US-based Vemanti Group takes 20% stake in Vietnamese fintech firm eLoan

Charts with statistics on the screen of a laptop on a glossy surface. Photo: Unsplash

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.

Also Read:

Vietnam: Greenwings invests in Hoayeuthuong; Vemanti takes over Two Group

US firm Vemanti to acquire Vietnam’s tech conglomerate Two Group

Vietnamese fintech space to continue to attract investor interest: EY report 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.