Grupeer restores investor account balance information

Grupeer investors have been told they will be able to access their balance information in the coming days after a technical glitch was fixed.

The Latvia-based peer-to-peer lender suspended operations in March due to a state of emergency declared across European Union member states and limits on being able to recover debts amid the coronavirus pandemic.

Grupeer has previously said it could take one to two years to stabilise its platform and is currently working through a stabilisation plan.

It has now resolved a technical issue that was stopping investors accessing their balance but it is unclear if this means withdrawals can be made.

“The investors who tried to withdraw financial means from their Grupeer’s account after 31 March might have experienced the issue,” Alla Kisika, chief executive of Grupeer, said.

“It was caused by the error with a link from Grupeer platform systems to financial tools and bank accounts, which are frozen.

“In the next few days we will restore information of the balance status that was effective until 31 March.”

Kisika said calculations will be available for projects completed after 31 March later this month.

“At the same time we continue to carry out portfolio performance audit, as well as strengthening risk and anti-money laundering policies,” Kisika added.