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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In the upstairs bar of a slick new brewery, the cheese-lovers of Halifax are paying “homage to fromage”.
It is one of the first events in the historic West Yorkshire town’s further monthly cheese club and there is a decent turn-out.
Image: Sky News visited Halifax’s clubs, bars and restaurants to get an insight into people’s priorities
Image: The night-time economy in Halifax is a useful measure of how the landscapes of our town and cities have changed
Discussion of Wednesday’s budget is not as popular as an accompaniment to the cheese as the selection of wines. But no one holds back on what is required of the chancellor.
Natalie Rogers, who runs her own small business with her partner, said there needs to be focus.
Image: Small business owner Natalie Rogers wants to see more investment in local industries
“I think investing in small businesses, investing in these northern towns, where at one time we were making all the money for the country, can we not get back to that? We’re not investing in local industries.”
At the next table, with a group of friends, Ali Fletcher said there needs to be bigger targets.
“I think wealth inequality is a major problem. The divide is getting wider. For me, a wealth tax is absolutely critical. We need to address this question of ‘Is there any money left?’. There’s plenty of money, it’s all about choices that government make.”
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Image: At this monthly cheese club, people told us about their priorities ahead of the budget
The evening’s cheese tasting was being marshalled by Lisa Kempster. “The impression I get from talking to people is there’s a lot of uncertainty, but when you ask them what they’re uncertain about, they’re not really sure, there’s just a general feeling of uncertainty and being cautious.”
Image: Ali Fletcher reckons wealth inequality is a major problem
This corner of Halifax, close to the town’s historic Piece Hall, is buzzing with clubs, bars and restaurants, trying hard to defy the crunch in the night-time economy. It is a useful measure of how the landscapes of our town and cities has changed.
“Whenever there’s a budget, for a few days afterwards, there’s a drop off in trade,” said Michael Ainsworth, owner of the Graystone Unity, a bar and music venue in the town.
“I accept the government needs to raise money but, in this day and age, there’s better ways to go about doing that, like closing tax loopholes for the huge businesses to operate up with banking arrangements outside the UK.”
Image: Michael Ainsworth owns a bar and music venue and thinks the chancellor needs to close tax loopholes
In the bar, a folk singer is going through a quirky and caustic set. In the basement, a punk band called Edward Molby is considerably louder.
On a sofa in the main bar, recent graduates Josh Kinsella and Ruby Firth, newly arrived in Halifax because of its more affordable housing, pinpoint what they want on Wednesday.
“Can we stop triple-locking the pensions, please? Stop giving pensioners everything. For God’s sake, I know they have hard times in the 70s and the 80s, but it just feels like we’re now paying for everyone else.”
Image: Josh Kinsella and Ruby Firth feel there’s too much focus on pensioners
Ben Randm is a familiar face at the bar and well known on the music scene with his band, Silver Tongued Rascals.
“Everyday people are seen as statistics, we’re always the afterthought. When the cuts are done, we’re always impeded and the ramifications that has for people’s livelihoods, for people’s mental health, for people’s passion and drive… it’s such a struggle.”
He, like many in the night-time economy sector, wants extra help for hospitality and venues that, he says, provide a vital community link.
Image: Ben Randm who has his own band reckons everyday people are ‘always the afterthought’
David Van Gestel chose Halifax to open the third branch of MAMIL, a bar in jokey honour of those cycling “middle-aged men in Lycra”. On a busy quiz night, he said venues had to provide something different to get people out of their homes.
“I think the government needs to start putting some initiatives in place. They talk about growth but the reality is that the only thing we’re seeing grow is our costs.”
Eight men have been arrested in connection with the attempted murder of a couple in Newcastle, police have said.
A man and a woman in their 60s were found with serious injuries inside a property in Durham Street in the city’s Elswick area at around 6.45pm on Friday.
The woman sustained serious head injuries and remains in hospital in a critical condition, while the man is in a stable condition.
A man in his 30s was initially arrested on suspicion of attempted murder, Northumbria Police said on Saturday, before announcing seven further arrests on Sunday. All eight men remain in custody.
Five of the men – two in their 20s, two in their 30s, and one in his 40s – have been arrested on suspicion of attempted murder.
