Hello, and welcome to the VEF second quarter earnings call for 2021. Today, I am pleased to present David Nangle, CEO, and Henrik Stenlund, CFO. For the first part of this call, all participants will be in a listen-only mode, and afterwards there will be a question and answer session. I will now hand over to David. Please begin your meeting. Super. Thank you very much. Good morning, good afternoon, everybody, and welcome to our Q2 first half results presentation. I'll be working off slides on the webcast, which are also available on our website. I'll go directly into slide number two on this, and give you a summary of what's been happening and the key events of the quarter. Then within the presentation, which will be 10 to 15 minutes, I'll double-click on each of these key points, give a bit more color, and then open up for Q&A in the end, as per usual. I think the key summary for us in Q2 or into the first half of this year is it's been busy, but busy good. Albeit from a NAV point of view, Q1 uplift, Q2, give or take sideways. We set a very strong foundation for the remainder of the year and looking ahead, especially when we look at some of the key names in the portfolio. The value creation that we see through the performance of the portfolio companies, we're in good base to start to realize that. Confidence is there within the team and within the portfolio. Specifically, the key event of the quarter was Konfio, our second biggest holding, nearly 20% of the NAV. They had a $125 million Series E fundraise. For all our companies, one thing is obviously performance. Names like Konfio, Creditas, Juspay, having very strong performance. The second thing is access to capital and obviously at good valuations. Konfio is following in the path of Creditas in accessing size capital from quality institutions, and we took part in that round, putting $20 million to work. Creditas are our lighthouse investment. It's our biggest at this point at 42% of NAV, has added an exciting M&A leg to what is a clear growth underlying secured lending story. The secured lending book is still growing 2x year- on- year as per the numbers this week. They've also added a sizable acquisition in the insurance space, adding that to the ecosystem and other bolt-on acquisitions in marketplaces and secured lending. Exciting that story where we try to get a longer lifetime value per customer with new products coming through. It's not about the big two, or not only about the big two, albeit that's what a lot of investors focus on, and it's natural given it's 60% of our NAV. The next three names are in very good form, as we would say, Juspay, mobile payments in India, JUMO, mobile money marketplace in Africa, and TransferGo in the digital remittance space, in Eastern Europe. I'll focus on all those three just to give you a bit of color on trends and key highlights there. We were active in Q2 and also after the end of Q2. A new investment in Abhi as the financial wellness salary advance space. We're already in that in Mexico and Brazil with a seed investment there with a quality founder called Omair Ansari. We led that round very early stage. We just closed our first embedded fintech investment, which I'll get into, with a $10 million check into BlackBuck in the trucking marketplace space, but with a payments core business in there. ESG, always at the fore. I think the key highlights in this quarter were fully closing our move or finalizing our move to Sweden from Bermuda. It had been in the works. It had been signed off at the AGM, but obviously all the technical parts were closed in July, so we are now Swedish at a HoldCo level. A new board member officially came on board, Hanna Loikkanen, ex former East Capital and many other board names, Finnfund. A great CV and a great person and experience to have on our board, and we're very happy to have her. A final point on Guiabolso, a long-standing holding of ours, one we've marked down over time, didn't quite achieve what we had hoped. We exited that position after the end of the quarter. We sold to PicPay in Brazil, a digital payments company. Albeit we wrote down the position in Q2 to zero, we actually ended up receiving approximately $3 million as our part of the exit proceeds. A nice positive kicker end to a story which didn't work out as planned, and we can get into that. Moving on to the next slide, so a bit more detail. On numbers, what you need to know from the results. NAV at the end of the quarter, $404 million. It's up a couple of percent versus year-end, flattish quarter-on-quarter. On a NAV per share on a SEK basis, SEK 4.12, up similar year-to-date for the first half, down slightly quarter-on-quarter. A little bit of that is currency move and a little bit of that is extra share count given our LTIP movements. I think what you'll see with our NAV, which is the next slide number four, this isn't Madoff-esque where it grows 1%, 2% every quarter into perpetuity. You get gap ups and step ups and then periods of two or three quarters where things go to the side. Once everything is performing as planned in