Thank you, Harriet. Good morning, good afternoon, everybody, and welcome to our Q1 results conference call. I've got a slide deck in front of me, it's on our website, and it's also been distributed to you, the investor, ahead of this call. What I'll do over the next 10-15 minutes is I'll go through a summary of our results, our journey year to date, a bit of history, and a bit of looking forward. As per usual, I'll touch on some of our new assets on ESG and the performance in general, and also then open up at the end to any questions that you, the investors or analysts have for me on anything to do with our company. To kick off on slide two, just a summary of how we see life at VEF as a function of these results and looking ahead. I think front and center is our NAV mark. It continues its upward journey. Fresh highs, we're now north of $400 million in NAV at the company. This is a company I started over five years ago at less than $100 million of NAV and market cap. It's been a gradual, incremental positive rise in value creation, and that continues into 2021. The start of the year has been strong for us as a company, and that's really reflected through our key holdings in Creditas and Konfío. Creditas is north of 40% of our NAV, and the two assets together are nearly 60% of our NAV. Their performance is key to our performance, quite naturally. Creditas, off the back of its Q4 fundraising, where it raised SEK 250 million of fresh capital at a multi nearly SEK 2 billion valuation, has really been busy delivering on the core, which I'll talk about on the lending front, but also broadening out the offering that it has across its three pillars of home, auto, and payroll, which is key to its collateralized lending product. Konfío as well. It's our second biggest asset, but it's growing faster than Creditas from a smaller base and from a Mexican rebound. It is also on the fast track to becoming the leading SME player across the broader financial space, thinking credit, thinking payments, and also ERP in one full offering for the underserved SME. It's very exciting what's going on there. We added new companies to the portfolio in Q2, or sorry, Q1. Obviously, the work had been coming through from last year. We're now up to 14 holdings in the portfolio, 16 investments in total with two exits. The two new names are Rupeek and Minu, one's in India, one's in Mexico. I'll get into them as we go through the presentation. Fintech, in general, is just gathering a momentum across the board, and we've been seeing this over the years that we've been investing. It does seem a lot of excitement, a lot of focus, a lot of people raising a lot of money looking at the space into 2021. We're sitting in that watching it. Probably as busy as we've ever been on the pipeline front. Very comfortable with the fact that we're long a portfolio of fintech assets across emerging markets, which puts us in a great position to benefit from this environment. As picky as ever in what we add to the portfolio. On the ESG front, just continuing on that theme, we talked a little bit in the last quarter about the sustainable work that our companies do within the portfolio, and it's a key part of what we are, the work that our companies do in markets like Brazil, Africa, Mexico, on sustainable finance, affordable finance, financial inclusion. Also on the G front more this quarter, we've been doing a lot of work on our domicile and looking to move our holdco from Bermuda to Sweden, which is obviously a positive aspect for us as a company and us and our sustainable trends. Moving on to slide number three. Just some numbers. Specifically, we grew our NAV quarter-on-quarter, NAV per share over 10% in SEK, and our NAV in dollars approximately 4.3%, as I say, in US dollars. Obviously, there's a currency move with the SEK slightly weakening versus the dollar quarter-on-quarter. We always get that mismatch. Continued growth. On a cash front, we're sitting on slightly north of $44 million at the end of the quarter, given the investments we did in Q1 and late last year, but obviously off the back of the money that we raised, just north of $60 million in our placement in Q4 of last year. Slide number five, four, sorry. Excuse me. Just an evolution of our NAV over time and more recently, during the COVID year that was last year, into the recovery of the second half of last year and the first quarter of this year. Strong performance across the board continues. As I say, our NAV has touched north of $400 million. We do have the red bar in there, which was the raise we did, the first raise we've done since inception in Q4 last year. It's a continued growth across the board from a portfolio point of view, which obviously feeds into our NAV. On slide five, just to reiterate, if you look at us from a portfolio and NAV split point of view, there is concentration in our portfolio. It tends to happen in investment companies like ours historically. It would have been Tinkoff, then it would have been iyzico in Turkey. Today it's Creditas into Konfío. Our bigger names do tend to break out. We tend to get as much capital into them as possible. They perform. Then eventually they move towards exit. The cycle hopefully repeats. That's what we have at Creditas at the moment, being north of 40% of our NAV and obviously it's a big part of our pie and delivering. Beyond that, now we've two assets in India, six in Brazil, two in Mexico. There really is the top tier markets that we're looking at and focusing