Grupeer’s new debt collector will “speed up” repayments

Latvian peer-to-peer lending platform Grupeer has told investors that international debt collector Recollecta has taken over the management of the platform’s repayment process.

In a note to investors, Grupeer said that Recollecta’s appointment will “ensure and speed up repayments to investors…while Grupeer takes the necessary steps to restore business operations and the bank account.”

Read more: Grupeer applies to become a regulated lender in Latvia

Grupeer added that it has informed “all loan originators that have previously expressed readiness to repay owed payments” that Recollecta can accept money transfers immediately.

Within five working days of receiving these payments from the loan originators, Recollecta will arrange repayment to investors.

Grupeer has come under fire from investors over the platform’s decision to suspend operations and block withdrawals in March of this year.

The platform has previously said it will take up to two years to return to normal operations while it focused on getting loans repaid.

“[Over the] last several months Grupeer’s actions have been directed towards stabilizing the company and to fulfil liabilities towards our investors,” the Grupeer team wrote in a blog post.

“We intend to resume the full operation of Grupeer as a company and a legal entity. To do so, we continue our work to streamline [our anti-money laundering] and risk policies and processes, as well as improve and strengthen our IT platform and become part of the regulated finance market.”

Read more: Grupeer has €3.3m ready to repay P2P investors