About VEF
VEF is a venture capital firm founded in 2015. It is primarily based out of Stockholm, Sweden. As of Sep 2023, VEF has invested in 21 companies. It primarily invests in Series B round in Brazil based startups. Its investments are spread across a wide range of sectors from FinTech to Enterprise Applications and Consumer. Most recently it participated in the $***** Series C round of Gringo Overall, VEF portfolio has seen 4 unicorns, 2 IPOs and 6 acquisitions including key companies like Tinkoff Bank, Creditas and BlackBuck. A lot of funds co-invest with VEF, with names like Wellington sharing a substantial percentage of its portfolio. VEF has team of 8 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Rounds of Entry
Series A, Series C & 4 more
Portfolio IPOs
Portfolio Soonicorns
VEF's List of Top Investments
VEF has a portfolio of 21 companies, including 4 unicorns. Their most notable investments are in Xerpay and TransferGo.Their portfolio spans across Brazil, India, Pakistan and 5 more locations. They have invested in FinTech, Enterprise Applications, Consumer and 8 other sectors, across stages such as Series A, Series C and 4 more. Here is the list of top investments by VEF:1. Tinkoff Bank
Digital bank for individuals and businesses. Its services include deposit accounts, NFC-enabled prepaid and credit cards for online/offline purchases, money transfers, cash withdrawals, and more. It also offers consumer and business loans, investments, insurance, and more. The application is available on Android and iOS platforms.
Key facts about Tinkoff Bank
- Founded Year: 2006
- Location: Moscow (Russia)
- Annual Revenue: $1B+ as on Dec 31, 2023
- Stage: Public
- Employee Count: 9,003 as on Sep 30, 2026
- Investors: Goldman Sachs, VEF and 5 Others
- Latest Funding Round: Post IPO, Apr 29, 2022, $*****
- Highlight: Public
2. Creditas
Online platform for asset-backed consumer loans. It offers various loans including such as vehicle-backed loans, property-backed loans, personal loans, payroll loans, salary advances, and more. The asset-backed loans are provided on the basis of collateral evaluation. The platform is integrated into the company's existing payroll software in order to provide payroll loans to employees. It also enables users to exchange debts for a secured loan. It provides an app-based platform that is available on iOS and Android devices.
Key facts about Creditas
- Founded Year: 2012
- Location: Itaim Bibi (Brazil)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $981M
- Employee Count: 1,976 as on Sep 30, 2026
- Investors: Fidelity Investments, Redpoint Ventures and 34 Others
- Latest Funding Round: Series G, Dec 01, 2025, $*****
- Highlight: Editors' Pick
3. BlackBuck
Digital platform providing an integrated logistics solution for freight transportation and management in India. It is an online platform specializing in freight and logistics, using technology to deliver reliability and efficiency for shippers and truck operators. It operates in over 300 locations across India, providing a digital marketplace for loads and tracking services. The company aims to simplify and organize the freight marketplace through its seamless platform.
Key facts about BlackBuck
- Founded Year: 2015
- Location: Bengaluru (India)
- Annual Revenue: ₹500 - ₹1,000 Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $359M
- Employee Count: 1,647 as on Mar 31, 2026
- Investors: Goldman Sachs, VEF and 30 Others
- Latest Funding Round: Conventional Debt, Jul 18, 2022, $*****
- Highlight: Public
4. Juspay
Provider of payments infrastructure solutions. It a leading multinational payments technology company, powering superior conversion rates, seamless customer experiences, cost optimization, and fraud reduction at scale for 500+ top global enterprises and banks. Founded in 2012, the company processes over 300 million daily transactions, exceeding an annualized total payment volume (TPV) of $1 trillion with 99.999% reliability. Headquartered in Bangalore, India, Juspay’s global network of 1,500+ payment experts operates across Dubai, Dublin, San Francisco, São Paulo, and Singapore.