on, and they're starting to dominate in terms of size and shape of the portfolio geographic mix. As I said, on the cash front, we're sitting in a comfortable position for our capital needs as of today and what we see in the portfolio, albeit that's an evolving story in terms of what comes in from exits and obviously what goes out as we look to convert pipeline as we go. Getting into one or two of the stories. It's obviously important to talk about Creditas given its size and shape for us as a company. I think one of the positive things, well there's many positive things about Creditas, but what's key is that we can share information. This started in Q4 of 2020, but it's continued into Q1 2021 in terms of Creditas. Now, it's a company that's grown up. It's a late-stage company. It's on a path towards IPO. It's becoming more transparent, and that's the natural evolution of stories in our portfolio versus some of the earlier stage ones, which have less to show and are in more competitive private dynamic markets and hence aren't sharing as much as we can with something like Creditas. It's great that we can share this. It's great that there is transparency on north of 40% of our NAV, and it gives you, the shareholder and investor, something to grab, put your teeth into, have a look, extrapolate, and see exactly what we're doing beyond and behind what we say about the companies in general. You can see from the origination, that's loan originations, and this is on slide number six. It's up and to the right. Creditas should, on an annual basis, comfortably grow more than 100% its originations year-on-year, and that's the trend we're seeing year to date in Q1. Obviously, there'll be a base effect from the low levels in Q2 and Q3 of 2020 as Creditas grows into Q2 and Q3 of this year. That obviously feeds through to the revenues north of BRL 120 million of Q1 top-line revenues. You analyze that, and we're looking at about SEK 100 million run rate revenue, and that's for Q1. Obviously, the trends are, as I say, up and to the right here, so we'd like to see that continue as we go through the year. Just touching on, this would've been a slide from our last presentation, but it's just worth having there again that this is a story that we have invested in back in Series C. We took part in Series D and then also did our rights in Series E. There's been a gradual uplift in valuation mark to model then mark to investor round. It's been something that has been core to our value creation and a kind of classic playbook. You would've seen the same with iyzico in the past, and where we've always been behind the curve of where the company's gone in terms of fundraising, raising more money, and eventually exiting. There's a conservative nature to what we do while an upwards trajectory to it, and that's obviously important. On Konfío, what I'd just say about Konfío this quarter is that it was the big driver of our NAV quarter-over-quarter. It drove, I think, about 70%, 75% of the NAV uplift, albeit with some moving parts below it in the portfolio. A lot of that is just a recovery from last year, from what was a very subdued year in Mexico in unsecured lending for the small business. We have got back to a more strong, confident footing in terms of forecasting and belief in the numbers. We should see approximately 3x growth in the originations from Konfío this year. It could be north therein, and that's feeding through to the income statement. Also just from the broader ecosystem build-out, they're doing exceptionally well. Acquired a company in the ERP space in Q4 last year, moving aggressively into payments. It just builds a better mix for the overall business away from credit into other aspects of financial services and gives them the broader diversified financial services ecosystem that they always wanted for small businesses in Mexico. I'll say a word or two on our new holdings. We put $7 million into Rupeek in India. It's our second Indian investment. Actually, from a standing start in India, we were back and forth in India for five years before we made our first investment in Juspay 12 months ago. We've got two real quality assets in that market over the last 12 months, we've really put our benchmark down there. We're well integrated, we're seeing some very interesting pipeline. Rupeek reminds us very much of Creditas in Brazil and hence was a big driver of the investment. They are asset-backed lenders. Their focus today is gold, and gold is just the biggest store of value in India. It's a space that had been massively under-penetrated, or where it is penetrated, it's in the gray market and not in the formal market. It's the most obvious way to leverage untapped wealth and to allow Indians to borrow at a more sustainable, realistic rate at better durations than the unsecured space. The risk-reward for both the lender, for the borrower, for everybody involved, the scale and potential of that market around this asset class is just obvious. It was obvious to us, we just really liked the team, the backers of the team, got very comfortable in that space and with that story. We're very happy to get a piece of their last investment round, wrote them a $7 million check, and we hope that's the start of a lot more to come. In the other asset that we did, sorry, year to date, was Minu in Mexico. A much smaller check, half a million dollars. It's kind of like, I guess, a taster check. It's a story and a team that we know very well in a space, earned salary advance, that