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Interim report first nine months 2021

Highlights during the quarter

During the third quarter VEF added one new company to the portfolio, made one follow on investment and converted two outstanding convertible loan notes.

  • VEF invested USD 10 mln into India’s leading online trucking platform, BlackBuck, our third investment in India.
  • Konfío raised an additional USD 110 mln, becoming Mexico’s latest fintech unicorn. VEF owns 10.3% of the company and participated with an additional USD 9.3 mln investment.
  • TransferGo announced its USD 50 mln series C financing round and VEF participated by way of converting outstanding USD 5.0 mln debt in the company.

Creditas announced a partnership with Nubank, the world’s largest Neo bank, bringing together Nubank’s c. 40 mln customers with Creditas’s product suite.

In August, VEF completed a successful directed share issue at SEK 4.27 per share, raising USD 102 mln before deduction of transaction costs. The placement was supported by a host of high quality investors, both new and old to the VEF story.

On July 2, VEF completed the redomestication process from Bermuda to Sweden. From that date, VEF AB (publ) became the group’s parent company. The shares in VEF AB (publ) are traded under the ticker VEFAB on Nasdaq First North Growth Market from July 5.

Net asset value

  • NAV of VEF’s portfolio increased during 9M21 to USD 553.6 mln. NAV per share increased by 13.6% to USD 0.53 per share during 9M21.
  • In local currency, NAV increased to SEK 4,837 mln. NAV per share increased by 21.1% to SEK 4.64 per share during 9M21.
  • Cash position, including liquidity investments, was USD 98.1 mln at the end of 9M21.

Financial result

  • Net result for 3Q21 was USD 51.8 mln (3Q20: USD 44.4 mln). Earnings per share were USD 0.06 (3Q20: USD 0.07).
  • Net result for 9M21 was USD 67.5 mln (9M20: USD 19.0 mln). Earnings per share were USD 0.08 (9M20: USD 0.03).

Dec 31, 2019Dec 31, 2020Sep 30, 2021
Net asset value (USD mln)249.4388.1553.6
Net asset value (SEK mln)2,3253,1784,837
Net asset value per share (USD)0.380.470.53
Net asset value per share (SEK)3.553.834.64
VEF AB (publ) share price (SEK)2.944.045.66

Events after the end of the period

  • In October, VEF invested an additional USD 0.5 mln, via a safe note, in Pakistan based financial wellness company Abhi.

Visit VEF’s IR page for our financial reports and other information:

For further information please contact:

Henrik Stenlund, CFO: +46 (0) 8-545 015 50

About Us

VEF AB (publ). is an investment company whose Common Shares are listed in Sweden. We invests in growth stage private fintech companies, take minority stakes and are active investors with board representation in our portfolio companies, always looking to back the best entrepreneurs in each market. We focus on scale emerging markets and invest across all areas of financial services inclusive of payments, credit, mobile money and wealth advisors. VEF trades in Sweden on Nasdaq First North Growth Market under the ticker VEFAB. For more information on VEF, please visit
VEF's Certified Adviser on Nasdaq First North Growth Market is Pareto Securities AB, +46 8 402 50 00,

This information is information that VEF AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-11-03 08:00 CET.


Vef 3q21 Eng

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