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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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Entertainment

Dame Joanna Lumley warns of ‘crisis hidden in plain sight’ – with 1.5 million older people set to spend Christmas alone

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Dame Joanna Lumley has warned of a “crisis hidden in plain sight”, with 1.5 million older people set to spend Christmas alone.

Age UK spoke to more than 2,600 people and found 11% will eat dinner alone on 25 December, while 5% will not see or speak to anyone the whole day.

Applied to the overall population, the findings suggest 1.5 million people will eat alone at Christmas, according to the charity.

Dame Joanna said the “silence can be deafening” for those left isolated and called it “a crisis hidden in plain sight”.

The actor and campaigner is now joining other luminaries including Dame Judi Dench, Brian Cox and Miriam Margolyes to back Age UK’s campaign against loneliness.

The charity says its volunteers made more than 70,000 minutes’ worth of calls to people during Christmas week last year and is urging people to donate.

‘A tragedy we don’t talk about enough’

Age UK said it also supports coffee mornings and festive lunches to give lonely people the chance to enjoy in-person interaction.

Dame Judi said: “For so many older people, Christmas can be a time of silence – days without conversation or company.”

Succession star Brian Cox called the issue “a tragedy we don’t talk about enough”.

He said: “Far too many older people are left spending the season in silence, when it should be a time of warmth, connection and joy.”

Brian Cox is another of the campaign's high-profile backers. Pic: PA
Image:
Brian Cox is another of the campaign’s high-profile backers. Pic: PA

Margolyes, of Harry Potter fame, added: “Growing older shouldn’t mean disappearing into the background, we need to be seen, heard and celebrated.

“That’s what Age UK is striving for – they’re changing how we perceive age.”

Read more:
What counts as a white Christmas?
CCTV shows festive thief

The charity’s chief executive, Paul Farmer, said: “Your donation could bring comfort, friendship, and care to an older person facing loneliness this winter.

“From friendly, weekly calls to local lunch clubs, we’re here to make sure no one spends winter alone. But we can’t do it without you.”

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Politics

Japan government backs 20% tax on crypto profits, on par with stocks 

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Japan government backs 20% tax on crypto profits, on par with stocks 

The Japanese government is reportedly backing plans to introduce a significant reduction in the nation’s maximum tax rate on crypto profits, with a flat rate of 20% across the board.  

Japan’s financial regulator, the Financial Services Agency (FSA), first floated the proposed tax changes in mid-November, outlining plans to introduce a bill in early 2026, and now the government and ruling coalition — the political parties in control of Japan’s parliament, the National Diet — are on board.   

According to a report from Japanese news outlet Nikkei Asia on Sunday, the new rules aim to align crypto taxation rules with those of other financial products, such as equities and investment funds. 

Under the current laws, taxation on crypto trading is included as part of income taxes for individuals and businesses, falling under the category of “miscellaneous income.” The rate ranges from 5% on the lower end of the spectrum to 45% on the high end, with high-income earners potentially on the hook for an additional 10% inhabitant tax.

Meanwhile, assets such as equities and investment trusts are taxed separately, with a flat 20% tax on profits, regardless of the amount. 

The tax changes could be a boon for the domestic cryptocurrency market, as the higher tax rates may have deterred potential investors.

Source: Sota Watanabe

According to the Nikkei report, the potential changes to crypto taxation in Japan will be introduced as part of a “solid investor-protection framework” proposed in the FSA’s bill, which aims to amend the Financial Instruments and Exchange Act.