Vemanti Group, Inc., 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 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.