terms of investing in good companies and them delivering growth and value, which feeds through to our valuations and obviously the funding rounds that they do. From investor relations perspective, share price, it continues to track NAV, albeit in the last 6-12 months we're now in that ± NAV category where I think the market is starting to, A, respect our size. North of $400 million market cap. No longer a microcap or a small cap and growing. Also, we're in a very in-focus space, fintech, emerging markets, the private space. Our track record, obviously, of value creation is no longer short term, one or two years. It's now five or six years of 25%, 30% IRRs. The track record is shown and proven, at least to date. Our biggest holding, Creditas is on a path towards IPO, has recently raised capital at a $1.75 billion post-money valuation, and people are starting to look through some of these aspects of our portfolio and now we're touching into the premium to NAV category, which tends to happen at this point in the cycle for a company like ours, and I understand why the market does that. Portfolio summary, just a quick hit is where Creditas is still the core concentration in that name and very comfortable with that. Top two names, north of 60%. Top five are 78%. It is a concentration. We seek concentration, we've always said that. Cash position at the end of Q2 was $18.9 million. We're on 15 holdings now in the total portfolio. That includes Guiabolso it'll be 14 after that exits. It doesn't include BlackBuck. It's back to 15. Moving parts. 15 is the holding number at this point in the cycle. Moving on to some of the micro level stories as per the summary. Creditas, it's always worth focusing on Creditas just given its importance to us as a firm, our NAV, our share price. Not to belittle the other names. Creditas put out their Q2 numbers on Monday. Continues to roar ahead in terms of origination growth. Very strong growth, nearly 5x-6x year-on-year for Q2 versus Q2 last year, albeit that was an abnormal COVID year. Year-on-year for the full year, we're talking 2x, slightly north of that, of growth and origination. This doubling of the portfolio feeds into a doubling of the revenue, give or take, upfront and recurring. The quarter two headline or top-line revenue numbers of BRL 170 million, which is well north of $30 million. You start to annualize that and you're looking at 2x growth in that, and you can see how the valuation of Creditas feeds off that growth once the market multiples hold and Creditas keeps on delivering. I think where we've got more excited with Creditas of late, it's still harder to forecast because you're putting the pieces together, but Creditas as a strategy is at its core around security and secured collateral of home, car and payroll. The lending against that is the core monetization product. Through organic and inorganic means, it started to add new parts to the puzzle. The recent acquisition and insurance space of Minuto Seguros adds an insurance angle to this. You add to that Voltz moving to motorbikes away from cars, and Bcredi an extra secured lending for homes. We're starting an inorganic growth story plugged into Creditas, not yet reflected in the numbers. We're seeing that in a lot of big fintechs where the bigger boys are getting bigger and starting to consolidate some of the core product offerings of some of the smaller names in the market. That's very exciting. Konfio is one that I guess the confidence continues to grow on this one. It's becoming the leading digital financial services platform for small businesses in Mexico. Brutally underserved in Mexico. We've had a good run at Konfio in terms of just the lending product. In the last 6 - 12 months, they started to organically and inorganically add ERP, so it's a SaaS revenue product, but also payments. We're getting a volume revenue product. There's more to come on that. Hence, the acquisition or the financial raise as part of that was key in the Series E funding round. We're also looking to move to full banking status, either through a license or acquisition. That's all work in progress, but very similar to the Creditas round and uplifts. Konfio is one that we took down during COVID, naturally, a small business credit book in Mexico during COVID. As they recovered and started to grow, we obviously started to model that up, that was reflected or signified in the Series D funding round, of which we did super pro rata effectively because we really like, A, the business and B, the valuation. The interesting thing with Konfio is that the shareholder base of Konfio is actually very similar to that at Creditas. The Kaszeks, the SoftBanks, Quona Capital, very similar shareholder base across both. Moving into the new investments that we've done during the quarter. Abhi Finance, I think this is for you, the investor, to think Minu or Xerpa copy and paste, replicate, in Pakistan. We're in the salary advance financial wellness place, we really do like that space, that product, both as a business in itself and the economics, also its lead generation