we know exceptionally well, having invested in it in Brazil, looking at it in India and Pakistan and other markets. We know the space. We know a lot of players in that space. We can see how it's a phenomenal product in terms of fit for the employer or the employee, different governance and regulation and ethics. It's also a great customer acquisition product, you get paid as you go in terms of scaling. We like this a lot. We wrote a small check to be part of their round to get on the inside at this early stage of their journey, I would view that we will write them more as they grow and they deliver. It's a different strategy to what we're used to, it was a very comfortable check for us to write in this window. A couple more slides before I open up for Q&A. I guess on the pipeline front, it's always good to talk about. It is heating up. It's heating up in terms of quantum. Everybody seems to want to raise right now, whether it's in our portfolio, outside our portfolio. Times are good. There is liquidity and capital out there in a very low-rate environment, the space is very much in focus. I can understand the desires and needs of companies out there raising. For us, we haven't really changed our approach other than the extent of the quantum coming at us. Country by country approach for searching. We're very deep in Brazil, India, and Mexico, as I said, are their primary markets. Pakistan and Egypt are getting a lot of attention. Even though we've started to dip our toe into Indonesia, and Nigeria is obviously there on the outskirts. These are all scale emerging and frontier markets. I would expect us to do one more deal in Q2 within new companies, a small deal, and then obviously the pipeline in the portfolio continues, and these are companies that we know best, so we can see a lot of conversion potentially happening this year within the portfolio. A mix. We keep on looking, we keep on working our way through the leads. The numbers I give at the bottom of the slide here give you a feel for how busy year-to-date is for us in our markets versus the whole of last year. It's really picked up. We're in a very comfortable position where we're long a portfolio of quality assets. We don't have to go out and invest in anything. It really has to tick all our investment boxes to get into our portfolio because we've got such high benchmarks with names like Creditas, Konfío, Juspay, really setting the bar for anything new that comes into our portfolio. On the share price, obviously, it's something that we look at, we track, but we're really focused around the discount to NAV. It's really we drive our NAV per share, and then we're looking at keeping that discount as low, or as we increasingly grow our performance and our track record of value creation for our share price to be trading at or above our NAV, and that's our kind of desired goal and what we're trying to reward our shareholders with. Continued strong performance, growth, delivery, and that gets rewarded through the share price and premium to NAV as people look through to what's happening next in our portfolio. Also our size and shape. This is at the end of Q1, but we're about $400 million of market cap now. It just makes us a much more investable asset liquidity-wise, size, and shape for investors than we were even three or four years ago. This is a process, it's a long-term process, and that's the way we're building the business and every other part of it. On the sustainability and ESG front, as I said last quarter, I would have talked a lot about fintech for financial inclusion and a lot of this kind of feeds around the ideology of it needs to be ethical to be scalable and then it's scalable, it's a good investment, and our companies do us proud on that front. I think this quarter, we always say we're building the business for the long term, and part of that obviously is the G of ESG and governance, and we're very comfortable and proud of the governance at VEF. There's obviously a journey in that and a journey on our holdco and our group structure around the Bermuda holdco had its time. It was time to move to a more sustainable playbook, that obviously has brought us to, after a lot of work and a lot of interactions, to a Swedish redomestication process. We think that's going to be very important for us as a company, for our capital providers, for the future of where we go on the G front of ESG. Finally, just a few points to round off, this is almost repeating what I said at the start of the presentation, NAV per share gets a lot of our focus. Last year was very strong, we're very encouraged with what we've seen year to date in our portfolio companies, which obviously feeds through to everything that we have from a NAV point of view. Their performance is compounding nicely. Within that, we do have 14 assets in there, but the most transparent and the biggest one today is Creditas, and it is compounding for us from a stronger base. That Q4 raise was a good indication of value at Creditas. It's growing from there, and it has a lot of interest from other investors on its way to IPO. Long may that continue. What to watch below Creditas? I would say on one hand, it's Konfío. We talk about it a lot on its journey towards the SME financial services winner within Mexico. Also India, irrespective of the horrific headlines we have from a COVID health life point of view in that country, we have two exceptional holdings in the fintech space, which Juspay has not really been impacted so far