Meet the startup handpicked by Jeff Bezos to stand out in the new crop of Brazilian startups – Global Happenings
A new startup caught the attention of Jeff Bezos, third richest man in the world. It’s about the Star Bankfintech that offers cash management services and corporate cards for companies such as Ultra Group, Colgate, Fifth floor It is buser.
Fintech’s financial health, in its little more than four years of existence, made Star Bank get on the radar of Bezos’ personal backgroundthe Bezos Expedition.
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The background of the founder of amazon entered with $58 million over two rounds of capitation. This is the first initiative of Bezos in the Brazilian start-up market. The startup reported that the resources have not yet been used and are part of the expansion strategy for this year.
Contrary to the difficulties faced by unicorns and startups, Star Bank was able to report an accounting net profit of US$ 2 million in the fourth quarter of 2022, with US$ 6.6 million in all of last year.
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The result exceeds the net income recorded in 2021 by 1100%, bringing a return on equity (ROE) of 157%.
The number of payments processed also showed a strong pace: $10 billion, up 578% compared to 2021.
The increase in volume, says the company, was driven by the rapid growth in the use of the corporate card, a product with cost control rules customized according to the company’s needs, and cash management, which includes all receipts, payments and treasury .
Check out 10 startups that could become unicorns in 2023
In the February issue of unicorn raceannual survey of District done since 2019, 10 Brazilian startups emerged as favorites to obtain the title given to companies with a market valuation of at least US$ 1 billion.
A fact highlighted by the platform is that, of the 10 names with the greatest potential to become a unicorn, eight were founded from 2013 onwards.
Check the names:
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