Key facts about Juspay
- Founded Year: 2012
- Location: Bengaluru (India)
- Annual Revenue: ₹500 - ₹1,000 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $134M
- Employee Count: 1,325 as on Aug 31, 2025
- Investors: WestBridge Capital, VEF and 15 Others
- Latest Funding Round: Series D, Jan 23, 2026, $*****
- Highlight: Editors' Pick
5. minu
Online on demand pay solutions for employees. It allows employees of affiliated companies to withdraw part of their already earned salary. Employees receive the funds in the salary account. It is available to download from google play and the apple store.
Key facts about minu
- Founded Year: 2019
- Location: Miguel Hidalgo (Mexico)
- Stage: Acquired
- Total Funding till date: $58M
- Employee Count: 155 as on Aug 31, 2026
- Investors: VEF, QED Investors and 29 Others
- Latest Funding Round: Series B, Nov 19, 2024, $*****
- Highlight: Acquired
VEF's Year-on-Year Investment Trends
VEF has invested in 21 companies over the last 11 years, with an average of 2 new investments annually in the last 10 years. Its most recent first time investment was in Gringo and most recent follow-on round was in FinanZero.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 1 | 0 | 1 |
2022 | 2 | 5 | 7 |
2021 | 5 | 3 | 8 |
2020 | 4 | 1 | 5 |
2019 | 3 | 1 | 4 |
2018 | 1 | 2 | 3 |
2017 | 2 | 0 | 2 |
VEF's Investments by Stage
VEF has made 5 investments in Series A stage with an average round size of $7.24M, 4 investments in Series C stage with an average round size of $49.4M and 3 investments in Seed stage with an average round size of $2.05M.Stage of entry | No. of Investments |
|---|---|
Series A | 5 |
Series C | 4 |
Seed | 3 |
Series B | 3 |
Series E | 3 |
Others | 2 |
Note: We have considered here, only first round of investments
VEF's Investments by Sector
VEF has a diverse portfolio, with companies operating in the FinTech, Financial Services, Enterprise Applications, Consumer and HealthTech. Notably, it has invested in 21 Tech companies, 15 Consumer (B2C) companies, 13 Enterprise (B2B) companies and at least 13 companies focusing on Software.Sector | No. of Investments |
|---|---|
FinTech | 18 |
Financial Services | 12 |
Enterprise Applications | 6 |
Consumer | 4 |
HealthTech | 2 |
Others | 8 |
Note: We have considered here, only first round of investments
VEF's Investments by Geography
VEF has made most investments in Brazil (8), followed by India where it has made 3 investments.Country | No. of Investments |
|---|---|
Brazil | 8 |
India | 3 |
Pakistan | 3 |
Mexico | 2 |
Russia | 1 |
Others | 3 |
Note: We have considered here, only first round of investments
VEF's recent investments
VEF has not made any investment in 2026 so far.Here are the most recent investments by VEF:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 27, 2023 | Brazil | Series C | 3353 | [+5] | |
Aug 23, 2022 | Pakistan | Seed | 4307 | [+1] | |
Jul 27, 2022 | Brazil | Series B | 3260 | [+2] | |
Jul 18, 2022 | India | Series E | 9121 | [+11] | |
Apr 19, 2022 | Pakistan | Series A | 8737 | [+8] |
Unicorns in VEF's Portfolio
VEF has 4 unicorns in its portfolio - Juspay, Konfío, Creditas and others. The most recent unicorn in their portfolio is Juspay. It became a unicorn in 2025, 5 years after VEF first invested in it.Here is a list of unicorns in VEF's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
75 | Provider of payments infrastructure solutions | 2012 | Bengaluru | Series D | rcyd{fm | ||
67 | Financial solutions platform provider | 2014 | Miguel Hidalgo | Series E | eecoqux | ||
53 | Online platform for asset-backed loans | 2012 | - | Series E | poluykd | ||
78 | Online platform for asset-backed consumer loans | 2012 | Itaim Bibi | Series G | {tzfw{m |
IPOs and Publicly Listed companies in VEF's Portfolio
