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VEF is an investment company focusing on private fintech companies in emerging markets. The company was founded in 2015 through a spin-off from VNV Global. Since its inception, VEF has delivered strong growth in NAV per share, driven by both current portfolio investment and portfolio exits. The company targets fintech companies that are in the early growth stage, where VEF aims to take minority stakes (~10-20%) in order to achieve board representation. VEF aims to be an active, long-term investor and help entrepreneurs and their teams on their growth journey.

We consider the main opportunity to be continued strong performance of the portfolio assets. VEF’s NAV performance is strongly tied to the development and performance of its two largest unlisted assets, Creditas and Konfio, representing some 60% of NAV. Continued strong development of these would not only increase the market’s appreciation of these assets, but would likely strengthen investor confidence in VEF and, in turn, drive the share price. Any promising acquisitions or successful exits are also strong opportunities to drive the share price.

The main risk lies in the general market environment and the fintech sub-sectors in which the holding companies operate. Poorly timed investments and bad investment decisions in general are risks as well. Another risk would be poor performance in the holding companies, which conceivably could be driven by inefficient corporate governance, which could negatively impact the investment community’s perception of VEF as an active owner and, in turn, drive the NAV discount higher.


SEKm 2020 2021e 2022e
DPS 0 0 0
Dividend Yield (%) 0 0 0

Equity research

Read earlier research


VEF - Company presentation with CFO Henrik Stenlund

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Ruane, Cunnif & Goldfarb 21.3 % 21.3 % 29 Apr 2021
Libra Fund 11.9 % 11.9 % 24 Aug 2021
Fidelity Investments (FMR) 9.1 % 9.1 % 31 Aug 2021
Swedbank Robur Fonder 8.9 % 8.9 % 4 Oct 2021
Wellington Management 4.8 % 4.8 % 5 Oct 2021
Fidelity International (FIL) 2.5 % 2.5 % 31 Aug 2021
Robeco 1.9 % 1.9 % 31 Aug 2021
David Nangle 1.8 % 1.8 % 20 May 2021
Avanza Pension 1.3 % 1.3 % 4 Oct 2021
GADD & Cie S.A. 1.3 % 1.3 % 31 Aug 2021
Source: Holdings by Modular Finance AB