindu Temple said: “We pray to Lord Shiva to grant eternal peace to the departed souls and to give strength to the bereaved family to bear this immense loss.”
Dr Joshi’s colleague Dr Rajeev Singh described him as “a wonderful man, friend, husband and father, and an exceptional radiologist who was highly respected in his field”.
“It is hard to accept that a man with such a passion for life, and his beautiful young family, have been taken in this way,” his statement continued.
“His passing has left a profound void, not only in his professional contributions but in the warmth and spirit that he gave to the world every day.”
Akeel Nanabawa, his wife Hannaa Vorajee and their four-year-old daughter
Image: Akeel Nanabawa, his wife Hannaa and their four-year-old daughter Sara. Pic: PA
The family of three from Gloucester were “widely loved and deeply respected”, their family said in a statement issued through their imam.
Mr Nanabawa ran a recruitment firm and Ms Vorajee volunteered at a local Islamic school and was a director for an organisation promoting understanding of Islam, Imam Abdullah Samad said.
Their daughter, Sara Nanabawa, was four years old.
The imam, who is headteacher at the school Sara had just started attending, told Sky News: “She had a smile like the rays of the sun, she would light up the room.
“She was exactly what her parents would have wanted her to be. She took a lot of good qualities from her parents. Staff at the school are absolutely devastated.”
He said of her parents: “They were widely loved and deeply respected. His quiet generosity, her warmth and kindness, and their daughter’s bright, joyful spirit made a lasting impact on everyone who knew them.”
Mariam and Javed Ali Syed and their two children
Image: Javed and Miriam Ali Syed. Pic: Facebook
The couple and their two children – five-year-old Zayn and four-year-old Amani – were returning from a holiday in India, Ms Ali Syed’s sister-in-law told the Telegraph.
The mother-of-two reportedly worked for Harrods for a decade while Mr Ali Syed is reported to have worked at a London hotel.
Speaking to the Telegraph, Yasmine Hassan said of the couple’s two children: “They are so small, they are five and four. And it’s just thinking how scared they must have been.”
The 40-year-old nurse and mother of two worked at Queen Alexandra Hospital in Portsmouth.
A Facebook page for nurses from India said she was originally from Thiruvalla, Kerala, and touched “countless lives with her care and compassion”.
Ajay Kumar Ramesh
Mr Ramesh was seated in a different row to his brother, Vishwash Kumar Ramesh, whose survival is being hailed as a miracle.
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0:58
Indian PM meets lone survivor of crash
Speaking outside the family home in Leicester, Jay, a relative of the brothers, said Vishwash asked about Ajay when he contacted his father after the tragedy.
Jay said: “After the crash, he spoke to his dad worrying about his brother saying, ‘Where’s Ajay’?”
Raxa Modha, her daughter-in-law and infant grandson
Image: Raxa Modha with her husband, who died from cancer. Pic: Facebook
A member of Raxa Modha’s family has told Sky News she was in India for a religious ceremony after the death of her husband two months ago.
She had travelled with her daughter-in-law Yasha and infant grandson Rudra.
All three of them were from Wellingborough, Northamptonshire.
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Image: Heer (left) and Dhir Baxi, with their grandmother. Pic: Family handout/PA
The siblings, both in their early twenties, were returning home to London after surprising their grandmother for her birthday.
Their cousin Ishan Baxi, who lives in Ahmedabad, said both women had an “amazing aura” and wanted to “roam the world”.
He said: “I am unable to control my tears even now also just because I was close to them, you just imagine what emotions parents are going through right now and think about guilt the grandma would feel right now.
“I just want God to bless those souls, all dreams, promises, aspirations vanished in seconds.”
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Image: Fiongal and Jamie Greenlaw-Meek. Pic: Instagram
The couple, who ran a spiritual wellness centre in Ramsgate, Kent, filmed themselves laughing and joking at the airport just moments before boarding the plane.
The former editor of This Morning has paid tribute to Fiongal, who appeared on the show earlier this year, and his partner.
Martin Frizell said on Instagram: “I remember his visit to the studio in January, he was passionate about auras and although I’m a sceptical sort, his vibrancy and sheer enthusiasm won folk over.”
Adam and Hasina Taju, and Altafhusen Patel
Adam Taju, 72, and his wife Hasina, 70, were flying with their son-in-law Altafhusen, the couple’s granddaughter told the BBC.