potential for what you can do with that business. We went very early stage in this one, seed, specifically because of the founder, Omair Ansari, someone we've known a long time, we said we would back him when he was building his fintech in Pakistan. After much work and partly with us through portfolio names and people that we know in the VC community, he launched this business successfully so far in that market. Early days, we've got big hopes for that one. Our second investment into Pakistan and our third in the financial wellness space. We're getting to know both very strong, very well. Black Buck, this happened only last week. We thought it would be closed at some point in August, this is a move for VEF into embedded fintech. We stay true to our roots and our focus of fintech, that's the core of what we do, that's our edge, our expertise across emerging markets. You've seen we've started to spread our wings a bit in terms of taking smaller stakes in some businesses as opposed to only going for size and board seats. Now we're moving into the more broader embedded fintech space. I guess I said it before, but what you get in a lot of segments like health, education, mobility, is you get an embedded fintech offering or aspect, whether it's payments, credit, insurance. We've been on the hunt for this and looking for this because some of the best. The future of finance is coming from everywhere, and we need to be open for that and open for that opportunity to put our capital to work. If embedded fintech is a big part of the company's business growth revenue stream, we take a deep dive and look. This led to the investment in BlackBuck, where we've co-invested with some of our partners in the Indian market, like Accel and Goldman Sachs and IFC, Sequoia, people we've invested elsewhere with who are very comfortable. Wellington, who's an investor of ours, also in this name, put us onto this name. We got deep on it. Effectively it's a payments company in disguise. That's payments around fuel, payments around tolls. Then a marketplace for all aspects of what trucking goods and services, tires, et cetera. Big part of their revenue, big part of their growth, obviously the trucking marketplace platform on top of that is the upsides to where we see a fast growth fintech company coming through. Touching on some of our other portfolio. I wanted to do this because I do spend a lot of time on Creditas and Konfio for very obvious reasons. There's been some good touch points on some of the other top five names in the portfolio. I think with TransferGo, not so much with itself, there's a lot of positives to say on TransferGo, it's mainly because Wise or what was formerly TransferWise, the leading digital remittance play, listed recently close to a GBP 10 billion market cap at this point. I think interestingly enough, the forward multiple on this forward multiple of revenues is up 15x-16x given the move in this. I'm not saying the market's right or should we buy that. You pull back to how we're valuing TransferGo, which is growing as or more fast, albeit in a specific region which is emerging Europe. We're valuing that in the 4x-6x forward revenue space. A lot more conservative in our valuations versus market for something like this. We get a lot of questions on this with frothy valuations in the market. How are we valuing our portfolio versus some of those names? We try and be logical, conservative, and work with our auditors on that front. Also, Juspay mobile payments in India. I think some of the numbers on Juspay are just mouthwatering in terms of their annualized payment flow is $50 billion now. They do real quantum of mobile payments in India. They're sitting inside 250 million smartphones in the SDKs for Amazon, Uber, Flipkart, and the growth is comfortably 2x plus year-over-year in terms of volumes revenue. This is one of the more exciting fast growth in one of the more interesting markets stories in our portfolio. JUMO. JUMO is one we've been getting more confident on over the last two or three quarters after being conservative in terms of performance and valuation. It's really starting to hit its stride. It's now doing $3 billion plus in terms of annual lending flow through the business. The majority of that, 90% plus, is with partners. It's a real marketplace for loans with quality partners, both on the telco side in Africa and on the banking side. We're cash flow positive as well at JUMO. There's a nice mix in a portfolio where Revo is positive on the bottom line, JUMO is give or take break even. Names like Nibo, Juspay are very controllable on that front, and everything else is on a nice path to break even or positive bottom line. It all kind of feeds in nicely to some being faster growth and deeper burn and some closer to that magic earnings and positive bottom line moment. Last slide before I wrap up is from the ESG front. Two things to mention here. One was re-hitting the Swedish move from Bermuda. It was closed in the month of July. We have a new ticker for trading, VEFAB as opposed to VEFL. The time was right to move our