VEF

VEF is an investment company listed on Nasdaq First North Growth Market in Sweden under the ticker VEFL. We invest in growth stage private fintech companies across the emerging world. We take minority stakes and are active investors with board representation in each of our portfolio holdings. We respect the macro, but are firm believers that the secular growth trend of EM fintech outweighs all the macro uncertainty and volatility that we and our portfolio companies will invariably live through. A digital financial world is the end game and the best companies always come out of pockets of macro and market turbulence in a stronger relative position.

Alexis Koumoudos

Chief Investment Officer

David Nangle

Managing Partner, CEO

50 past transactions

Gringo

Series C in 2023
Gringo is a car management application founded in 2019 by Juliano Dutra in Sao Paulo, Brazil. The platform aims to simplify the consultation and payment of vehicle-related debts, transforming traditionally cumbersome processes into more efficient experiences. Gringo offers features that facilitate buying, selling, financing, and insuring vehicles. Its application provides real-time alerts regarding fines, annual taxes, points, and license expiration, allowing users to manage their vehicle documents effectively. Additionally, Gringo seeks to foster a community around automotive issues through social networks, enhancing user engagement and support.

Mahaana

Pre Seed Round in 2022
Mahaana is Pakistan’s first digital wealth manager. They make sure your savings are invested in a diversified portfolio best suited for your goals.

FinanZero

Venture Round in 2022
FinanZero is an online marketplace for consumer loans based in São Paulo, Brazil, founded in 2015. The company operates as an independent broker, negotiating loan applications with over 50 banks and credit institutions to secure the best interest rates and terms for its customers. FinanZero simplifies the lending process by providing a user-friendly platform that allows individuals and small businesses to compare various financial products, including loans and credit cards. Through personalized support, FinanZero aims to make it easier for customers to access the financial services they need, ultimately streamlining the experience of obtaining loans.

Solfácil

Series C in 2022
Solfácil is a solar fintech platform that supports solar installers by providing essential financial services, equipment sourcing, and technological tools. The company aims to unlock the distributed solar market by enabling customers to invest in solar power systems without the need for upfront payments. Its platform offers professional tools that facilitate deal closure and provide credit lines for solar energy installations, allowing for a grace period that enhances accessibility to solar projects. Through this ecosystem, Solfácil contributes to the growth and efficiency of the solar energy sector.

Abhi

Series A in 2022
Abhi is a financial wellness platform based in Pakistan that offers employees the ability to access salary advances based on their accrued wages. Founded in 2021, the platform allows users to withdraw a portion of their earned income directly into their bank accounts, addressing immediate financial needs without hidden fees. In addition to salary advances, Abhi provides services such as invoice factoring and payroll processing, aimed at facilitating timely payments for employees. This solution not only supports individual financial health but also helps employers streamline processes within their HR and finance departments, ultimately improving overall workplace efficiency.

Gringo

Series B in 2022
Gringo is a car management application founded in 2019 by Juliano Dutra in Sao Paulo, Brazil. The platform aims to simplify the consultation and payment of vehicle-related debts, transforming traditionally cumbersome processes into more efficient experiences. Gringo offers features that facilitate buying, selling, financing, and insuring vehicles. Its application provides real-time alerts regarding fines, annual taxes, points, and license expiration, allowing users to manage their vehicle documents effectively. Additionally, Gringo seeks to foster a community around automotive issues through social networks, enhancing user engagement and support.

Creditas

Series F in 2022
Creditas is a financial technology company that operates a digital platform that offers secured consumer loans. It uses credit scoring systems and borrowers’ assets, such as homes and automobiles as collateral to offer loans. Sergio Furio founded BankFacil in 2012 that later became Creditas. It has its headquarters in São Paulo in Brazil.

