Yes, the beans are fermented for flavour development but after they are dried and processed, no other fermentation takes place.
The farmers harvest the cacao pods from the cacao trees. The pods are broken apart and left until the soft flesh surrounding the bean has fermented and run off as liquid. This fermentation process affects the taste of the beans, which lose some bitter flavours, making the beans taste sweeter. The beans are then washed to remove debris and dried. They are then broken into small pieces (nibs). The nibs are pressed to extract the fat content, which is known as Cacao butter, and the resulting ‘cake’ is milled to a fine powder.