jurisdiction and our structure. Swedish ticked a lot of boxes given our listing or some of our investor base, part of our team, et cetera, history there. We're very happy to have made that move, and it's a positive ESG move for the longer term. Finally on the board front, very happy to welcome Hanna. She's now very live. We were on the audit committee this week on a board call this week. Someone I know and respect for a long time but also has held board seats and holds board seats on funds at East Capital and ran funds in East Capital across emerging markets in Georgia with the Bank of Georgia story, a t Finn fund. A great board member, brings lots of experience and value in terms of investing valuation, ethics, ESG, portfolio management, emerging markets. I could go on. I guess it's a sign of it just. We've been adding a lot to the team gradually over time. In the last 6- 12 months with Allison coming on and now Hanna, it's a great mix skill set booster to the board, which also helps us as a team. I'll wrap up then. Last slide before I open up for questions. What would I say to investors at this point of the year? I think the NAV is in a strong place after many quarters, years of growth, but I think the basis is there for more. Our confidence, I think at this point in the year versus start of the year is higher in terms of where we see NAV going, and that's a function of how we see our companies and portfolio doing going forward. Creditas team continues to be, if you want to know one thing about VEF, you need to know Creditas is becoming more open, more disclosure. The company themselves are on more investor roadshows and conferences as they move towards IPO. That allows investors to look through to 42% of our NAV and portfolio and growing. That's a company which is planning towards IPO next year. That's the plan. We'll see where that goes in terms of timing. It is a company that could need more capital before then, as a lot of the bigger fintechs are growing faster and consolidating in that market as they go. I've talked about Konfio, which effectively is our next Creditas in the making, not like- for- like in terms of business, but like- for- like in terms of value creation. We're very excited about that one now. Then I touched on Juspay, JUMO, and TransferGo. That gets you up to 78% of our NAV, which we feel very strong and confident about. No disrespected rest is just a size of importance. ESG continues to be key for us. We're learning. We know our direction of travel. We continue to improve on this front. I think our move to Sweden and on the board front are indicative of where we're going with this. Generally, the fintech theme has momentum but we're not getting caught up in some of this frothiness and headlines in the market. We don't have to. We're six years doing this. We're comfortable in our own skin. We're long a portfolio of very good fintech assets, and we've got a pipeline. Even doing nothing versus having to invest, we can create a lot of value from here, which puts in a very strong position for the future. I'll stop there, operator, and I'll happily pass over to our audience if there's any questions at this time. Thank you. Ladies and gentlemen, if you do wish to ask a question, press zero one on your telephone keypad now. That is zero one to register for a question. We have a question from the line of Herman Wartoft from Pareto Securities. Please go ahead. Hi. Good afternoon, David, and thanks a lot for that presentation. I have a couple of questions. As you said, we can always talk more about Creditas. I think we'll start with that one. It seems like they have been really speeding up their investments and M&A activity recently here with the three new initiatives or investments announced in the recent months. I was wondering if you could just elaborate a little bit more on how these three tie together. If I understand it correctly, they are both or they are all connected to the auto segment maybe specifically. If you can talk a little bit about that and also with the Volanty acquisition as well, if you could just give a brief introduction to that one, would be helpful. Thank you. Yeah, sure. Hey, Herman, how are you? Look, I think generally speaking, what we're seeing is the, whether it's Brazil, India, U.S., the bigger fintech companies are starting to get bigger. They're the ones with the most access to capital, with the best teams and skill sets, and most of them have delivered in one key segment, in one key country and are now thinking of more. I could point to many, whether StoneCo or PagSeguro or Nubank in Brazil, and Creditas very much is of that ilk. You need to be logical around this because you've been an organic growth story so far, but Creditas has always had a mind for this to add more to its ecosystem. It did initially going from home-backed lending, then to auto, then to payroll. You got three aspects or three security collaterals to work with. It was all about lending against these collaterals. The idea was always what more can we do? We give a loan, then we can give a repeat loan, so a