NEWPORT BEACH, Calif., July 17, 2018 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has entered into a definitive agreement to take 20% equity interest in eLoan, JSC (“eLoan”), a Fintech company based in Vietnam whose focus is to build a decentralized ecosystem of financial services starting with its business-centric online Peer-to-Peer (P2P) lending marketplace.
Based in Ho Chi Minh City, Vietnam, eLoan (http://eloan.vn) is a P2P lending marketplace that match investors with borrowers, allowing anyone to lend money directly to small and medium-sized enterprises (SMEs). Established in December 2017, the company is operational and post-revenue.
eLoan is the brainchild of CEO Trung Vo, a respected C-level banking veteran, and CTO Tom Tran, a seasoned Internet commerce executive and serial entrepreneur. eLoan is the first P2P lending company in Vietnam focusing purely on serving SME clients with short-term loans. Businesses can borrow up to $250K for up to 6 months. The company determines the loan rate based on risk category and loan term. Unlike traditional banks, the approval process is much quicker with decision made in as little as 24 hours. Whole or fractional loans are participated by individual and institutional investors. Investors make money from the interest charged on participated loans which currently stands at 12%-20% annually while eLoan earns revenues by charging borrowers an origination fee on each funded loan. There is no fee charged to the investors.
“We believe the immediate future of the Internet is a decentralized economy model followed by the implementation of blockchain technology. We like companies that are already earning revenues and working to create new revenue streams. Basically, revenue first and then blockchain second instead of the other way around. This validates their business model as everything comes down to execution and operational efficiency. eLoan certainly fits our investment strategy. On a larger scale, we see this as a strategic investment with metrics beyond numbers. We are very excited,” stated Tan Tran, CEO of Vemanti Group.
The Asian Development Bank forecast Vietnam’s economic growth at 7.1% in 2018 and 6.8% in 2019. With nearly 700,000 registered entities and growing at over 100,000 per annum, SMEs continue to play a major role in Vietnam’s economy, accounting for 98 per cent of all enterprises, more than 40 percent of GDP ($224B USD in 2017), and over 50 percent of employment.
Trung Vo, CEO of eLoan, added, “We see a $100B market with very little competition. The demand is unbelievable. Our banking and regulatory experience combined with an intelligent data collection and risk analysis process via an AI-driven platform gives us an advantage few can match. We’re out to acquire relationships, not clients. The idea is to help SMEs with short-term working capital, but the real objective is to embed other applications and to turn data into insights and gives clients the context they need for faster, better-informed business decisions as they grow. We’re delighted to have Vemanti Group on board as an investor and a partner to help us expand beyond the local footprint."
Terms of Agreement
As part of the agreement, the Company will execute a cash and stock exchange for 20% equity interest in eLoan with options for more along with a corporate board seat. The investment will be made through eLoan’s parent company, Directus Holdings, a Nevada company. The transaction is expected to be closed in Q3 2018, subject to conditions on agreement of closing documentation, verification of all records, confirmation of the transferability of ownership, shareholders, Board, and other regulatory approvals. Once finalized, details of the transaction will be included in the Company’s filings.
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a technology-driven holding company that seeks to be active in high-growth and emerging markets. Our core strengths are in technology development and investment. We drive growth through acquisition and investment in disruptive and foundational technologies by targeting early-stage companies that have market viable products or by starting a new subsidiary of our own. Strategically, we focus mainly on blockchain applications combined with other emerging technologies, including machine learning/AI, security and internet of things (IoT). For more information, please follow: http://vemanti.com
About eLoan, JSC.
eLoan, JSC is a peer-to-peer (P2P) lending marketplace that allows investors to lend money directly to small and medium-sized enterprises (SMEs) based in Ho Chi Minh City, Vietnam. eLoan is the first peer-to-peer lending company and one of the few fintech firms in Vietnam focusing purely on serving SME clients with short-term loans. Its marketplace platform is run on an AI-driven decision-making and credit-rating system. The company is a legal entity registered under the laws of Vietnam and is not affiliated with E-LOAN, Inc. and http://eloan.com, a Division of Banco Popular de Puerto Rico. For more information, please follow: http://eloan.vn
This press release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.