Stark Bank, a startup backed by Amazon founder Jeff Bezos, has positioned itself as the go-to firm for serving cryptocurrency businesses in Brazil, filling the gap left by traditional institutions. The firm has built part of its business around this service offering, betting on the industry’s future as Brazilians become more comfortable with crypto.
Bezos-Backed Stark Bank Serves Large Crypto Companies in Brazil
Stark Bank, a payment processing startup backed by Jeff Bezos’ family offices in 2022, has emerged as an enabler for cryptocurrency businesses facing obstacles in obtaining services from traditional financial institutions.
Rafael Stark, founder of Stark Bank, noted that the firm serves several startups dealing with crypto in Brazil. Stark stated that of the company’s 800 customers, 52 are crypto startups, including big names like Binance, Transfero, and Mercado Bitcoin, one of the largest local exchanges.
In an interview with Valor Econômico, Stark remarked that the push Donald Trump has given to crypto in the U.S. is making the business more interesting in Brazil and other locations. He declared:
Technology is here to stay and our idea in 2025 is to target this niche.
According to reports, the startup processed over $48 billion in payments in 2024, facilitating the activities of companies generally shunned by traditional payment firms. Even so, Stark has high-profile customers, including London-based remittance company Wise, retail-oriented store chain Americanas, and others.
Stark declined to confirm the company’s leadership in the crypto payments industry but did disclose that, given the ecosystem’s size in Brazil, it is a ‘very relevant player.’
Nonetheless, as the regulatory landscape for crypto clears internationally, the company’s leadership in the crypto sector may face competition from disruptors looking to swoop in, including traditional institutions with a newfound interest in crypto.
While the crypto sector has grown in private investment circles, the public sector remains wary of crypto. In February, Central Bank President Gabriel Galipolo remarked that rising trading volumes of stablecoins in Brazil might be linked to tax evasion and money laundering, hinting at harsher treatment for the industry in the future.
Read more: Central Bank of Brazil Links Stablecoin Growth to Tax Evasion and Money Laundering
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