by everything that's going on in India. Rupeek, we're affected somewhat, but it is secured lending. The growth will be there to the detriment of unsecured lenders in that market. Very comfortable with our assets in that space, and they're ones that we would look at as superstars in the making behind Creditas and Konfío. ESG is always at the fore. It should be for us as it is for everybody else. I think that the move to Sweden makes a lot of sense on that front. The fintech theme, it's something that we were live with and pushing five, six years ago. It's very much front and center, and we're benefiting from that while not getting carried away with some of the euphoria out there. Operator, I will stop there and I'm very happy to open up to Q&A at this point. Ladies and gentlemen, if you have a question for the speaker, please press zero one on your telephone keypad and you'll enter a queue. After you're announced, please ask your question. We have a question from Herman Waltop from. Please go ahead. Your line is open. Hi, good afternoon, David. A couple of questions from my end here. You spoke about Creditas and the growth rates and that you expect the company to basically double this year. I was just wondering if you could go into a little bit more about the key parameters here. I mean, is it about the margin, the ticket size of the individual loans, so just increasing origination just overall? What kind of key parameters are you looking at for this growth to happen? Hey, Herman. Thanks. Look, with Creditas, it comes back at one level that it's playing into such a scale opportunity space, and it's such a small entity within that. We are talking about an unsecured lending book in Brazil of approximately $500 billion. That's the space it's playing into by offering a much better loan product to individuals at a much better price point. When I look at the Creditas originations in Q1 of this year, 420 million BRL, that's less than $100 million of origination in that quarter. The 2X growth this year, what am I saying? It's drop in the ocean stuff in terms of the addressable space they're playing into. It's not so much they're playing into an under-penetrated market, of which there is a case for that in Brazil, but it's just a substitution effect of a not fit for purpose loan book in the system to a more fit for purpose as loans are securitized, collateralized, and worked around either your payroll, your auto, or your home, which obviously Creditas focuses on. It's harder to do that because of the underwriting process and the collateral process, and that builds the moat for their business. I think when I think about Creditas, first and foremost, it's driving that customer acquisition and that top line in terms of loan book, which feeds through obviously to top-line revenues. Below that, not that I'm not concerned, I'm just less concerned about how that drops down to contribution margin and then bottom line. Obviously, there's moving parts in the cost of funds and asset quality, and then obviously they're building a business for the longer term, so there's a lot of investments going in to those three ecosystems and an expansion into Mexico. At the same time, there is a discipline in all this because we are looking at IPO in the not too distant future, or at least path to IPO. That brings a disciplined nature to growth while also trying to make sure the rest of the metrics work into contribution margin, and then bottom line positive in time for a key event like that. Yeah. Fair enough. Just to follow up on that, have you seen any changes now with the recent increase in COVID infection rates again in Brazil? Have you seen any impact on the growth or on the loan losses for Creditas? No. I think what's happened is we've had the first dry run, and this is all totally aside from anything, the human suffering that goes on with COVID in these countries that we're invested in. From a business point of view, we've had a dry run in Q2 of last year when we entered COVID part one. We talked about this, Herman. We'd have been very concerned about our portfolio going into that because we didn't know what we didn't know. Neither did Creditas, so they just totally stopped growing in Q2 of last year and actually went cash flow positive for the month of April, which is good to see, but just wanted to be in control of its own fate. You fast-forward to today, and Brazil is coming off the boil in terms of its peak numbers, which is obviously good to see. There is some control over where the trends are going, unlike India, which is still obviously rising. We talk to all our companies on a micro level, they're not seeing anything like what they saw last year. Obviously, we're working in the digital space, the online space. A lot of the learnings from last year is that the funding markets didn't close up for people like Creditas, which they're not now. Asset quality at the back end of this was a lot better than people had feared. Anybody in the digital financial services space in Brazil is going at this window in a much more controlled, comfortable manner. The numbers that we're seeing coming out of Creditas in April are as good as, if not better than March. Yeah. All right. Fair enough. My second question here is about the exit environment. I think you spoke quite at length here about the building pipeline for you guys. I was also wondering if you could talk a little bit about just the general exit environment. I think you have been saying before that you've been