Abhi

Seed Round in 2021
Abhi is a financial wellness platform based in Pakistan that offers employees the ability to access salary advances based on their accrued wages. Founded in 2021, the platform allows users to withdraw a portion of their earned income directly into their bank accounts, addressing immediate financial needs without hidden fees. In addition to salary advances, Abhi provides services such as invoice factoring and payroll processing, aimed at facilitating timely payments for employees. This solution not only supports individual financial health but also helps employers streamline processes within their HR and finance departments, ultimately improving overall workplace efficiency.

JUSPAY

Series C in 2021
Juspay is a developer of an online platform designed to be used for mobile-based payments. The company's online platform is a SaaS layer on top of payment gateways to simplify integration, improve robustness and ease the management of diverse and rapidly evolving payment options, enabling users to make electronic transactions securely and efficiently.

TransferGo

Series C in 2021
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

Blackbuck

Series E in 2021
Blackbuck, founded in 2015, is a leading online platform in India that connects shippers with truck operators, transforming the logistics landscape through technology. The company focuses on streamlining the trucking process by facilitating load bookings, offering price discovery, route optimization, and in-transit tracking. This comprehensive approach not only enhances operational efficiency for shippers and truckers but also supports the livelihoods of many individuals within the transportation ecosystem. Blackbuck's commitment to reliability and efficiency has positioned it as the largest trucking network in India, backed by a strong team and notable investors. The company has received multiple accolades, including the 'Young Turks Startup of the Year' award and recognition as 'Company of the Year - Logistics' in 2018. Additionally, Blackbuck's innovative business model has been featured in a Harvard Business School case study.

Konfio

Series E in 2021
Konfio is a financial services platform based in Mexico City that focuses on providing online financial solutions for small and medium-sized enterprises (SMEs) and micro-entrepreneurs. Founded in 2013, the company offers a range of products including fixed-rate loans, working capital loans, corporate credit cards, and payment solutions, as well as life insurance and personal debt transfer services. Konfio utilizes a proprietary algorithm that leverages data and technology to assess creditworthiness, enabling access to credit for clients who have been underserved by traditional banking. By offering competitive rates and convenient services, Konfio aims to enhance the growth and productivity of SMEs in Mexico.

Abhi

Seed Round in 2021
Abhi is a financial wellness platform based in Pakistan that offers employees the ability to access salary advances based on their accrued wages. Founded in 2021, the platform allows users to withdraw a portion of their earned income directly into their bank accounts, addressing immediate financial needs without hidden fees. In addition to salary advances, Abhi provides services such as invoice factoring and payroll processing, aimed at facilitating timely payments for employees. This solution not only supports individual financial health but also helps employers streamline processes within their HR and finance departments, ultimately improving overall workplace efficiency.

Finja

Series A in 2021
FINJA, founded by veterans of the tech and banking industry, is a new entity in the payments space of Pakistan. The top management of the company has over 40 man years of deep experience of delivering pioneering digital banking projects in Pakistan and other emerging markets.

FinanZero

Venture Round in 2021
FinanZero is an online marketplace for consumer loans based in São Paulo, Brazil, founded in 2015. The company operates as an independent broker, negotiating loan applications with over 50 banks and credit institutions to secure the best interest rates and terms for its customers. FinanZero simplifies the lending process by providing a user-friendly platform that allows individuals and small businesses to compare various financial products, including loans and credit cards. Through personalized support, FinanZero aims to make it easier for customers to access the financial services they need, ultimately streamlining the experience of obtaining loans.

Rupeek

Funding Round in 2021
Rupeek is a financial services company that operates an online lending platform specializing in gold loans and personal loans. The platform aims to simplify the loan application process, allowing consumers to obtain gold loans with minimal paperwork and quick processing times. By providing necessary identity and address proof, applicants can have their loans approved and funds credited to their bank accounts within an hour. Rupeek's mission focuses on promoting financial inclusion and offering transparent, user-friendly lending solutions for both lenders and borrowers.

minu

Series A in 2021
minu is revolutionizing the financial health of Mexican employees, offering them access to their already worked salary when they need it, instead of having to wait for payroll. The company works with HR divisions of companies that offer the provision of minu to improve satisfaction, retention, and attraction of talent. minu is supported by FinTech's leading institutional investors globally, including QED.

