Brazilian fintech startup Stark Bank has raised $45m in its Series B funding round led by Ribbit Capital, media reports said.
The round was joined by Amazon founder Jeff Bezos-backed Bezos Expeditions and SEA Capital, along with existing backers Lachy Groom and K5 Global.
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Founders of Airbnb, Kavak, executives from DST, Visa and Coinbase also participated in the round.
The fintech will use the proceeds to expand its product portfolio to include offerings such as investment, credit lines and card payments.
Services currently offered by Stark Bank include currency exchange, cash management, corporate card, payments, payroll and PIX.
At the end of 2021, Stark Bank started issuing corporate debit cards, now the fintech plans to launch corporate credit cards.
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By GlobalDataThe start up’s expansion plans also include splitting the company into two, with the new unit offering banking infrastructure to fintechs and financial institutions.
It will provide APIs for direct and indirect participants of services such as the PIX system and white label card offerings.
Founded in 2018, the financial services provider, which has reached breakeven, describes itself as a challenger bank focused on high-growth startups and enterprises in Brazil.
Stark Bank’s latest funding comes just a few months after its $13m Series A round, which was led by Lachy Groom.
Currently, it caters to more than 300 clients such as Loft, Buser, Flash Benefits, Daki, Cora and Bitso.
