Fintech Startup Stark Bank Completes $45M Funding Round, Close to Unicorn Status

Brazilian financial solutions platform Stark Bank said on Monday it has received a $45 million investment led by funds such as Ribbit Capital, Lachy Groom and Bezos Expeditions, led by Amazon.com Inc founder Jeff Bezos.

The announcement comes about four months after the fintech, created in 2018, raised $13 million from venture capital investors in an initial round, at a time when investments in Brazilian startups are waning as their dispute with large banks grows.

Founders of Airbnb, Kavak and executives from DST, Visa and Coinbase also took part in the investment round.

The company did not disclose its valuation after the round, but its founder, Rafael Stark, said the transaction puts it "close to unicorn status", referring to startups valued at over $1 billion.

The firm said it has more than 300 customers, both medium and large-sized, most of which are also technology-based businesses, including Quinto Andar, Loft, Buser and Bitso, in addition to Colgate.

According to Stark, the amount raised will allow the fintech to increase its products portfolio. 

Source: Reuters