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Interim report second quarter 2021

Highlights during the quarter

During the second quarter VEF added one new company to the portfolio and made two follow on investments. VEF Invested:

  • USD 0.9 mln into [Pakistan based financial wellness company Abhi.
  • An additional USD 19.8 mln into Konfío, Mexico’s leading SME financial ecosystem.
  • An additional USD 2.8 mln, via a convertible note, into digital money transfer provider TransferGo.

In May the shareholders approved the redomestication process from Bermuda to Sweden and at the AGM Hanna Loikkanen was elected to the VEF Board, both key milestones in our ongoing ESG drive.

Net asset value

  • NAV of VEF’s portfolio increased during 1H21 to USD 404.3 mln. NAV per share increased by 0.4% to USD 0.48 per share.
  • In local currency, NAV increased to SEK 3,440 mln. NAV per share increased by 7.6% to SEK 4.12 per share during 1H21
  • Cash position, including liquidity investments, was USD 18.9 mln at the end of 1H21.

Financial result

  • Net result for 2Q21 was USD 0.5 mln (2Q20: USD 36.7 mln). Earnings per share were USD 0.00 (2Q20: USD 0.06).
  • Net result for 1H21 was USD 15.8 mln (1H20: USD -25.4 mln). Earnings per share were USD 0.02 (1H20: USD -0.04).

Dec 31, 2019Dec 31, 2020Jun 30, 2021
Net asset value (USD mln)249.4388.1404.3
Net asset value (SEK mln)2,3253,1783,440
Net asset value per share (USD)0.380.470.48
Net asset value per share (SEK)3.553.834.12
VEFL SDB share price (SEK)2.944.043.76

Events after the end of the period

  • On the 2nd of July VEF completed the redomestication process from Bermuda to Sweden. VEF AB (publ) is from the 2nd of July the group’s parent company. The shares in VEF AB (publ) are traded under the ticker VEFAB on Nasdaq First North Growth Market from the 5th of July.
  • On the 22nd of July VEF announced a USD 10 mln investment into BlackBuck, India’s largest online trucking platform. VEF participated in a broader equity financing round totalling USD 67 mln.
  • In 2Q21 Guiabolso was marked down to zero with visibility around any return of capital unclear at quarter end, but in late July Guiabolso was acquired and VEF recouped c. USD 3 mln.

The Company will hold a telephone conference with an interactive presentation at 14:00 CEST (08:00 a.m. EDT) on Wednesday July 28 2021. For dial-in details, see separate press release issued on July 21, 2021 at

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 2021-07-28 08:00 CEST.


Vef 2q21

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