VEF announces a USD 25 mln follow-on investment into Creditas, Latin Amerca’s leading digital secured lending platform and financial solutions ecosystem. This latest investment is made in the form of a convertible loan note. The note will convert in the next funding round in the company, anticipated to close in early 2022.

Following this investment, VEF has provided Creditas with USD 98.5 mln of capital over 4 distinct funding rounds. Creditas is our largest portfolio holding, representing 30% of VEF’s NAV as per 3Q21. This investment is expected to have a materially positive effect on VEF’s NAV of approximately USD 160-170 mln or some 30% uplift from the latest reported NAV.

Creditas is one of our strongest performing portfolio holdings and continues to deliver on its lofty growth targets through 2021, as highlighted in its quarterly reporting of headline figures. In their 3Q21 financial release, highlights include loan book growth of 2.8x, new originations of 4.1x and revenues of 3.3x YoY.

VEF CEO, Dave Nangle comments:

“Creditas is our North Star investment and a material share of our NAV and success as an investment company to date. The company continues to deliver exceptional growth, all while continuously expanding its TAM and yielding strong unit economics. VEF has a positive history of supporting our portfolio companies by way of early funding in existing rounds, which we were happy to do again on this occasion. To reiterate: At VEF when we find an asset we love, we look to back it harder - we view portfolio concentration as a goal, not a risk, and Creditas is a perfect example of this”.

For further information please contact:

Henrik Stenlund, CFO: +46 (0) 8-545 015 50

About Us

VEF AB (publ). is an investment company whose Common Shares are listed in Sweden. We invests 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 First North Growth Market under the ticker VEFAB. For more information on VEF, please visit http://www.vef.vc.
 
VEF's Certified Adviser on Nasdaq First North Growth Market is Aktieinvest FK AB, +46 8 506 517 03, rutger.ahlerup@aktieinvest.se.

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 2021-12-22 07:55 CET.

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VEF invests USD 25 mln into portfolio North Star Creditas

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