Vemanti Group Inc (OTC: VMNT) is a fintech company that is developing a digital-only banking platform targeting small and medium-sized enterprises in Vietnam. The company's primary commercial arrangement is a Digital Banking Platform Agreement signed with Vietnam Public Joint Stock Commercial Bank (PVcomBank) on March 21, 2022, under which Vemanti is partnering to design, develop, and deliver the platform. As of the 10-K filed March 28, 2024, the platform had not yet generated meaningful revenue, and the company disclosed a history of losses with no guarantee of future profitability. Vemanti also operates VoiceStep, a cloud-based fixed-mobile convergence (FMC) phone service, though the filing states this service did not realize its projected revenue. The company holds a 20% equity stake in Fvndit Inc., a Nevada-based fintech focused on working capital solutions for SMEs, though it divested certain Fvndit shares and related receivables in June 2022. Vemanti has not paid cash dividends since inception and does not plan to do so.

Revenue model

Vemanti has not disclosed a functioning revenue model generating material income as of the 10-K filed March 28, 2024. The intended revenue model involves fee-based digital banking services for SMEs delivered through the PVcomBank platform partnership. The legacy VoiceStep business generates service agreement fees for cloud phone services, but the filing states projected FMC revenue was not realized.

Products and services

Digital-only banking platform for SMEs in Vietnam (in development, via PVcomBank partnership as of March 21, 2022 agreement). VoiceStep cloud phone system offering fixed-mobile convergence (FMC) services that route calls over Wi-Fi or cellular networks. Minority equity stake in Fvndit Inc., parent of eLoan JSC, a peer-to-peer and SME working capital lending business.

Customers and end markets

Target end market is small and medium-sized enterprises (SMEs) in Vietnam, addressed through the planned digital banking platform with PVcomBank. The filing notes that a limited number of customers account for a substantial portion of revenue, and that seasonal fluctuations in SME trade financing activity could affect platform usage.

Value-chain role

Vemanti acts as a platform developer and technology partner, sitting between banking infrastructure (PVcomBank) and SME end users. It does not hold banking licenses or act as a regulated financial institution. All source code is open-source; the company has no dedicated in-house R&D.

Geographic exposure

Primary target market is Vietnam, specifically for the digital banking platform. VoiceStep operates as a U.S.-based telecom service. Fvndit is incorporated in Nevada with operations in Vietnam through eLoan JSC.

Source: SEC 10-K, filed 2024-03-28

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