Bezos-Backed Brazil Fintech Doubles Profit While Preserving Cash

Stark Bank, one of the few Latin America startups to receive funding from Jeff Bezos’ family office, is generating profits from its business of helping companies handle payments, while leaving cash raised from its funding rounds nearly untouched.

The Sao Paulo-based company handled 155 billion reais ($31 billion) of payments in 2023, a three-fold jump from a year earlier, while more than doubling net income to 71.5 million reais, founder Rafael Stark said in an interview, disclosing the closely held firm’s 2023 financial results for the first time.