Jeff Bezos-Backed Brazilian Fintech Stark Bank Doubles Profit, Preserves Cash
Portfolio Pulse from Benzinga Neuro
Brazilian fintech Stark Bank, backed by Jeff Bezos, has significantly increased its profits and managed its funding efficiently. The company's payment processing business tripled, reaching 155 billion reais in 2023, and net income doubled to 71.5 million reais. Stark Bank, which has received investments from Bezos Expeditions and Ribbit Capital, is focusing on expanding its market share in Brazil without diluting its founder's stake. The company is considering an IPO around 2029.
February 20, 2024 | 9:26 am
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Amazon.com Inc, through Bezos Expeditions, has invested in Stark Bank, a Brazilian fintech that has doubled its profits and is considering an IPO around 2029.
The involvement of Bezos Expeditions in Stark Bank's funding round and the fintech's subsequent success could reflect positively on Amazon's investment strategy, potentially influencing investor sentiment towards AMZN. However, as Stark Bank is not directly related to Amazon's core business, the impact might be moderate.
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