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

Business

Direct trains from UK to Germany ‘one step closer’, but nothing yet on journeys to Berlin

Published

on

By

Direct trains from UK to Germany 'one step closer', but nothing yet on journeys to Berlin

The UK has come a “step closer” to having direct, high-speed rail connections to Germany, the Department for Transport has said.

A partnership between international train operator Eurostar and German national rail company Deutsche Bahn (DB) has “set the foundation” for a fast rail connection between Britain and Europe’s largest economy, the businesses announced on Thursday.

It means the companies are exploring options to offer direct services between London and Cologne and Frankfurt.

Money blog: Major airport increasing drop-off charge

Such direct services would mean reaching Cologne in four hours, and Frankfurt in less than five from the capital city.

At present, rail passengers have to change trains in Brussels to reach those cities. It takes at least five-and-a-half hours to reach Frankfurt, and four-and-a-quarter hours to arrive in Cologne.

Cologne Central Station could soon be served by trains from the UK. Pic: AP
Image:
Cologne Central Station could soon be served by trains from the UK. Pic: AP

The proposed services would use existing lines and infrastructure. Passengers would board a double-decker Eurostar in London, and be spared a change of trains on the continent.

More on Eurostar

The ambition to create such links had already been announced, as had a plan to allow direct rail travel from London to Geneva, but the partnership between DB and Eurostar had not.

Will it definitely happen?

Details and technicalities are yet to be worked out, with the German train company highlighting that any services are contingent upon “the necessary technical, operational, and legal prerequisites being met”.

“Implementation by individual railway companies is considered extremely difficult,” DB said.

“Joint partnerships are therefore crucial.”

What about Berlin?

Nothing was announced for a direct service to Berlin on Thursday, despite Transport Secretary Heidi Alexander singling out the benefits and prospect of journeys from London to the German capital in July.

“The Brandenburg Gate, the Berlin Wall and Checkpoint Charlie – in just a matter of years, rail passengers in the UK could be able to visit these iconic sights direct from the comfort of a train, thanks to a direct connection linking London and Berlin,” she said at the time.

A high-speed Eurostar train heading towards France. File pic: PA
Image:
A high-speed Eurostar train heading towards France. File pic: PA

Shorter journeys, like those to Frankfurt and Cologne, are seen as more commercially viable than the current 10-hour train journey time to Berlin.

Market studies conducted by Eurostar found travellers are comfortable with international rail journeys of up to six hours.

“Our research indicates that many would choose rail over air for trips within this timeframe,” Eurostar told Sky News. “This, combined with strong business and leisure demand on this route, is why we have prioritised London to Frankfurt.”

Read more from Sky News:
Petrofac administrators eye North Sea sale by Christmas
Submarine hunting pact signed by UK amid Russian threat

The Department for Transport said the focus on the two German cities was a commercial decision by Eurostar and DB, and the UK-Germany rail taskforce, established over the summer, could pave the way for further route announcements.

Continue Reading

Politics

Reeves between a rook and a hard place after claims she ‘made up’ chess championship

Published

on

By

Reeves between a rook and a hard place after claims she 'made up' chess championship

As an opening gambit at PMQs, Kemi Badenoch attacked Labour’s knight, the prime minister, over his Treasury queen, Rachel Reeves.

“We now know the black hole was fake, the chancellor’s book was fake, her CV was fake – even her chess claims are made up,” said the Tory leader.

Politics Live: Labour MP who voted against inheritance tax suspended

“She doesn’t belong in the Treasury; she belongs in la-la land.”

Chess claims made up? Where did that attacking move from Kemi come from? Hasn’t the chancellor told us for years that she was a national chess champion in 1993?

Indeed she has. “I am – I was – a geek. I played chess. I was the British girls’ under-14 champion,” she declared proudly in a 2023 interview with The Guardian.

She posted a video showing her playing chess in parliament and before last week’s budget posed for photos with a chessboard.

More on Rachel Reeves

But her chess champion claim has been disputed by a former junior champion, Alex Edmans, who has accused her of misrepresenting her credentials.

“Her claim was quite specific,” Edmans, now a professor of finance at the London Business School, told Ali Fortescue on the Politics Hub on Sky News.

“She said she was the British girls’ under-14 champion. There was one event that can go on that title, which is the British Championship. And in the year that she claimed, it was Emily Howard who won that title instead.

“She did indeed win a quite different title. There was a British Women’s Chess Association championship, but that’s a more minor title. I’ve won titles like the British squad title, but that’s not the same.

“Just like running a marathon in London is not the same as the London Marathon, there was one event which is very prestigious, which is the British Championship.