second loan. Look at auto, that's the ecosystem that's probably the deepest or broadest in terms of work in progress so far. Creditas was lending against cars as a collateral. Now they're lending for cars. With the insurance acquisition, they're looking to insure the cars that it lend against. With the Voltz acquisition, they're looking at moving into the motorbike space, lending for electronic vehicles. It's really adding more product suite around the core collateral and being with the customer over the life of that collateral. Some of these things are done organically, and Creditas, the speed to delivery around staying at an idea is phenomenal. Also there is opportunity of doing these on an inorganic basis and making acquisitions. Some of the acquisitions, to touch on them like Bcredi in the home equity space. That was effectively an acqui-hire. They liked the team a lot. It was a much smaller version of what Creditas is doing on the home equity space. They bought the business, the book, but effectively they hired the team. The leader of that business is now the head of home equity at Creditas. Creditoo was a company they bought in the payroll lending space, and that allowed them a fast track to move into payroll-backed lending and brought the team on board initially for that as well. There were kind of acquisitions that brought a product suite and fast-tracked or acqui-hire aspects of them. I think insurance, Minuto Seguros, much bigger than that. As you say, Herman, it's really on the auto space initially. It's auto. They want to be for every car they lend against, they have a relationship with the customer. Every car they lend for, they automatically want to be doing the insurance for that, whether it's broking initially or moving into full stack insurance now with Minuto Seguros. On Voltz, it was a way of getting into the motorbike space, and getting into lending against that vehicle, which is a very captive market with Honda and Yamaha in the Brazilian market. Now they're also moving into the marketplace, as you alluded to as well. The marketplace for buying and selling these products. Once again, car seems to be the playground that's had the most progress so far. Whether you're borrowing against your car, whether you're borrowing to buy a car, whether you're looking to buy a car, whether you're insuring your car, Creditas just wants, instead of being once and done in terms of a product, they want to be with you in your life cycle through that product. What that will do is two things they're religious on. One i s reducing CAC. You're talking to customers across the different spectrums. You get all these customers in at lower CAC over time. The second thing is increasing lifetime value. It's not a once and done product in terms of a loan. You want a loan, you want a repeat loan, you want an insurance product, you want to be with that person as they're looking to sell their car. It's a life cycle increase of value proposition. Auto is where we're seeing a lot of the headlines. There is a lot of work being done at home. There's a lot of work being done on payroll. Then we're just talking Brazil, whereas Mexico is kind of fresh territory as well. Yeah, I understand. Perfect. Just to what extent do you think that these acquisitions were planned in Creditas kind of original plan when they raised capital before at the end of 2020? Do you think that they will need capital soon again if they continue this M&A activity? Look, I think they were broadly in the plan when Creditas raised money in Q4. The plan at that time was very clear. It was a capital raise that would get them through to IPO in the second half of next year. The opportunities to make probably more acquisitions quicker than originally planned has come about. More capital has been put to work. At the same time, the company is growing at a healthy clip, albeit broadly in line with expectations, which is always good to see. It just does make the management, I guess the board around the management ask the questions around waiting for the IPO moment, building the war chest ahead of that so you got flexibility of when you do it, and also gives you more capital to work with in what are still good markets. I think the possibility is there that Creditas could raise more capital before IPO, but nothing's set. Nothing's planned, nothing's on the table. It's just one of those things where we're seeing a lot of the later stage fintech companies moving towards an IPO, but they tend to, or they can be opportunistic in the market and grab that incremental capital, which gives them flexibility around what they do and when. Yeah. Just moving on to BlackBuck. I was wondering if you can present this asset in a little bit more detail. It seems like payments was a large part of what drew you to this asset. What kind of other financial services do you see could be added, and what kind of growth expectations do you have for this asset going forward? Yeah, no, that's fair. Look, to say VEF is investing in a trucking platform is a little bit of what the hell is going on here. This is