What investment strategy does Vef focus on?

Vef focuses on Growth, VC strategies in the private equity space.

How many portfolio companies does Vef have?

Vef has 12 active portfolio companies and 4 completed exits and 1 fund tracked on GP Intel.

Where is Vef headquartered?

Vef is headquartered in Stockholm, Sweden.

What is Vef's assets under management?

Vef manages approximately €351M in assets under management.

What are Vef's recent exits?

Recent realized exits by Vef include: Gringo (2025) to Corpay; iyzico (2019) to PayU, 3.2x.

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Vef

Stockholm, Sweden·Founded 2015·

Growth Equity Venture 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.

AUM

€351M

Funds

vintages 2015

Portfolio

Exits

Vef is a Stockholm growth equity firm with €351M AUM, 12 active companies and 4 exits.

SectorsFinancials

Key takeaways

·Average hold across 4 realized deals: 3 years.
·Best return: 6.1x MOIC on Tinkoff Bank (2019).
·Top sector focus: Fintech (88% of portfolio).

Sector breakdown

16 companies

Fintech

14 · 88%

Logistics

1 · 6%

Mobility

1 · 6%

Geography breakdown

7 geographies

Brazil

5 · 31%

Pakistan

3 · 19%

India

3 · 19%

Mexico

2 · 13%

Turkey

1 · 6%

Russia

1 · 6%

Key facts

HQStockholm, Sweden

Founded2015

Websitevef.vc

Recent exits

Vef sold Gringo to Corpay in 2025 after 3 years.

Vef took BlackBuck public in 2024 after 3 years.

Vef sold iyzico to PayU in 2019 after 2 years.

3.2x

Vef exited Tinkoff Bank in 2019 after 4 years.

6.1x

Coverage notes

1 fund tracked, 16 portfolio companies (12 active · 4 realized). Verified weekly from public filings and deal announcements.

Funds & portfolio

Every fund Vef has raised, with its portfolio companies. Hand-checked from public filings.

1 fund

Fund

Strategy

Vintage

Size

Assets

Exits

VEFActive

Growth201512 assets4 exits

Growth

2015 · 11yr

–

Unrealized

12 held

Company	Entry
Abhi Fintech · Pakistan	2021
Creditas Fintech · Brazil	2017
FinanZero Fintech · Brazil	2016
Finja Fintech · Pakistan	2016
Juspay Fintech · India	2020
Konfio Fintech · Mexico	2018
Mahaana Fintech · Pakistan	2022
Minu Fintech · Mexico	2021
Nibo Fintech · Brazil	2017
Rupeek Fintech · India	2021
Solfacil Fintech · Brazil	2022
TransferGo Fintech · UK	2016

Realized

4 exits

Company	Entry	Exit	Type	Buyer	MOIC
BlackBuck Logistics · India	2021	2024	IPO	–	–
Gringo Mobility · Brazil	2022	2025	Trade Sale	Corpay	–
iyzico Fintech · Turkey	2017	2019	Trade Sale	PayU	3.2x
Tinkoff Bank Fintech · Russia	2015	2019	Secondary	–	6.1x

Frequently asked questions

What investment strategy does Vef focus on?: Vef focuses on Growth, VC strategies in the private equity space.
How many portfolio companies does Vef have?: Vef has 12 active portfolio companies and 4 completed exits and 1 fund tracked on GP Intel.
Where is Vef headquartered?: Vef is headquartered in Stockholm, Sweden.
What is Vef's assets under management?: Vef manages approximately €351M in assets under management.
When was Vef founded?: Vef was founded in 2015.
What sectors does Vef invest in?: Vef invests across Financials.
What are Vef's recent exits?: Recent realized exits by Vef include: Gringo (2025) to Corpay; iyzico (2019) to PayU, 3.2x.