VEF has successfully navigated a year of growth and strategic exits in 2024, culminating in the IPO of BlackBuck and the sale of Gringo, while enhancing its financial stability.

Information on the Target

VEF has made significant strides in 2024, showcasing a year marked by renewed growth, strategic exits, and enhanced financial stability. According to CEO Dave Nangle, the company has effectively guided its portfolio towards profitability, achieving a break-even point for over 90% of its investments as of early 2024. Notably, companies like Creditas, Konfío, and Juspay have demonstrated accelerated growth, with Juspay maintaining a remarkable growth rate exceeding 50%.

The successes within VEF's portfolio are set against a backdrop of key global fintech companies, such as Stripe and Revolut, successfully closing substantial funding rounds. These developments have positively influenced VEF's own portfolio, particularly benefitting companies like Konfío and Solfácil. Furthermore, the market for exits has invigorated, leading to VEF's inaugural exit with the IPO of BlackBuck in India and the subsequent sale of Gringo in Brazil.

Industry Overview in the Target's Country

The fintech industry in emerging markets, particularly in regions like India and Brazil, continues to flourish despite facing volatility. The trend of increasing financial penetration combined with a y