approached for four out of your companies. I was just wondering if you could speak a little bit about what kind of considerations would go into making an exit, and maybe if you could give a hint towards which of your portfolio companies you have been approached for. No, that's fair. Look, we love exits. Entering is great and building positions in great companies. The disciplined nature of exits is important. This is a good window for exits. One should always be looking at that. We've got a discipline in our companies where they're always looking at the exit. It may not be today, it might be another five years, 10 years. Our founders are constantly talking to the right players who could buy them or are looking at IPOs or talking to bankers or advisors. In the current environment, I don't know if it's four or five of our portfolio names that are in conversations. That can be anything from a first conversation to somebody just showing interest in something more detailed. This happens all the time. We welcome it. We've got quite used to it. We saw it with iyzico in the past where that kind of approach just leads to a moment whereby the right partner, the right approach and valuation comes in, and everybody agrees, let's do the exit. That's kind of what's going on. I don't want to give an inkling of what names, because it's a real mix from some of the bigger names to some of the smaller names. What I would say, I think I said this when we raised money in Q4 last year, is that I'd be disappointed if we didn't have an exit this year, and I kind of stand over that statement now. I might be disappointed because there's a lot of moving parts, but I would like to think that we would have an exit of some sort this year. All right. Perfect. I think that's it for me. Thanks a lot. Super. Thanks, Herman. Our next question comes from the line of Joachim Gunell from DNB Markets. Please go ahead. Your line is open. Thank you for that, operator. I think Herman actually asked most of the most relevant question perhaps. Coming back to where we ended, it would be interesting to hear how you reason with regards to your return requirements. Your previous exits, they have been stellar, the returns there. Would you be willing to make an exit of a holding at, call it, below your return requirement? Would you be comfortable with doing an IRR of below 30% when exiting a holding? Look, a simple answer, yes. Every situation is unique. Not all of our portfolio assets will do what Tinkoff and iyzico did, albeit I wish they would. It would make life a hell of a lot easier. We have stories, obviously, that have phenomenally delivered, and then ones that have delivered below expectations. Our marks suggest that, and we're quite realistic with our marks, and they go up and they go down depending on the business. I guess, yes is the answer. I think the clearest case in point is one where, Guiabolso, where we put $30 million in and we have it currently marked at $5 million. That's an aggressive markdown in valuation over time. To be trying to look for a 30% IRR on our initial investment would be something special from this point. We have our benchmarks, but we take each situation as it is, and sometimes it's good to just take money off the table at either a decent return or versus your current valuation mark, and then put that money to work better elsewhere. Well, that's clear, David. Perhaps you can comment a bit more about with special regards to Creditas how you balance the ambitions here. If the roadmap has perhaps been even further accelerated than, call it, a couple of quarters ago with regards to the IPO readiness. Would it make sense to try to capitalize on the current existing IPO window? Is this perhaps something that's in the plans for 2022, 2023? Yeah, look, it's an open debate at board level. I don't want to speak for the founder. He's on the record about getting IPO ready into next year, 2022. Obviously, we repeat what he says. I think the path towards getting IPO ready is as important as the IPO itself. It's almost like joining the EU. You just get your shop in order, whether it's legally, accounting-wise, reporting, not that they ever went. You just get to that point where you're ready to go. That's a good thing overall for the governance and structure of the company. It brings a bit of discipline as well. We also debate it internally. You lose some of the freedoms that you benefit as a private company by going public, the ability to move quick, to grow quick, to pivot, to move into a new space, and you need to be ready to take that on board. I think if you asked me, I would be more on the stay private for longer, especially given the path that they're on at the moment and all the moving parts, and I can see a super bright future in which we'd love to compound our value in it for longer. That said, you have the markets as they are today. There's a good strain there and a good debate at board level, but I still think talking about IPO ready for 2022 is probably the best way to think about it. Very clear, David. Just looking at slide 36 in your pack here from today, it seems that you are right now committing some $20 million into, both the new, well, follow-on investments and new, I assume. Can you perhaps just comment a bit on, it seems as, okay, should Konfío do a recap where you want to take your pro rata? Would that be included in that number? Any thoughts on that? What I do is, that's an ever-evolving number, Joachim, as you could say. That $20 