US-headquartered Vemanti Group, a diversified holding company, has entered into a definitive agreement to take 20 per cent equity interest in eLoan JSC, a Ho Chi Minh City-based fintech company, according to an announcement.
Founded in 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).
As part of the agreement, the Vemanti Group will execute a cash and stock exchange for 20 per cent equity interest in eLoan with options for more along with a corporate board seat.
The investment will be made through eLoan’s parent, Directus Holdings, a Nevada company. The transaction is expected to be closed in Q3 2018.
Vemanti Group is a technology-driven holding company that seeks to be active in high-growth and emerging markets.
Vemanti was established in 2014 and is currently traded on the US OTC market. The company, which targets opportunities in high-growth, emerging and technology-driven markets, has invested in California-based telco VoiceStep, according to information on its website.
“We believe the immediate future of the Internet is a decentralized economy model followed by the implementation of blockchain technology…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,” said Tan Tran, CEO of Vemanti Group.
eLoan focuses on the SME space, offering them short-term loans. Its marketplace platform is run on an AI-driven decision-making and credit-rating system.
“We see a $100-billion market with very little competition. The demand is unbelievable,” said Trung Vo, CEO of eLoan. “We’re delighted to have Vemanti Group on board as an investor and a partner to help us expand beyond the local footprint.”
Last year, Vemanti entered into an agreement to acquire a majority stake in Ho Chi Minh City-based tech firm Two Group JSC. The deal is seen as a first step for the American firm towards making strategic investments in Vietnam and the rest of Southeast Asia.