A man in his 50s has been arrested on suspicion of conspiracy to murder, while two other men – one in his 40s and one in his 60s – have been arrested on suspicion of assisting an offender.
Detective Chief Inspector Mark Atherton, the senior investigating officer in the case, said: “Eight suspects are now in custody being questioned, and I would like to reassure our communities extensive inquiries into this serious incident have already been carried out.”
Police are urging anyone with information to come forward and have issued an appeal for people who saw a red Renault Twingo car, which was allegedly stolen.
The vehicle is believed to have been parked in the West End of Newcastle between 6.30pm and 8pm on Friday before being found in the Longbenton area on Saturday morning.
“We would like to thank everyone who has already come forward and as part of our investigation we are keen to hear from anyone who may have seen the Renault Twingo,” DCI Atherton said.
“Any information – no matter how insignificant it may seem – could prove vital to establishing exactly what happened that evening.”
Former prime minister Lord Cameron has revealed he has been treated for prostate cancer.
The former Tory leader, who was PM from 2010 until 2016, and foreign secretary from November 2023 until last year’s general election, went public in an interview with The Times.
The 59-year-old joins Olympic cycling champion Sir Chris Hoy, ex-Sky News presenter Dermot Murnaghan and another former PM, Rishi Sunak, in campaigning for better diagnosis and treatment.
He has now had the all clear and is cancer-free.
Lord Cameron went to the GP for a prostate-specific antigen (PSA) test – which looks for proteins associated with prostate cancer – after his wife Samantha urged him to make an appointment. His result showed his numbers were worryingly high.
Recalling the moment when, after a follow-up biopsy, he was told he had cancer, Lord Cameron said: “You always dread hearing those words.
“And then literally as they’re coming out of the doctor’s mouth you’re thinking, ‘Oh, no, he’s going to say it. He’s going to say it. Oh God, he said it’. Then came the next decision. Do you get treatment? Or do you watch and wait?”
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Image: Lord Cameron with his wife Samantha in May. Pic: PA
Lord Cameron said his older brother Alexander died of pancreatic cancer at the same age he is now. “It focuses the mind,” he said. “I decided quite quickly. I wanted to move ahead and that’s what I did.”
The former prime minister opted to have focal therapy, a treatment which delivers electric pulses via needles to destroy the cancerous cells.
He was given a post-treatment MRI scan around the time the US struck a nuclear plant in Iran last year. “It was the same week as Donald Trump was talking about the bomb damage assessment… I got my own bomb damage assessment,” he quipped.
Explaining why he has shared his diagnosis, Lord Cameron said: “I’ve got a platform. This is something we’ve really got to think about, talk about, and if necessary, act on.
“I want to, as it were, come out. I want to add my name to the long list of people calling for a targeted screening programme.”
What is prostate cancer?
Prostate cancer is the most common cancer affecting men.
Around 55,000 men are diagnosed with the disease in the UK every year.
It usually develops slowly over many years.
Cancer cells begin to grow in the prostate, the small gland found just below the bladder.
What are the symptoms?
Symptoms do not usually appear until the prostate is large enough to affect the urethra, which is the tube carrying urine from the bladder.
The most common ones are needing to urinate more often and straining to pee.
Men may also feel as though their bladder has not fully emptied.
These symptoms are common and do not always mean somebody has cancer, but they should be checked out by a GP.
Image: File pic: AP
Lord Cameron is backing a call by the charity Prostate Cancer Research for the introduction of screening for men at high risk of the disease.
“I don’t particularly like discussing my personal intimate health issues, but I feel I ought to,” he continued. “Let’s be honest. Men are not very good at talking about their health. We tend to put things off.
“We’re embarrassed to talk about something like the prostate, because it’s so intricately connected with sexual health and everything else. I sort of thought, well, this has happened to you, and you should lend your voice to it.
“I would feel bad if I didn’t come forward and say that I’ve had this experience. I had a scan. It helped me discover something that was wrong. It gave me the chance to deal with it.”
Approximately 12,000 men in the UK die from prostate cancer every year, making it the country’s biggest male cancer.
An ongoing trial is looking at how healthcare professionals could use PSA tests with other assessments to improve screening.
Lord Cameron’s interview comes ahead of a meeting on Thursday, which could see the National Screening Committee give the green light for the first NHS screening programme for prostate cancer.