million, I would say, is us looking at current portfolio needs for the year. That would be the likes of Konfío, Juspay could raise, then a couple of smaller names. I think $20 million, maybe a bit more, could cover that in terms of us taking our pro rata. There may be situations we pass on or situations we look to do super pro rata. That may change. I think $20 million is a comfortable-ish number for internal. It doesn't really take into account pipeline. That's where the numbers start to change. If we converted pipeline, one big name or a couple of names of reasonable size, we could be short on capital. At the same time, we'd be talking about M&A and money coming in. Just some moving parts there. Yeah, sure. No, that makes sense. Perhaps lastly, just from a more thematic point of view, can you just talk a bit about, okay, should we see a more of a reopening economies and vaccination trend really pick up during the latter part of this year? Can you just comment a bit on what holdings do you believe are the relative winners in such a scenario? Because obviously the payments holding were the relative winners when COVID hit. In a more normalized scenario, perhaps. Yeah. Look, I think generally speaking, Joachim, I look forwards to investing in these companies for a 12 to 18 month period of normal. I don't think we've had normal in our market since we started. That's a function of whether it was politics, macro, COVID, coups, different situations because we're in emerging markets, it's always funky and interesting. To see our companies deliver what they've delivered through all of this volatility and headwinds is phenomenal and something we've always believed in. I think it would be super interesting to have a stable state of affairs and 12, 18 months runway with nothing in their face to see what they can actually do if they were let loose. On a relative basis, I'd say I think it's something like Nibo in the accounting SaaS space in Brazil. Small businesses obviously can be hurt by a lot of these headwinds. COVID out of the way, and that could open up for them for sure. I think Creditas is doing well in COVID times, I think super well in normal times. I think in small business, they're going to be Konfío in Mexico. Probably the highest beta ones in a post-COVID world could be Nibo and Konfío. Interesting. Thank you. I think that's all for me. Super. Thanks, Joachim. Our next question comes from the line of Igor Vinn from CHRX. Please go ahead. Your line is open. Hi, David. Thank you very much again on the very consistent hard work of you and your team. Thanks, Igor. Continuing delivering very strong results. Appreciate it. There's a lot. I joined this call a little bit late. Can you please, for my benefit, repeat me what are the major contributors to the NAV growth in this quarter? This is number one, just the few biggest. In terms of the Creditas, I've heard many questions asked. This disruption in end of Q1 and then Q2 of last year vis-a-vis the model growth of the portfolio and what kind of portfolio growth do you see in the next 12 months or 24 months? What would be a desirable number for you as a board member? That's it. Yeah. Okay, cool. Thanks, Igor. Appreciate it. Let's do the second one first. I think on Creditas- I think a lot of lessons were learned in last year's COVID Q2, and almost the key takeaway was that we should have drove harder through it because we were well-placed, and that's what's happening this year. We have the funding, the market there on the demand side, and we're seeing the numbers in April come through like they were in February and March. I haven't got the COVID concerns for Brazil and for Creditas that I would have had this time last year where was a lot of question marks. How that feeds through to, I guess, forecast and growth from here, we are looking at just north of 2x growth in the loan book year on year for 2021 versus 2020. It could be north of it. Creditas has its own internal models they like to drive for harder, so they're more into 2.5x to 3x. We based our investment in the last round on 2x. Given the delivery in Q1, they're very well set to do that. I think Creditas, the core business, the collateralized lending and the space that they're in, 2x a year this year into next year is something comfortable, I think, to forecast, and it becomes a forecastable entity versus a lot of our entities where it's still early stage and harder to forecast. Onto the NAV part of your first question you put, Igor. We increased our NAV quarter on quarter about $15 million, from $388 million to $403 million. That was still in the face of some currency headwinds in Brazil. We had a 10% currency headwind versus the dollar, and then some multiple headwinds because Q1 markets were a little bit anti-tech and pro other segments. The key driver was Konfío. I think 12 of that $15 million uplift came from Konfío. There were some moving parts beyond that. With Konfío, we've just got a lot more confidence in that model. We always liked the model, but obviously had some headwinds last year in Mexico with COVID, unsecured lending. They wound down the origination and asset quality NPL spiked. That's really come back together in the second half of last year, and they've really put the foot down in growth in a much better environment in Mexico this year at a time when nobody else is lending. The Mexican banks are still all sitting on their hands. Also, their non-core businesses of ERP and payments are coming through quite nicely. It's