something we've been deliberating at a board level and a team level, and we've looked at a bunch of different areas, and education's been a big one we've looked at, mobility. We've been talking with our partners at [B&B], just seeing how important financial services is to a lot of companies, which are not necessarily financial services in their initiation. Then we obviously seen that in China with Ant, the Alibaba Group, which wasn't a financial service at its outset, but ended up being the number one consumer and SME financial services play via the Ant Group. We see it as well in mobility in Southeast Asia with Gojek and Grab, where financial services is a big and growing part of what they are, but they started out as mobility platforms. It's really just opened our eyes and ears and our lens from looking for these names. We don't want to look for something that's got 1% fintech or might have fintech in the future. It has to be important to what they are today and the growth story. Then just to round off that general point, Creditas is a great example of a fintech company first and foremost, and now it's becoming embedded fintech because it's a marketplace for cars. It's effectively building motorbikes. There's a lot more to that story, it's kind of backing out an embedded fintech play. It's all kind of evolving interestingly for us as investors. BlackBuck was actually introduced to us by the team at Wellington, who are investors of ours. They're partners of ours, invested in Juspay, and names like Sequoia and Accel were also in this name. At its core, it's a trucking platform. Demand and supply for trucking needs. There's 1.2 million + truckers, and they're individual trucks and small truck owners across India. The marketplace aspect, the online need to digitize this process and connect that demand for trucks and logistics into supply was very much needed in India. BlackBuck was ahead of the curve on building out that trucking platform, all mobile based and digital. At the same time, the folks on one side of the platform, which is the truckers, is something that's got a lot of traction. That being the in-truck app of choice for truckers, so they have everything in one place. The owners of trucks can track their trucks, logistics wise. They can pay for fuel and get discounts across the board. Tolls, there are tolls everywhere in India, moving from cash to digital in that and having it in app and just naturally passing through tolls. Once again, you can get group discounts in that. It's a big part of what the revenue stream is today. We've had a lot of traction on tolls, and that gets a lot of good for customer acquisition on the trucking side. Fuel is a big thing. We're still early days, and that can be a big thing once we add that to tolls. I think that the marketplace around just buying and selling of parts for trucks and reman of trucks very much can be embedded in. I think the tolls and the fuels are very key, and this is all aside from them building. The plan is to be a very successful size marketplace in trucking. We've seen names, FLEETCOR in the U.S. which are very successful in this, multi-billion dollar companies. Same in China. India, BlackBuck is at the front foot of building something similar in India, albeit we've hung our hat and our valuation around the fintech aspect, as they keep on delivering on that side of the marketplace and the trucks and fintech, this will be a very good investment. If they also deliver on being the number one marketplace, it'll be a super investment. Yeah. Perfect. Thanks a lot for that. Just a final question from my side. Is it possible to give some kind of rough update or estimate on how you view the total funding need in the portfolio at the moment? I think you mentioned Juspay, JUMO, and TransferGo as being well-placed to secure more funding here during the rest of the year. Yeah, if you can just give a number or rough estimate, that would be very helpful. Thank you. Yeah, no, that's fair. Look, we kind of ended Q2 at $19 million in the bank, and we've got a commitment for $10 million to BlackBuck, which hasn't gone out the door yet, albeit we've got $3 million coming in from Guiabolso. We're getting low on capital, similar to previous points in our life. At this stage, besides pipeline, which is always busy, we look inside the portfolio. Creditas could do something, could be this year, could be next, or it could be IPO. We've got to be mentally ready for something like that potentially happening. Names likely to raise, Juspay, JUMO, Magnetis in the portfolio. These are ones we can take part in or not. If you put all the numbers together of what they're raising, if we took our right, if we wanted to, you're in the $ 30 million-$40 million in the next 6-12 months. That's all ahead of us in portfolio besides outside portfolio. Similar to last quarter, as we told investors, we're open to capital, as we have been in the past, and we're exploring all our options of how we go about that, debt, equity, timing. We feel very comfortable with our shareholder base, with debt markets, where