Finja

Series A in 2020
FINJA, founded by veterans of the tech and banking industry, is a new entity in the payments space of Pakistan. The top management of the company has over 40 man years of deep experience of delivering pioneering digital banking projects in Pakistan and other emerging markets.

Creditas

Series E in 2020
Creditas is a financial technology company that operates a digital platform that offers secured consumer loans. It uses credit scoring systems and borrowers’ assets, such as homes and automobiles as collateral to offer loans. Sergio Furio founded BankFacil in 2012 that later became Creditas. It has its headquarters in São Paulo in Brazil.

Magnetis

Series B in 2020
Magnetis Consultoria De Investimentos LTDA. operates an investment platform that focuses on financial planning and wealth management. Founded in 2012 and based in São Paulo, Brazil, the company provides digital solutions to help individuals develop long-term investment strategies. Through the use of sophisticated algorithms, Magnetis manages diversified, low-cost portfolios tailored to each investor's profile. Clients can invest directly online, allowing them to monitor their assets while the company ensures their investment plans remain aligned with their financial goals. In addition to investment management, Magnetis offers consultation services for property purchases, retirement planning, and other financial needs, making it a comprehensive resource for personal financial growth.

TransferGo

Venture Round in 2020
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

JUSPAY

Series B in 2020
Juspay is a developer of an online platform designed to be used for mobile-based payments. The company's online platform is a SaaS layer on top of payment gateways to simplify integration, improve robustness and ease the management of diverse and rapidly evolving payment options, enabling users to make electronic transactions securely and efficiently.

Konfio

Series D in 2019
Konfio is a financial services platform based in Mexico City that focuses on providing online financial solutions for small and medium-sized enterprises (SMEs) and micro-entrepreneurs. Founded in 2013, the company offers a range of products including fixed-rate loans, working capital loans, corporate credit cards, and payment solutions, as well as life insurance and personal debt transfer services. Konfio utilizes a proprietary algorithm that leverages data and technology to assess creditworthiness, enabling access to credit for clients who have been underserved by traditional banking. By offering competitive rates and convenient services, Konfio aims to enhance the growth and productivity of SMEs in Mexico.

Finja

Convertible Note in 2019
FINJA, founded by veterans of the tech and banking industry, is a new entity in the payments space of Pakistan. The top management of the company has over 40 man years of deep experience of delivering pioneering digital banking projects in Pakistan and other emerging markets.

Xerpa

Series B in 2019
Xerpa is a technology company that is focused on the development of solutions to automate human resource management in companies. Xerpa offers Sherpa, a solution that enables businesses to record and manage documents and data related to leaves, absenteeism, and benefits. It offers technology solutions that enable its users to manage manual tasks such as ordering prints and creating registration forms. Xerpa was founded by Paulo Ahagon and Nicholas Reise in 2015. It is based in Sao Paulo, Brazil.

Creditas

Series D in 2019
Creditas is a financial technology company that operates a digital platform that offers secured consumer loans. It uses credit scoring systems and borrowers’ assets, such as homes and automobiles as collateral to offer loans. Sergio Furio founded BankFacil in 2012 that later became Creditas. It has its headquarters in São Paulo in Brazil.

TransferGo

Series B in 2019
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

FinanZero

Series B in 2019
FinanZero is an online marketplace for consumer loans based in São Paulo, Brazil, founded in 2015. The company operates as an independent broker, negotiating loan applications with over 50 banks and credit institutions to secure the best interest rates and terms for its customers. FinanZero simplifies the lending process by providing a user-friendly platform that allows individuals and small businesses to compare various financial products, including loans and credit cards. Through personalized support, FinanZero aims to make it easier for customers to access the financial services they need, ultimately streamlining the experience of obtaining loans.