a company where effectively it's part recovery and part growth and part growing confidence from our side, which is feeding through to our valuation on it. It's probably the name that's most likely to raise more money next within our portfolio, given the various conversations and indications that we see. We look forward to that, and it's a company that we will definitely back further. Crystal clear answers, Dave, as always. Thank you so much. Super. Thanks, Igor. Take care. Our next question comes from the line of Kevin Martelli from Martek Partners. Please go ahead. Your line is open. Hi, Dave. First of all, great quarter, so congratulations. I had a simple question regarding the relative valuations of assets in Brazil vis-a-vis India. I just had a brief look. I was looking at the valuation of your recent acquisition in India, Rupeek, which is, as you said, kind of comparable to Creditas in a way. As I was looking also at the size of loan disbursement in one case vis-a-vis the other, I was just trying to reconcile the valuations, and it seems to be that India is way cheaper than Brazil. Considering also I read in the press that Rupeek was aiming to become breakeven in 2021. I don't know if that's the case, but I was trying to get an understanding of the relative valuations of these two assets. Okay. Super, Kevin. Thank you. The relative valuations of Rupeek versus Creditas, yes? Yes. Okay. Interesting. Let me talk a little bit general and a little bit specific, and I'll come back to you if I'm not answering the question properly. I think generally speaking, what we have is Indian assets and fintech assets in the economy have generally been high valuation versus a lot of other peer countries. That's why we've been struggling to make an investment there over many years. A lot of capital looks at India, domestic, international, and likes to play India for what is the obvious scale game of the 1.5 billion people and businesses therein. Yeah. With China being a very difficult market to penetrate for global investors, India's been the next port of scale call, and we've seen that from all the tech companies going in there and everybody else. What we've found is that in general, people tend to pay for the size and scale and the long-term potential of that market above and beyond the near-term delivery of that market. On average, we've got a lot more, at least near term, value in other markets, namely Brazil, where if you're looking at near-term multiples, something in Brazil that trade at 10x revenues, for example, like for like, would trade at 20x in India. I'm being very generic here, and it obviously feeds through to the public markets as well, where public market banks and listed entities generally trade through the cycle at higher multiples, whether it's price to book PE versus their Brazilian counterparts, even though they've got much lower returns through the cycle than their Brazilian counterparts. Everybody pays for that growth aspect. You take that down to a micro level on a Creditas versus a Rupeek, and I would say, I need to look at this again, Kevin, and come back to you. I would say Rupeek is higher value, not lower valued on our metrics than Creditas. Rupeek is at an earlier stage, but growing faster from a lower base, and hence the multiple on that, at least the short-term multiple, like 12-month is probably higher than that of Creditas. If you extrapolate out two or three years, it's more like for like, as you pay for that faster growth coming through. If you don't mind, I'll talk to Alex who does Rupeek because I do Creditas, and we'll come back to you a bit more specific after this call, if that's okay? Sure. I think probably an explanation is that Rupeek as a business model, does it act like as an intermediary between the retail customers and the Indian banks, whereas Creditas actually lends its own money? Could that be actually a business model type of difference? It's almost a perceived business model difference because Creditas is asset light at the end of the day, albeit it is underwriting risk, and it shifts all the loans off balance sheet into funding products in the Brazilian market, albeit it takes a little bit of risk up front when it holds the loans. As you mentioned, Rupeek is very much similar in that Rupeek is underwriting the individual, scoring the collateral, taking the collateral, acquiring the customer, and then lending off the back of NBFCs and banks' balance sheets. It's a bit more direct in the case of Rupeek. It's more secondary in the case of Creditas. Rupeek very much is a marketplace and customer acquisition and scoring machine and asset light. Creditas is too, but on first iteration, a lot of people see Creditas not as asset light, even though it is. Got it. Thank you so much. Super. Thanks, Kevin. Thank you. I remind you that if you would like to ask a question, you will have to press zero one on your telephone keypad. There will now be a brief pause while questions are being registered. There are no further questions at this time. I will now hand back to the speaker. Super. Thanks, Iris. Look, thank you everybody for your interest in our story and your participation today, especially an active Q&A session, probably one of the most active ones we've had so far. That was great and very much welcome for the future. Any questions you have on us and our story, feel free to contact me directly or Henrik Stenlund in our Stockholm office. In the meantime, take care, and we'll see you next time.