FAQ

Planeta Cash, Epic Cash, Monetria & Lion Lender - what are their connections and actual situation?

'Planeta Cash' initial plan was to expand in Russian microlending market, for more efficient communication it created several companies and sub brands meant for specific audiences. 'Monetria' launch was planned for March 2020, 'Epic Cash' launch was planned in Autumn 2020, while 'Lion Lender' - end of 2020, after all companies would receive their license, and full investments. Due to the market situation caused by the health crisis, as well as Grupeer’s reputation crisis - both of the projects were underfinanced, thus unsuccessful. Currently, loan originators are working on the best possible exit for investors. We will keep you updated.

Why is Grupeer / Finsputnik not executing a buy back guarantee?

COVID-19 crisis had a wide impact on the financial health of several loan originators. Currently, our priority is to find a solution to ensure repayments. If that will not be possible then we will negotiate how the buy back guarantee will be executed.

Why should we trust Grupeer now?

All investments are related to various degrees of the risk, and Grupeer cannot be held responsible for loan originator business models and financial success, as investment choice is solely made by the investor. However, we want to do everything that depends on us to find the best solutions for investors.

Why don’t you have an action plan for the loan originator group that has financial difficulties (5th group)?

This particular group of loan originators has faced financial difficulties and they are still seeking for their course of action legal and financial to carry out their financial liabilities with investors. We have agreed that we are going to receive them till 20th of July.

When I will be able to receive my funds you say I am eligible to?

We are waiting for all KYC questionnaires to be updated to renew the operations of our bank accounts. As soon as it is done, we will be able to transfer funds according to the crisis overcome plan.

Why is the loan originator financial update only till 31.05.? Now it is already the end of June. When will we see the status of the rest of the period?

We will update information on each loan originator group gradually, we will inform investors about it individually.

When will you fully restore the information in the investor’s cabinet, including deposits, that were not added to the balance and investments that were finished by this date?

We’ll update this information on July, 3.

Why do you update your KYC procedure now?

In accordance with bank requirements to reactivate the accounts and to ensure payments to investors, Grupeer needs updated information for Know Your Client (KYC) information. To ensure the payments to investors It is also required by the banks to renew operations of our accounts, so we can ensure payments to the investors. We are currently improving the Grupeer’s platform to make it a transparent system which includes observing Anti Money Laundering (AML) and Know Your Client (KYC) policies effective in the European Union (EU) or other markets we are operating in. Within past year banks have changed and tightened their AML / KYC procedures, which is why legal counsels have updated Grupeer's AML policy and within that scope also KYC. It is also required by the banks to renew operations of our accounts, so we can ensure payments to the investors.

How is it possible that so many of your investors have not submitted KYC questionnaires?

There has been a request to submit KYC in the Investor's cabinet always, because without it one could not make further investments or withdraw deposits. As there were no technical restrictions in the system that would prevent further access before completing the KYC questionnaire, that led to the situation where part of the client's ignored the request and omitted the KYC. As we received reproach from the banks regarding this matter, we carried out an audit and found out that the share of investors that have not submitted KYC questionnaire is high, which is why we have upgraded our system, updated AML & KYC procedures in accordance with current requirements. We kindly ask to fill out and submit the questionnaire, which is in the interest of everyone, so we can renew payments.

What will happen if I will not update or submit my KYC?

AML / KYC compliance is required by the banks to renew operations of our accounts, so we can ensure payments to the investors. If you don't provide KYC information, unfortunately, we might face difficulties to ensure repayment of your deposit.

I need an official note about my investments for the 2019 tax declaration. How can I receive it?

Please contact us by writing [email protected], request the note and we will send you that.

Why is the withdrawal button not active?

We have deactivated the button, as at this point unfortunately withdrawals are not available because Grupeer’s bank accounts are frozen, and some of the loan originators are facing issues caused by COVID-19. We will inform you about the next steps regarding your withdrawals in June. We are communicating with banks directly to resolve the issue, as well as carrying out portfolio performance audit, strengthening risk & AML policies.

