Vemanti acquires Devblock to boost its neobanking strategy in SE Asia

By Leandra Monteiro

Vemanti Group, Inc. announced it has signed a Stock Purchase Agreement to acquire 100% ownership of Devblock Technologies, Inc., moving a step ahead in the Company’s broader strategy of becoming Southeast Asia’s first neobank for SMEs.

With this acquisition, the Company will add advanced AI and digital transformation capabilities to its primary competencies, further strengthening its position in the rapidly growing digital banking sector in SE Asia. The transaction is expected to be completed in Q2 FY2023. Post-closing, Deblock will be a wholly-owned subsidiary of the Company.

“This acquisition is part of the master-planned roadmap we have in place,” stated Tan Tran, CEO of Vemanti. “Devblock brings tremendous synergies, solid business fundamentals, and next-level technical capabilities that align with our overall corporate vision and mission. The transaction makes sense on many fronts for the two companies. It provides Vemanti with important building blocks to accelerate our neobanking strategy while allowing the Devblock team to fully deploy their expertise and knowledge through impactful digital financial solutions for millions of SMEs in Vietnam and Southeast Asia. We’re extremely thrilled to welcome James, Ben, and the entire Devblock team to our family.”

Based in Seattle, WA, Devblock is a technology platform and development company that specialises in artificial intelligence (AI), machine learning (ML), blockchain, and cloud computing.

“We have great chemistry with Vemanti. We share similar forward-thinking perspectives on business and technology. We’re excited to be a part of Vemanti and look forward to developing game-changing financial products for our target clients,” said Benjamin Liu, Co-Founder of Devblock.

“Being part of Vemanti is a natural progression in our product strategy to build a borderless fintech platform in the long term,” added James Sun, Co-Founder of Devblock. “Vemanti gives us access to work with PVcomBank for the next 10 years and other important partners to disrupt the current banking and finance sector, applying our core strengths in AI, blockchain, and cloud services.”