PANews reported on March 12 that Stark Bank SA, a Brazilian pure online bank backed by Bezos Expeditions, the Bezos family office, is positioning itself as the preferred banking service provider for the country's cryptocurrency startups, betting that this field, which is excluded by traditional lenders, will drive growth. Rafael Stark, the bank's CEO, said the bank is currently working with 52 companies focused on digital currencies and blockchain technology, including Mercado Bitcoin Servicos Digitais, Transfero Swiss AG and Binance Holdings. He said that U.S. President Trump's support for cryptocurrency is making it an increasingly attractive field. He declined to estimate how much market share the bank currently serves, but said that given that the companies it is working with are all large companies, the bank is "a very important player."
Founded in 2018, Stark Bank helps its nearly 800 customers process payments, pay bills, and manage corporate credit cards, among other services. Its most recent funding was in 2022, with investors including Ribbit Capital and Jeff Bezos' venture capital vehicle at a valuation of $250 million. Stark said the digital bank still has plenty of cash on hand and is not actively seeking to raise new funds from outside investors to increase its valuation and reach unicorn status, and any plans for an initial public offering (IPO) may have to wait about five years.