When I will be able to withdraw my deposit?

At this point unfortunately withdrawals are not available as Grupeer’s bank accounts are frozen, and some of the loan originators are facing issues caused by COVID-19. We are communicating with banks directly to resolve the issue, as well as carrying out portfolio performance audit, strengthening risk & AML policies. We will update our investors about withdrawal options in June.

I was transferring money from my personal account to my Grupeer’s account. I never received it back, and it does not show in my Grupeer’s account. What to do?

It could happen because Grupeer's bank accounts are frozen. Please check your personal account to make sure, whether your bank has returned the transfer. If your transfer has not been returned, please contact us by writing to [email protected] and provide us payment details. We will check the information according to our internal finance analyses system, and update the balance in your investor’s cabinet accordingly if we have received the transfer.

I tried to withdraw my deposit from Grupeer’s account. I never received it to my personal bank account, and it does not show up in the investor’s cabinet balance either. What to do?

We are kindly informing you that we have resolved technical issues regarding balance status in the Investor’s cabinet. In the next 3 days the Finance and IT will restore balance information that was effective on March 31st, 2020. The investors who tried to withdraw financial means from their Grupeer’s account after 31st of March might have experienced the issue. 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 till 31st of March, 2020. However, for the projects that have been completed after March 31st, 2020 full calculations and procedure of withdrawals will be available in June along with the action plan for the investors.

My personal bank account number has been changed. How can I verify?

You will be able to do it only after Grupeer will have its bank accounts available. We will inform you about that.

How can I check whether restored balance data in the investor's cabinet is correct?

We have restored balance status up to date on 31.03.2020. However, for the projects that have been completed or interest rate that should have been calculated after 31st of March full information and procedure of withdrawals will be available in June along with the action plan for the investors.

What Grupeer is doing to overcome the crisis situation?

As of the end of March we have conducted rigorous internal cost-cutting, which includes development, marketing and office costs, we also substituted employees with outsourcing to ensure core functions. As of the end of April we began a portfolio performance audit to determine best options for our investors, as well as loan originators. Performance audit includes - risk analyses, finance audit, AML improvement, loan originator financial health check & debt control, discussing recovery options with those who have issues. In June we will announce an action plan for repayment of investments.

It seems that other P2P are continuing to operate as normal. Why is Grupeer hit so hard?

We can answer only for ourselves. Our current business model was fit for fast growth, our plan was to introduce several measures for stabilization such as become a licensed investment broker company, launch secondary market and risk accruals, which we did not manage to do before the crisis started. In perspective, it would allow us to leverage this situation.

Currently, we have conducted rigorous internal cost-cutting, carrying out a portfolio performance audit and we will publish an action plan for our investors in June.

We believe that our previous results show our ability to carry out our promises. Our investor base was stable - 42% of all the registered investors made more than 1 investment, and 33% made more than one deposit. From 2017 till 2020 in total we have repaid 32M euros, which includes 4.4M euros of interest payments.

Why did Grupeer not communicate with its investors and loan originators?

Grupeer as a platform within the last year has grown tremendously, and this is the first time that we find ourselves in such a situation. Our failure to communicate was because we were focused on finding a solution for the situation, as well as in March we cut our staff tremendously, thus some processes became slower. Currently our focus lies in completing the portfolio performance audit and creating a viable action plan based in the interests of investors. We intend to announce it in June.

Why I cannot withdraw my deposit that was not invested yet?

Currently, Grupeer’s bank accounts are frozen, we are doing everything in our power to resolve the situation, and we will update you about the situation as soon as we have information but not later as June.

In this situation, several aspects have collided - two Estonian P2P platform collapses caused market uncertainty,  which is why banks strengthened their AML requirements for P2P business, including us. Also, COVID-19 caused foreign currency, especially Russian and Belorssuain rouble, internal protection measures in some regions.

