Building on Momentum into 2026
VEF is entering 2026 on the front foot and in confident form. Momentum has been building in the business for close to two years, and much of it fell into place in the final quarter of 2025. Our CEO, Dave Nangle, comments on the 2025 Year-End Report.
What defined VEF’s performance in 4Q25 and for the full year?
We ended 2025 with strong momentum across the business and delivered several wins against our stated goals. NAV per share closed at SEK 3.93 (+5% QoQ and +5% for FY25), while total USD NAV reached USD 433.8m (+7% QoQ and +23% for FY25).
In addition, the VEF share price trended upward from early 2025 lows. While there is more work to be done to close the traded discount, extensive pipeline development leaves us keeps us engaged and in positioned to execute a focused number of best-in-class emerging market fintech transactions when the time is ready.
How did Creditas perform in the quarter?
Creditas once again delivered accelerating growth and improving operating leverage. The loan portfolio reached BRL 6.8 bln, up 17% YoY, and the company reported record quarterly revenues of BRL 592 mln, reflecting higher origination volumes and continued repricing. Profitability also improved, with gross margin recovering to 37.1% from 32.6% in the prior quarter, while cohort-level returns remain well above the 40% target.
Strategically, Creditas achieved two major milestones. It closed the acquisition of Andbank Brazil, which includes both the acquisition of Andbank’s Brazilian bank and a partnership between the two parties within the private banking segment. A bank license is key to funding diversification and supporting future growth. In parallel, Creditas completed the initial closing of a new equity funding round, with the Andbank Group leading the Series G round through an investment of USD 108 mln. The round values Creditas at USD 3.3 bln.
Creditas also strengthened its leadership team with the appointment of Ricardo Forcano as Chief Technology & Operations Officer, bringing deep experience from senior roles at BBVA and further reinforcing execution capability at scale.
What’s in the pipeline for 2026?
While capital deployed to date has prioritized deleveraging the balance sheet, followed by opportunistic share buybacks, we are now transitioning to a more balanced capital allocation framework that considers both short-term and medium- to long-term value creation for VEF and our shareholders. As mentioned last quarter, the pipeline work continues to grow as a percentage of our workflow at this point in the cycle.
With exits being delivered, balance sheet strengthened and portfolio humming, we have naturally been spending an increasing amount of our time identifying our next investment opportunities. A small number of high-quality fintech names are currently on our radar. As part of this work, we spent time across our core markets of Brazil, Mexico and India, as well as Colombia and the Middle East during 2H25.
At VEF, we are readying ourselves to put capital to work again, investing in our next generation of winners.
CEO Dave Nangle on closing of a strong year and looking ahead
Building on Momentum into 2026
VEF is entering 2026 on the front foot and in confident form. Momentum has been building in the business for close to two years, and much of it fell into place in the final quarter of 2025. Our CEO, Dave Nangle, comments on the 2025 Year-End Report.
What defined VEF’s performance in 4Q25 and for the full year?
We ended 2025 with strong momentum across the business and delivered several wins against our stated goals. NAV per share closed at SEK 3.93 (+5% QoQ and +5% for FY25), while total USD NAV reached USD 433.8m (+7% QoQ and +23% for FY25).
In addition, the VEF share price trended upward from early 2025 lows. While there is more work to be done to close the traded discount, extensive pipeline development leaves us keeps us engaged and in positioned to execute a focused number of best-in-class emerging market fintech transactions when the time is ready.
How did Creditas perform in the quarter?
Creditas once again delivered accelerating growth and improving operating leverage. The loan portfolio reached BRL 6.8 bln, up 17% YoY, and the company reported record quarterly revenues of BRL 592 mln, reflecting higher origination volumes and continued repricing. Profitability also improved, with gross margin recovering to 37.1% from 32.6% in the prior quarter, while cohort-level returns remain well above the 40% target.
Strategically, Creditas achieved two major milestones. It closed the acquisition of Andbank Brazil, which includes both the acquisition of Andbank’s Brazilian bank and a partnership between the two parties within the private banking segment. A bank license is key to funding diversification and supporting future growth. In parallel, Creditas completed the initial closing of a new equity funding round, with the Andbank Group leading the Series G round through an investment of USD 108 mln. The round values Creditas at USD 3.3 bln.
Creditas also strengthened its leadership team with the appointment of Ricardo Forcano as Chief Technology & Operations Officer, bringing deep experience from senior roles at BBVA and further reinforcing execution capability at scale.
What’s in the pipeline for 2026?
While capital deployed to date has prioritized deleveraging the balance sheet, followed by opportunistic share buybacks, we are now transitioning to a more balanced capital allocation framework that considers both short-term and medium- to long-term value creation for VEF and our shareholders. As mentioned last quarter, the pipeline work continues to grow as a percentage of our workflow at this point in the cycle.
With exits being delivered, balance sheet strengthened and portfolio humming, we have naturally been spending an increasing amount of our time identifying our next investment opportunities. A small number of high-quality fintech names are currently on our radar. As part of this work, we spent time across our core markets of Brazil, Mexico and India, as well as Colombia and the Middle East during 2H25.
At VEF, we are readying ourselves to put capital to work again, investing in our next generation of winners.
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