our share price is, where everything is, that we could do something in the not too distant future. It's all kind of there for us given capital needs, the pipeline of things that we have to do. We're sitting back planning, talking to the markets, investors. It would be logical ex any exits, and there's always exits potentially out there. Some of our companies are always under offer from different names because of what they are. We could sell secondary shares as well. We have a nice secondary shares in some of the companies that we have, which are doing raises. We could go the other way and take money off the table. We've got a few different avenues of releasing capital or getting fresh capital to keep on doing things we want should we want to. Perfect. Sounds very good. That's it for me. Thanks a lot, and have a continued nice summer. Yeah. Thanks, Herman. Appreciate it. I remind you that if you want to ask a question, you will have to press zero one on your telephone keypad now. We have a question from the line of Joachim Gunell from DNB Markets. Please go ahead. Thank you very much for that. Good afternoon, Dave. I think Herman's questions covered the most central topics. Perhaps can you talk a bit more about what we have seen recently with these more seed type-like investments because of course it secures your seat at the table and then it makes sense to partner with strong local VCs to get access to those types of investments. In terms of NAV accretion and also being able to exercise your, call it, ownership model via board seat representation, et cetera, what's the strategy from a three-year timeframe with regards to those investments? Is it to double down on the winners and then basically risk mitigation, or can you talk a bit more about that Dave? Yeah. No, that's very welcoming. Thanks for the question, man. Look, I think as a team and as a board, we sat back and we've debated this. We had a one-dimensional, albeit very successful approach of taking 10%-20% stakes and board seats and being active investors in everything we do. We did find we were missing deals as a result of that because somebody else was leading around and we didn't take part for whatever reason because we were getting a small stake and it didn't fit our mandate or our own set mandates. Also there was companies at earlier stages or even later stages where we could get a small piece, and it made a lot of sense to us either to get in early. It didn't quite tick all our boxes, but it was very close to it and we were very close to the founder and believed. The idea of taking a smaller stake made a lot of sense. I think what you've seen with Rupeek in India and Minu in Mexico and now BlackBuck is us kind of stretch those limits a bit of what we did historically versus what we're doing right now. I think whether it's something we're a core position in 10%+ or whether it's a 1% position, if it's working, I think the general rule is we all try and get as much capital into it as possible. Rupeek was a deal that we really wanted to lead, and we couldn't so we were happy to take a smaller stake with a view of doing more in the future. I think Minu in Mexico is in that category whereby we like the salary advance financial wellness space. We love Nima as a founder. We were actually doing our capital raise at the time in Q4. We were very busy eyes on that prize. We agreed with Nima to go ahead with a different fund to lead that round and we took a small piece with a view of doing their next round should everything deliver. That kind of fits that category. I think BlackBuck is it's late stage now, we're talking it's a billion-dollar plus minus company, and we own 1% of it with our $10 billion check. It's an embedded fintech. You've got two kind of categories of is this what VEF does? I think it was nice to come into a name like that at a later stage name, which gives you a lot more comfort in terms of what is it, the product market fit, the traction, the route of travel, the team's proven out as opposed to we did at Abhi, which is day one kind of material. Also going in there with a lot of investors that we know. We're moving our first embedded fintech investment with a lot of core investors locally and internationally that we know and like and we stress tested the case with them as well as with the management. It was probably nicer and easier for us to do a smaller check there. You also have to cross reference that Joachim with the capital that we have and our ability to write that bigger check in this round for maybe BlackBuck that we couldn't. We're very happy to be involved, very happy to get into an embedded fintech play. As with everything else, we're happy to build that position from here should the opportunity arise and should it deliver. Understood. Can you talk a bit about the process here when it comes to exiting Guiabolso and basically over what timeframe has that option been evaluated? Also, I think when we spoke earlier this year you said that there are a number of your portfolio holdings that are in talks with potential partners for an exit