NEWPORT BEACH, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has completed its investment in eLoan, JSC (“eLoan”), a fintech company based in Vietnam, for an equity interest of 20%.
Based in Ho Chi Minh City, Vietnam, eLoan (http://eloan.vn) operates a P2P (Peer-to-Peer) funding and investment platform that match investors with entrepreneurs, allowing anyone to fund short-term working capital directly to small and medium-sized enterprises (SMEs). Established in December 2017, the company is operational and experiencing close to 20% in month-month revenue growth.
Projected as one of the fastest growing emerging markets in the world, the Asian Development Bank forecast Vietnam’s economic growth at 7.1% in 2018 and 6.8% in 2019. With nearly 800,000 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.
“We believe strongly in the growth potential of fintech in emerging markets. Our investment in eLoan was made based on a combination of different positive micro- and macro-economic factors. Obviously, we like their enduring, scalable, sustainable, and economically viable business model, but this is an investment with metrics beyond numbers and with many upsides. We’re looking forward to many exciting developments in the coming months,” stated Tan Tran, CEO of Vemanti Group.
Trung Vo, CEO of eLoan, added, “We’re pleased to have Vemanti Group officially on board. Together, we’re committed to expanding our current revenue streams and product offerings to become a market leader and go beyond Vietnam."
Per terms and conditions of the investment agreement, the Company has executed a cash and stock exchange for 20% ownership interest in eLoan with options for more. The investment was made through eLoan’s parent company, Directus Holdings, a Nevada company. Details of the transaction will be included in the Company’s upcoming 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.
Vemanti Group, Inc.