Key events during the quarter
- In 1Q25, our NAV was up 1% QoQ, to USD 357.0 mln, as a tailwind of currency strength in our key markets was negated somewhat by peer valuation multiples trends. Creditas valuation was a key beneficiary of a stronger BRL, coupled with company performance, as we mark our position up 6% QoQ.
- Creditas released headline FY24 results delivering strong new loan originations (+27% YoY) and 45% YoY growth in gross profit. Quarterly gross profit margins returned to the target steady state range of 40-45%. Creditas is targeting annual growth of 25%+ in 2025, while maintaining cash flow positivity. Delivery in early 2025 is on track.
- Our Brazilian portfolio company Gringo was acquired by the NYSE listed payments company Corpay. The transaction resulted in net proceeds of USD 15.2 mln for VEF, returning our invested amount.
- Post quarter end, on April 7, 2025, we announced a partial exit in Juspay, realizing gross proceeds of c. USD 14.8 mln, whilst continuing to retain a 7.8% stake in one of our strongest performing assets. The transaction happened close to our 4Q24 NAV mark and delivered an IRR of 37%* and CoC of 4.0x. We have now delivered three exits in close succession, representing USD 32 mln in gross proceeds.
Net asset value
- VEF's NAV as at 1Q25 is USD 357.0 mln (YE24: 353.0). NAV per share remained unchanged at USD 0.34 (YE24: 0.34) per share during 1Q25.
- In SEK, NAV equals 3,578 mln (YE24: 3,882). NAV per share decreased by 8% to SEK 3.43 (YE24: 3.73) per share during 1Q25.
- Cash position, including liquidity investments and was USD 26.5 mln (YE24: 12.8) at the end of 1Q25. This excluding the proceeds from the partial exit in Juspay.
Financial result
- Net result for 1Q25 was USD 3.9 mln (1Q24: 5.3). Earnings per share were USD 0.00 (1Q24: 0.01).
VEF CEO, Dave Nangle, comments:
"We are happy with the portfolio performance and exits in 1Q25 that strengthened our position. During the past 6 months we have carried out 3 exits. Today, VEF has a portfolio of quality emerging market fintech assets, delivering profitable growth. In the short term, capital-in is prioritizing deleveraging our balance sheet and share buybacks."
| Dec 31, 2023 | Dec 31, 2024 | Mar 31, 2025 | |
| Net asset value (USD mln) | 442.2 | 353.0 | 357.0 |
| Net asset value (SEK mln) | 4,441 | 3,882 | 3,578 |
| Net asset value per share (USD) | 0.42 | 0.34 | 0.34 |
| Net asset value per share (SEK) | 4.26 | 3.73 | 3.43 |
| VEF AB (publ) share price (SEK) | 1.84 | 2.21 | 1.68 |
Events after the end of the period
On April 7, 2025, we announced a partial exit in Juspay, realizing gross proceeds of c. USD 14.8 mln. Our 1Q25 model-based valuation of Juspay is in line with this secondary transaction valuation.
Visit VEF's IR page for our financial reports and other information: vef.vc/investors
The results webcast will be held at 15:00 CEST (09:00 a.m. ET) Wednesday April 16, 2025, where Dave Nangle, Managing Director of VEF, will comment on the report and the latest developments.
To join the live conference and be able to ask questions, please use the below link for registration:
https://register-conf.media-server.com/register/BIf12e87a9a935497092a5e07d8f9d7c43
To view the live interactive presentation in listen-only mode, please log on to:
https://edge.media-server.com/mmc/p/evokig8e
For further information please contact:
Kim Ståhl, CFO: +46 (0) 8-545 015 50
About Us
VEF AB (publ) is an investment company whose Common Shares are listed in Sweden. We invest 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 Stockholm's Main Market under the ticker VEFAB. For more information on VEF, please visit http://www.vef.vc.
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 2025-04-16 08:00 CEST.
