If it’s not ethical it’s not scalable

”We fundamentally believe that working actively with sustainability and ESG matters is key to high and sustainable value creation”

VEF’s purpose is to create long term sustainable value for our shareholders by investing in the future of finance across the emerging world. The fundament of VEF’s overall mission and strategy are our core values, which form the basis for how we conduct the business in a sustainable way. The core values are always on our minds to guide us in our mission and strategy for building a successful investment company.

Core values


We are an active and responsible shareholder and we take corporate governance very seriously, both with regards to how we conduct our business and how portfolio companies conduct theirs.

Integrity in everything we do.

We are transparent, open, honest, fair and ethical towards all stakeholders in the business our investors, employees, investments, suppliers and the communities served.

Respect for people and diversity.

We seek diversity of thought and respect the individual both at VEF and in our portfolio companies. We know that innovation and great ideas come out of healthy debate and disagreements between people of different backgrounds, with different ideas, strengths and interests.

Good citizens of the world.

Make returns by doing good participate in the creation of economic opportunities for those who have been denied them, advance new technologies and business models that are sustainable and improve financial intermediation.

Our ambition is to integrate sustainability into all aspects of our own business but also our investment process and ownership of portfolio companies. VEF is committed to continuously improve our sustainability and ESG practices for the benefit of all our stakeholders.

Sustainability at VEF

We support the United Nations Sustainable Development Goals (SDGs) and we believe that we positively contribute to several of these, especially via our portfolio companies. We have specifically identified that we contribute to the following SDGs:

(1) No Poverty
(2) Zero Hunger
(3) Good Health and Well-being
(5) Gender Equality
(8) Decent Work and Economic Growth
(9) Innovation
(10) Reduced Inequalities

We aim to conduct our business in a socially responsible manner and are committed to being a responsible member of the communities in which we operate and recognize the mutual benefits of engaging and building relationships with these communities. In everything VEF does, we aim to be commercial and fair, to maintain our integrity and professionalism and to respect the needs of shareholders, employees, suppliers, the local community and the businesses in which we invest.

With our core values at the forefront, we have established the sustainability principles by which we live and measure VEF. You can find the sustainability principles in our Sustainability Policy.

Responsible Investments and shareholding

Our investment decision making process is driven by a strong belief in: (1) sustainability as a fundamental part of business and (2) the power of active shareholding, to ensure strong governance and responsible business practices.

VEF has a value-based approach to investments and our main strategy is to deliver high returns to our shareholders. In addition, we integrate ESG considerations in our investments and we are strong believers in the positive impact fintech companies in emerging markets can have on the SDGs. The majority of our portfolio companies contribute positively to the SDGs.

VEF invests in those companies that we believe will be able to contribute to VEF’s overall goal of achieving good investment returns over the long-run. We fundamentally believe that working actively with sustainability and ESG matters is key to high and sustainable value creation. An ESG strategy is often essential for building a strong trademark and preserving a company’s good reputation as well as reducing risks in the business. This, in turn, is vital for safeguarding a company’s long-term supply of capital and often key to attract and retain the best employees.

VEF’s Responsible Investment and Shareholding Policy sets out our core principles and can be viewed below.

Finance as a force for good

One of our core values is to positively impact the world. By investing in fintech companies in emerging markets, we are convinced that we positively contribute to the respective societies in which our portfolio companies are active and that we positively contribute to the SDGs on a local and larger scale. You can read more about how we think fintech in emerging markets is a force for good and how our portfolio companies play a part in this here.


The Board of Directors of VEF adopts multiple policies on a yearly basis to ensure that the way we conduct business remains sustainable. Management has further implemented guidelines and practices to ensure compliance with VEF’s various policies and sustainability principles. The relevant policies, guidelines and internal practices have been comprised into one Sustainability Policy and a Responsible Investment and Shareholding Policy that you can find here: