VE

Vef

Stockholm, Sweden·Founded 2015·

Growth EquityVenture Capital

·vef.vc

VEF AB (publ) is a Stockholm and Nasdaq Stockholm listed evergreen investment company that makes direct minority growth-equity investments in emerging-market fintech, taking sizeable minority stakes of roughly 10 to 20 percent with board representation rather than acting as a fund of funds. Spun out of the Vostok and VNV family and listed in Sweden in 2015 as Vostok Emerging Finance (renamed VEF in 2020), it targets scale emerging markets including Brazil, Mexico, India and Pakistan across lending, neobanking, payments, wealth and embedded finance. It publishes a quarterly NAV, which stood at USD 406.1 million at the end of the second quarter of 2026.