and what changes to that comment based on where we stand now? Yeah. No, look, I think we always like our companies to be on the exit footing. We don't necessarily want them to exit but it's great. Your better companies are always talking to bigger partners about exiting, getting a sale for price. They're looking at IPOs in the future. It's not that you wake up someday and you decide we want to sell this business. It's just an ongoing process and you are in control as opposed to the market being in control as much as you can once you deliver. Look, I think the Guiabolso also exit specifically, it's not a classic exit. I think that's very clear versus what we've done in the past with Tinkoff or iyzico. It's not bragging rights exit in terms of 60% IRRs. Given where we had the position at Q1, I think it would have marked at $4.8 million and we'll get about $3 million in the door. I guess the direction of travel is NAV with that one. I guess the one good thing it does is it kind of attests to us and our true and fairness of NAV and how we value things on a rolling basis both on the way up and on the way down. Guiabolso had a few people looking at it over the last 12 months. It had been talking to suitors. This is one that I guess we got very conservative with our NAV mark in Q2 and at the end of Q2 just from a board, from an auditor point of view, it was kind of like let's just really get conservative here and we marked it down to zero albeit we had a couple of offers in the fires at that time. One of them came through with PicPay. It's a nice ending to the overall story. It's a good feel for how we're true and fair with NAV, but clearly it wasn't a good investment for us and for our shareholders. We're very aware of that and lots of lessons learned. I think outside of Gearbulso, we talk about Creditas on a path towards IPO. Konfio would like to think it's doing something similar, albeit with a lag. JUMO as well, quite a unique business, and that's more in the IPO category than the M&A, on average, I would think. Other businesses, TransferGo could be ripe for consolidation, especially with Wise now listing. I could see Remitly potentially listing in the U.S. There's been stories out there on that front. The bigger names like Western Union. There definitely is a consolidation coming in digital remittances as there is in border payment. Same with Juspay in India on the mobile payments front. There's a lot bigger groups looking at it, its product suite and what it delivers. You can see that being consolidated at some point in the future versus IPO. That's just me talking and thinking as we sit here. On the smaller end of the portfolio, there has been offers for some of our smaller companies, not the right price, not the right time. As you've seen what Creditas is doing, some of these can get consolidated into bigger groups. We can get shares with other companies. We evaluate everything as we go along. The main thing for me when we're sitting with our founders at board level is we're always thinking about this. We're reactive, we're proactive to make opportunities happen. Then we decide. Very clear. Just final from me, with the capital raised in Konfio, would it be fair to assume that they could follow a similar path as Creditas have done and really accelerate its M&A program? What can you say there? What needs to be complemented in order to create more of an ecosystem that is complete for Konfio? Yeah. I think it's a fair question and point. I think it will follow a similar path as Creditas. Can't guarantee how or when but they're definitely on the front foot. They did a small acquisition on the ERP front in Q4 of last year, and that got their feet wet with fast-tracking a product line via M&A as opposed to building in-house. They're looking at similar, whether it comes to payments, different aspects of payments, and also in terms of getting their hands on a banking license as opposed to waiting their way through the application process. All those work streams are on the go. Nothing's guaranteed and no timeline, but I can see Konfio being similar to what Creditas is doing. You have to be careful here because it is a skill set. It does take your eyes off the focus of building something organically. Now Konfio is in a strong capital position and I think similar to Creditas, given they've made a small acquisition that's worked out very well, they've got appetite for more. Great. That's all from me. Thank you very much. Yes, have a very nice continued summer. You too, Joachim Thanks a lot. There are no further questions registered at this time, so hand back to the speakers for any closing remarks. Excellent. Thanks, operator. Look, thank you everybody for your time. Obviously, it's midsummer so it's very appreciated you taking the time to listen in and to engage with us as always. Any questions after this, as always, reach out to myself directly or Henrik Stenlund, our CFO and Head of IR. We're always happy to answer any questions or hear any comments that you have. Enjoy the rest of your summer and we'll be talking soon. Thank you.