“So the dispute is not whether she was a good or bad chess player. That shouldn’t be the criterion for a chancellor. But if you weren’t the British champion, you shouldn’t make that statement.”

Read more from Sky News:
Mysterious tentacles wash up on Scottish beach
Australia’s under-16s social media ban

Oh dear! So now, along with allegations of plagiarism, a dodgy CV and “lying” – according to Ms Badenoch – about the nation’s finances, the chancellor is between a rook and a hard place.

Or is she? “This story is absolute nonsense,” a Treasury mate told Sky News. No word from the No.10 knight, Sir Keir Starmer, or his Downing Street ranks, however.

Emily Howard, as it happens, is now an accomplished composer, having graduated from the chessboard to the keyboard.

The chancellor’s opponents, meanwhile, claim her budget blunders means the Treasury queen has now become a pawn, there for the taking.

But since Rachel Reeves did indeed win a chess title, just not the one she claimed, her supporters insist she can justifiably claim to have been a champion.

So it’s too soon for Kemi Badenoch and the Conservatives to claim checkmate. The dispute remains a stalemate. For now.

Continue Reading

Politics

How record-breaking Reform UK donor Christopher Harborne made his millions

Published

on

By

How record-breaking Reform UK donor Christopher Harborne made his millions

Who is the man behind the record-breaking multi-million pound donation to Reform UK?

Christopher Harborne gave Nigel Farage‘s party £9m in August, according to new data published by the Electoral Commission. The contribution ranks as the largest ever single donation from a living person in UK political history.

Born in Britain, Mr Harborne is a businessman who owns several companies, employing more than 600 people worldwide, according to a court filing dated last year.

Reform UK leader Nigel Farage
Image:
Reform UK leader Nigel Farage

Yet he’s not resident in the UK, and is also a citizen of Thailand, where he is known as Chakrit Sakunkrit, and has lived and worked there for 20 years.

Follow live: Politics latest

Nonetheless, he has a long history of political donations to British parties.

Electoral Commission data shows he has previously donated to the Conservatives, gifting them £10,000 in May 2001, and continuing to support them with close to £2m in donations by October 2022.

More from UK

Christopher Harborne, furthest right, joins Boris Johnson, left, during his visit to Lviv, Ukraine. Pic: City of Lviv
Image:
Christopher Harborne, furthest right, joins Boris Johnson, left, during his visit to Lviv, Ukraine. Pic: City of Lviv

But there was been some overlap with his backing of Reform, which first received a donation from him in April 2019, for £200,000.

He’s also donated to Mr Farage personally, giving £27,616.76 in January so the Reform leader could attend the second inauguration of Donald Trump.

He paid another £32,836 for the Reform and a member of staff to fly to the US following the attempted assassination of Trump in July last year.

And he gave one of the biggest donations ever made to an individual UK politician when he backed Boris Johnson to the tune of £1m in 2022.

Christopher Harborne sits second left from Boris Johnson, centre, during his visit to Lviv, Ukraine. Pic: City of Lviv
Image:
Christopher Harborne sits second left from Boris Johnson, centre, during his visit to Lviv, Ukraine. Pic: City of Lviv

He served as an advisor to Mr Johnson during the former PM’s trip to Kyiv in 2023.

His latest cash injection to Reform UK breaks the previous record for a donation from a living person, which was £8m from supermarket tycoon Lord David Sainsbury to the Liberal Democrats in 2019.

The largest ever single donation to a UK political party was from his cousin, Lord John Sainsbury, who left more than £10.2m to the Conservatives in 2022 in his will.

Read more:
Labour accused of ‘scandalous attempt to subvert democracy’
Tory-Reform pact talks ‘not happening at any level’

Electoral Commission records show Mr Harborne has made at least £24.5m in UK political donations since 2001.

But where is his money from?

Several of his businesses come under the banner of AML Global, including one registered in the UK, which has a London address listed with Companies House.

AML Global is described in a court filing as an international jet fuel broker that works with oil companies, and which has been awarded $39m (£29m) worth of contracts by the US Department of Defense.

Harborne was also an early investor in Bitcoin and other cryptocurrencies.

On his LinkedIn page, the businessman further describes himself as chair of Sherriff Global Group.

His profile shows he was educated at INSEAD business school, Cambridge University, and Westminster School.

Figures from the Electoral Commission released this week show Reform UK reported the most donations of any party in the third quarter of 2025, a total of £10,526,846.

By contrast, the Conservatives reported £7,038,861 in the same period, Labour £2,564,786, and the Liberal Democrats £2,174,712.

Continue Reading

Trending