US Vemani Group buys 20% stake in Vietnamese fintech firm

Vemanti Group, Inc., a technology-driven holding company, has entered into a definitive agreement to take 20% equity interest in eLoan JSC (eLoan), a Ho Chi Minh City-based fintech company. The deal’s value has yet to be disclosed.

us vemani group buys 20% stake in vietnamese fintech firm hinh 0

Established in December 2017, eLoan is a Peer – to – Peer (P2P) lending marketplace that matches investors with borrowers, allowing anyone to lend money directly to small and medium-sized enterprises (SMEs). It is the first P2P lending company in Vietnam focusing purely on serving SME clients with short-term loans.

As part of the agreement, Vemanti will execute a cash and stock exchange for 20% equity interest in eLoan with options for further deals 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 the third quarter of this year.

Trung Vo, CEO of eLoan, stated, "We see a US$100 billion market with very little competition. The demand is unbelievable. 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."

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% of all enterprises, more than 40% of GDP (US$224 billion in 2017), and over 50% of employment.

Regarding Vemanti, it is a technology-driven holding company that seeks to be active in high-growth and emerging markets. Its core strengths are in technology development and investment.

The firm drives 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 its own. Strategically, it focuses mainly on blockchain applications combined with other emerging technologies, including machine learning/AI, security and the internet of things (IoT).

VIR

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