2 of VEF's portfolio companies have become public. BlackBuck got listed on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), in Nov 2024 at marketcap of $570M and Tinkoff Bank got listed on the Moscow Exchange (MOEX) at marketcap of undefined.Here are VEF's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 22, 2024 | Jul 21, 2021 | Series E | 8990 | |
Oct 22, 2013 | - | - | 6604 |
Acquired companies in VEF's Portfolio
6 companies from VEF's portfolio have been acquired. The most recent acquisition was minu in Jun 2026 by Betterfly for $*****.Here are VEF's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 10, 2026 | Mar 03, 2021 | Series A | 5911 | |
Feb 03, 2025 | Sep 27, 2023 | Series C | 5844 | |
Sep 12, 2023 | Dec 29, 2020 | Series A | 1420 | |
Aug 22, 2023 | Apr 13, 2018 | Series A | 1163 | |
Sep 22, 2021 | Sep 17, 2019 | Series B | 2224 |
Team profile of VEF
VEF has a team of 8 members including 2 Partners and 2 Principals located in United Kingdom, Sweden and 1 more location. VEF's team does not sit on the board of any company as of now.Here is a list of all team members in VEF:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Dublin | - | ||
Partner | Sweden | - | - | |
Principal | London | - | ||
Principal | London | - |
Co-investors of VEF
Over the past 11 years, 233 investors have co-invested in VEF's portfolio companies. This includes funds and angels.
- Invested before VEF: Vostok Emerging Finance, QED Investors and 112 others have invested in rounds before VEF. There are 6 companies where Vostok Emerging Finance has invested before VEF and 5 companies where QED Investors has invested before VEF.
- Top Co-investors of VEF: 44 investors entered a company along with VEF. These include investors like Wellington (3 companies).
- Invested after VEF: A total of 75 investors have invested in VEF's portfolio after their investments. Top Investors include Fidelity Investments (2 companies), Tarsadia (2 companies) and Sturgeon Capital (2 companies).
Recent News related to VEF
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Creditas opens fundraising of US$ 100M and valuation drops to US$ 3.3BFusoes & Aquisicoes•Sep 22, 2025•Weather, Creditas, VEF
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Juspay closes $60 million funding from Kedaara Capital, others; valuation doubles to more than $900 millionStartupNews•Apr 07, 2025•Juspay, Kedaara, SoftBank, Accel and 4 others
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Gringo raises $12.4M in Series C extensionLatamList•Sep 10, 2024•Gringo, Valor Capital Group, Kaszek, Onevc and 1 other
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Finanzero, online credit marketplace, receives $ 20 millionFinsidersbrasil•Mar 06, 2024•FinanZero, 4equity, Webrock Ventures, VEF and 1 other
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Gringo’s BRL150 Million Investment RoundGlobal Legal Chronicle•Oct 02, 2023•Bronstein, Zilberberg, Chueiri & Potenza Advogados, Gringo, Valor Capital Group, Kaszek and 4 others
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Pakistan’s Financial Platform Abhi Raises First Ever Sukuk Bond For FintechPhoneworld•May 13, 2023•Abhi, Speedinvest, Global Ventures, VentureSouq and 6 others
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FinanZero raises R$7.5 million to expand personal loans in BrazilExame•Apr 26, 2023•FinanZero, VEF, Webrock Ventures, Dunross and 1 other
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Pakistan’s First Wealth Management Company Raises $2.1 Million in Pre-Seed RoundTechJuice•Aug 26, 2022•Mahaana, VEF, SparkLabs Group, IGI Holdings and 2 others
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FinanZero, online lending marketplace, raises $4.1 millionFusoes & Aquisicoes•Jul 28, 2022•FinanZero, VEF, Webrock Ventures, Dunross and 3 others