TransferGo

Series B in 2018
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

Jumo

Venture Round in 2018
Jumo is a fintech company that specializes in providing banking technology aimed at enhancing financial access in emerging markets, particularly in Africa and Asia. The company partners with banks to deliver loans, savings, and various financial services to traditionally underserved customers. By utilizing artificial intelligence and machine learning, Jumo develops credit scores and financial products tailored to individual needs. Their platform also employs behavioral data from mobile usage to establish financial identities for small and medium enterprises, allowing customers to engage with financial services in a cost-effective and responsible manner. Jumo offers essential reporting, analytics, and insights to its partners, facilitating improved service delivery and financial choices for their clients.

Jumo

Series B in 2018
Jumo is a fintech company that specializes in providing banking technology aimed at enhancing financial access in emerging markets, particularly in Africa and Asia. The company partners with banks to deliver loans, savings, and various financial services to traditionally underserved customers. By utilizing artificial intelligence and machine learning, Jumo develops credit scores and financial products tailored to individual needs. Their platform also employs behavioral data from mobile usage to establish financial identities for small and medium enterprises, allowing customers to engage with financial services in a cost-effective and responsible manner. Jumo offers essential reporting, analytics, and insights to its partners, facilitating improved service delivery and financial choices for their clients.

Konfio

Series C in 2018
Konfio is a financial services platform based in Mexico City that focuses on providing online financial solutions for small and medium-sized enterprises (SMEs) and micro-entrepreneurs. Founded in 2013, the company offers a range of products including fixed-rate loans, working capital loans, corporate credit cards, and payment solutions, as well as life insurance and personal debt transfer services. Konfio utilizes a proprietary algorithm that leverages data and technology to assess creditworthiness, enabling access to credit for clients who have been underserved by traditional banking. By offering competitive rates and convenient services, Konfio aims to enhance the growth and productivity of SMEs in Mexico.

TransferGo

Series B in 2018
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

Mokka

Funding Round in 2018
Mokka is a fintech company that focuses on providing buy now pay later solutions to merchants in both online and traditional retail environments. Operating primarily in Central and Eastern European markets, including Poland, Romania, and Bulgaria, Mokka aims to facilitate accessible payment options for consumers while supporting businesses in enhancing their sales and customer engagement. The company also offers fundraising and loan services as part of its microfinance initiatives, positioning itself as a versatile player in the financial technology landscape. Through these services, Mokka seeks to empower both merchants and consumers by making financing more manageable and affordable.

Magnetis

Series A in 2018
Magnetis Consultoria De Investimentos LTDA. operates an investment platform that focuses on financial planning and wealth management. Founded in 2012 and based in São Paulo, Brazil, the company provides digital solutions to help individuals develop long-term investment strategies. Through the use of sophisticated algorithms, Magnetis manages diversified, low-cost portfolios tailored to each investor's profile. Clients can invest directly online, allowing them to monitor their assets while the company ensures their investment plans remain aligned with their financial goals. In addition to investment management, Magnetis offers consultation services for property purchases, retirement planning, and other financial needs, making it a comprehensive resource for personal financial growth.

FinanZero

Series A in 2018
FinanZero is an online marketplace for consumer loans based in São Paulo, Brazil, founded in 2015. The company operates as an independent broker, negotiating loan applications with over 50 banks and credit institutions to secure the best interest rates and terms for its customers. FinanZero simplifies the lending process by providing a user-friendly platform that allows individuals and small businesses to compare various financial products, including loans and credit cards. Through personalized support, FinanZero aims to make it easier for customers to access the financial services they need, ultimately streamlining the experience of obtaining loans.

Creditas

Series C in 2017
Creditas is a financial technology company that operates a digital platform that offers secured consumer loans. It uses credit scoring systems and borrowers’ assets, such as homes and automobiles as collateral to offer loans. Sergio Furio founded BankFacil in 2012 that later became Creditas. It has its headquarters in São Paulo in Brazil.

