Grupeer has applied for regulatory permissions in Latvia as part of its latest attempts to show it is serious about resuming activity.
The Latvia-based peer-to-peer lender has faced criticism and legal action after it said in March that it would no longer pay interest owed to lenders due to the state of emergency declared across EU member states and limits on being able to recover debts amid the pandemic.
Latvia’s tax authority has also suspended the economic activities of Grupeer, an issue it says is being rectified.
The platform has this week revealed that it plans to become a regulated party and has submitted an application to the Financial and Capital Market Commission of the Latvian Republic.
Its shareholders have also put more money into the business and the platform said it has developed a five-year business plan.
“We hope that this clearly shows our intention to continue our business operations,” Alla Kisika, chief executive of Grupeer, said.
“We are aware that the most important question from the investors is about the timing when repayments will begin.
“Again, we want to reassure you that we are doing the utmost to solve the situation.
“Currently, we are unsuccessful, but having said that it has not stopped our efforts and this step – becoming a licenced finance company – is part of that effort.”