IRVINE, Calif., July 22, 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 disbursed a record of over $15M USD in loans to SMEs in Vietnam through its P2P lending marketplace, eLoan JSC (“eLoan”).
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. Most of the loans are short-term loans, averaging a two-month term. The average ticket size of the loans facilitated stands at $50,000 USD. Small to Medium-Size Enterprises (SMEs) play a major role in Vietnam's economy, accounting for 98% of all enterprises, more than 41% of GDP ($261.64 billion - nominal, 2019 est.), and over 50% of employment. Access to credit is the biggest challenge for these businesses. It is estimated that 70% of the SMEs in Vietnam don’t have access to proper financing. Banks regard loans to SMEs as risky relative to high transaction costs and approval process could take 1-2 months. Most banks don’t find enough value in underwriting loans for SMEs, often because their typical loan size is not very large, and banks cannot justify the money or the manpower they spend on underwriting smaller business loans. Banks providing commercial loans prefer to allocate their resources to larger firms rather than SMEs.
“We measure our success not just on numbers but also the impact we’re creating. Helping SMEs grow is important for Vietnam’s continued rise as a regional economic driver. Our retention rate is over 70%. There is a huge unmet credit demand that we want to fill. We’re currently working on closing a sizable financing transaction with institutional investors to increase our loan portfolio and diversification of products to strengthen eLoan’s position as the market-leading P2P SME financing platform in Vietnam. We’re also confident in expanded future growth with strategic partnerships currently in the works as well as the ones we already have in place like Nam A Bank and Investree.” stated Tan Tran, CEO of Vemanti Group, who is also Fvndit’s CEO.
Fintech today is a much sought-after space in Vietnam’s emerging economy and with a $23B-financing gap for SMEs in the country, a joint report released by the International Finance Corporation (IFC) and SME Finance Forum estimated. eLoan’s P2P lending platform addresses the long-standing issue of lack of SME financing by using technology to streamline the loan underwriting procedures, making it relatively cost-effective and efficient with end to end processing completed in as little as 24 hours. With a population of close to 100M and a consistent growth in the annual gross domestic product (GDP), Vietnam has emerged as one of the next big lands of opportunity in Southeast Asia.
The current macro environment has brought economic challenges globally. However, it has also created a myriad of opportunities for P2P platforms like eLoan. P2P lending has started to come to fruition during the crisis, not just by surviving but by playing a role in the economic recovery. P2P has outpaced traditional bank savings, making alternative lending one of the more attractive products on the market for yield-seeking investors. As part of an effort to further enhance user experience, eLoan is looking to deploy a mobile app in the near future, available for both iOS and Android, to match their website capabilities in terms of account management for individual investors. With it, users will be able to set their own investment rules and have a customized portfolio by manually participating in individual loans or setting up an automated fixed-income strategy.
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 http://eloan.com, a Division of Banco Popular de Puerto Rico.
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Vemanti Group, Inc.
Investor Relations
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