IRVINE, Calif., Sept. 08, 2020 (GLOBE NEWSWIRE) -- September 08, 2020 (GLOBE NEWSWIRE) - Vemanti Group, Inc. (OTC PINK:VMNT) a multi-asset technology-driven company, today announced that its portfolio company, Fvndit, Inc. (“Fvndit”), has secured $30M in non-dilutive financing from two US-based institutional capital partners for its Peer-to-Peer (P2P) lending marketplace eLoan JSC (“eLoan”). The committed investment will serve to further solidify and propel eLoan’s business objectives as the market leading SME-focused funding platform in Vietnam.
Further details can be found at: http://www.globenewswire.com/news-release/2020/09/08/2090187/0/en/Fvndit-Closes-30M-In-Financing-For-eLoan-And-Seeks-To-Advance-Its-Market-Leading-Position-In-Vietnam.html
Fvndit, pronounced like “Fund it”, is focused on solving the working capital problem for SMEs by using technology to make the underwriting process seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC (“eLoan”), operates an online Peer-to-Peer (P2P) funding and investing marketplace in Vietnam, its current local market. Today, SMEs account for more than 41% of Vietnam’s GDP ($261.64 billion - nominal, 2019 est.), and 98% of all enterprises but still remain largely neglected by traditional banks with 70% of them do not have access or have difficulty in accessing credit. eLoan was launched in late 2017 with a clear mission - to make credit more simple and investing more rewarding. eLoan’s total revenues for FY2019 increased by 338% compared to FY2018. Despite the global uncertainties around COVID-19, it is still projected to exceed last year’s performance.
Tan Tran, CEO of Vemanti Group, who is also Fvndit’s CEO, stated, “We’re hugely excited about the new capital injection and very optimistic about future prospects of Fvndit and eLoan. We see a $100B market, and there is a huge unmet credit demand. Already a market-leader and one of the first movers, the additional capital will strengthen our position as the de facto SME financing platform in Vietnam and allow us to increase diversification of products. We’re thrilled to be a part of a fast-growing company in one of the world’s hottest economies.”
For more news and updates, current shareholders and prospective investors of VMNT can follow @Vemanti on Twitter (https://twitter.com/Vemanti).
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTC PINK:VMNT) is a technology-driven multi-asset 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 fintech applications combined with other emerging technologies, including blockchain and machine learning/AI.
About Fvndit, Inc.
Fvndit, Inc. ("Fvndit”), pronounced like "Fund it”, is a California- and Vietnam-based fintech company, focused on solving the working capital problem for SMEs using technology. The team is comprised of engineers, designers, data scientists, trade finance and banking veterans across 2 locations: Irvine, CA and HCMC, Vietnam. It’s using technology to re-build core parts of the business funding infrastructure and make the underwriting and financing seamless for small businesses. Its wholly-owned subsidiary, eLoan, JSC ("eLoan”), operates an online P2P funding and investing marketplace in Vietnam, its current local market.
About eLoan, JSC.
eLoan, JSC ("eLoan”) (https://eloan.vn) is a peer-to-peer (P2P) lendingmarketplace 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 platform is run on a proprietary 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 https://eloan.com, a Division of Banco Popular de Puerto Rico.
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.