Market CapSEK2083m

Last Close SEK3.65

VEF (formerly Vostok Emerging Finance) is an investment company taking equity positions in early stage fintech companies in a broad spectrum of financial services in emerging and frontier markets.

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Investment summary

VEF’s Q121 NAV per share was up 17% since our initiation in November 2020. The NAV uplift is a result of positive operating trends and successful capital raising of its invested companies, the highlight being Creditas, a Brazilian online secured lending platform, which accounts for 42% of Q121 NAV. In its Q121 results, VEF also highlighted Konfio, a Mexican unsecured SME lender that is its second largest investment, growing at a good pace and with lower costs than anticipated. VEF had a US$61m rights issue in December, providing money for further growth. VEF trades at a 14% discount to NAV and could offer an attractive entry point for growth-oriented investors that cannot easily get direct exposure to the emerging market fintech asset class.

Content on VEF
VEF – NAV momentum
Investment companies | Update | 10 June 2021
VEF – Digitalisation dynamo
Investment companies | Initiation | 6 November 2020
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Key management
David Nangle CEO
Henrik Stenlund CFO