Guiabolso

Series D in 2017
Guiabolso is a Brazilian fintech company established in 2014 that aims to transform the financial landscape through Open Banking. The company offers an app that serves over 6 million users, providing granular financial data and solutions for consolidated financial management. Users can access a curated marketplace of financial products and utilize instant payment capabilities. Guiabolso also delivers unique segmenting and scoring functionalities for its corporate partners. It stands out as the only Brazilian company with a fully operational end-to-end Open Banking solution for B2B clients, which includes advanced analytics, a white-label marketplace, and personal financial management tools. Founded by Thiago Alvarez and Benjamin Gleason, Guiabolso focuses on leveraging innovative technology to enhance financial well-being and improve the lives of consumers in Brazil.

Finja

Series A in 2017
FINJA, founded by veterans of the tech and banking industry, is a new entity in the payments space of Pakistan. The top management of the company has over 40 man years of deep experience of delivering pioneering digital banking projects in Pakistan and other emerging markets.

TransferGo

Series B in 2017
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

Nibo

Series A in 2017
Nibo is a Brazilian company founded in 2012 by Gabriel Gaspar, Sabrina Gallier, and Sergio Postarek, specializing in online financial management software tailored for small and medium enterprises. Headquartered in Rio de Janeiro, Nibo aims to simplify the accounting process for businesses by enhancing efficiency in financial management. Its software facilitates cash flow tracking, organizes accounts payables and receivables, and automates collections, allowing companies and accountants to effectively manage their finances and assess the overall health of their operations.

Sorsdata

Venture Round in 2017
Sorsdata OOO offers consumer marketing and analytics. It combines proprietary data with analytics capabilities to work with Russian merchants to improve their customer communication, loyalty, and store performance.

Mokka

Series B in 2017
Mokka is a fintech company that focuses on providing buy now pay later solutions to merchants in both online and traditional retail environments. Operating primarily in Central and Eastern European markets, including Poland, Romania, and Bulgaria, Mokka aims to facilitate accessible payment options for consumers while supporting businesses in enhancing their sales and customer engagement. The company also offers fundraising and loan services as part of its microfinance initiatives, positioning itself as a versatile player in the financial technology landscape. Through these services, Mokka seeks to empower both merchants and consumers by making financing more manageable and affordable.

Finja

Seed Round in 2016
FINJA, founded by veterans of the tech and banking industry, is a new entity in the payments space of Pakistan. The top management of the company has over 40 man years of deep experience of delivering pioneering digital banking projects in Pakistan and other emerging markets.

TransferGo

Series A in 2016
TransferGo is a global money transfer company that provides a cost-effective solution for migrant workers to send money to their families abroad. By employing a digital account-to-account business model, it allows users to transfer funds internationally without incurring unnecessary bank fees. The company operates as a licensed payment institution, ensuring secure transactions under the supervision of relevant financial authorities. TransferGo’s platform enables users to make transfers at significantly lower costs compared to traditional banks and cash bureaus, often with same-day delivery. The service charges a fixed fee for transfers and a currency conversion fee ranging from 0.6% to 1.5%, making it an attractive option for both individuals and businesses looking to pay suppliers internationally.

FinanZero

Seed Round in 2016
FinanZero is an online marketplace for consumer loans based in São Paulo, Brazil, founded in 2015. The company operates as an independent broker, negotiating loan applications with over 50 banks and credit institutions to secure the best interest rates and terms for its customers. FinanZero simplifies the lending process by providing a user-friendly platform that allows individuals and small businesses to compare various financial products, including loans and credit cards. Through personalized support, FinanZero aims to make it easier for customers to access the financial services they need, ultimately streamlining the experience of obtaining loans.

Mokka

Series A in 2015
Mokka is a fintech company that focuses on providing buy now pay later solutions to merchants in both online and traditional retail environments. Operating primarily in Central and Eastern European markets, including Poland, Romania, and Bulgaria, Mokka aims to facilitate accessible payment options for consumers while supporting businesses in enhancing their sales and customer engagement. The company also offers fundraising and loan services as part of its microfinance initiatives, positioning itself as a versatile player in the financial technology landscape. Through these services, Mokka seeks to empower both merchants and consumers by making financing more manageable and affordable.
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