Grupeer as a platform within the last year has grown tremendously, and this is the first time that we find ourselves in such a situation. Our failure to provide timely and sufficient communication to our investors, caused chaos and that caused an avalanche, which is why banks froze our accounts. Now we are addressing this issue with banks directly. Amongst other things, we also have conducted rigorous internal cost-cutting, carrying out portfolio performance audit and we will publish an investor action plan in June.

Why Grupeer is not paying my interest?

Currently Grupeer’s bank accounts are temporarily frozen and some loan originators faced the difficulties caused by COVID-19, we are doing everything in our power to resolve the situation, and we will update you about the situation as soon as we have information but not later as June.

Our goal is to settle in the best possible way with our investors, thus currently we are conducting a portfolio audit, and we will announce an action plan for investors in June.

Is it possible that Grupeer actually has used financial means that were in my account, but were not invested?

No, the choice of investment is solely yours. Currently your withdrawal is pending because Grupeer’s bank accounts are frozen. We are doing everything in our power to resolve the situation, and we will update you about the situation as soon as we have information but not later as June.

Currently, several aspects have collided - two Estonian P2P platform collapse caused market uncertainty,  which is why banks strengthened their AML requirements for P2P business, including us. Also, COVID-19 caused foreign currency, especially Russian and Belorssuain rouble, internal protection measures in some regions.

Grupeer as a platform within the last year has grown tremendously, and this is the first time that we find ourselves in such a situation. Our failure to provide timely and sufficient communication to our investors caused chaos and that caused an avalanche, which is why banks froze our accounts. Now we are addressing this issue with banks directly. Amongst other things, we also have conducted rigorous internal cost-cutting, carrying out portfolio performance audit and we will publish an investor action plan in June.

What about BuyBack Guarantee?

Exercise of the BuyBack guarantee is directly linked to and ensured by the ultimate loan originator. Our ability to facilitate this process is limited at least until the time above bank account and loan repayment issues have been resolved to satisfactory extent.

Why are Grupeer’s accounts frozen?

FinTech is a new industry, where development happens faster than its legal framework. However, at the core of our business lies the interests of investors and partners, thus we base our work on best practiсe of the industry, AML & risk requirements, other regulations required to observe consumer rights & best business practices. Current situation is a collision of several aspects. Two Estonian P2P platform collapse caused market uncertainty,  which is why banks strengthened their AML requirements for P2P business, including us. Also, COVID-19 caused foreign currency, especially Russian and Belorssuain rouble, internal protection measures in some regions.

Grupeer as a platform within last year had grown tremendously, and this was the first time that we found ourselves in such a situation. Our failure to provide timely and sufficient communication to our investors caused chaos and that caused an avalanche, why banks froze our accounts. Now we are addressing this issue with banks directly. Amongst other things, we also have conducted rigorous internal cost-cutting, carrying out portfolio performance audit and we will publish an investor action plan in June.

Why is Grupeer not accepting new investors now?

During these volatile times, our main priority is to recover from the crisis in the best way possible for our current investors. Currently, we are focusing on our existing liabilities before taking on new ones.

How many of your loan originators are “bad debtors”?

We are currently carrying out a portfolio performance audit, and we will share this update in June with our investors.

How do you carry out your due diligence?

Grupeer pays special attention to the due diligence procedure, because our priority is the safety of investors. More than 70% of all loan originators that apply to Grupeer are rejected, because they did not meet our requirements.

Due diligence consists of several steps: first of all, we check the legal structure, AML, then we monitor beneficiaries, examine the financial statements and the client’s portfolio volume. After that the audited annual report is checked. In case the audited report is not available, Grupeer’s representatives visit the loan originator for an additional check. And finally, all loan originators pass the special questionnaire.

All this information is a base for Grupeer’s internal scoring. Rating scoring model analyzes 30 different criteria, which can affect overall risk level. So, after this strict procedure we can be sure that the loans offered to our investors come from reliable loan originators.

 Do you check your loan originators after you have entered into agreement with them?

Updated due diligence procedure involves a mandatory visit to our new loan originators. We want to point that out, earlier the visit was optional. So, Grupeer representatives visit all loan originators at the moment when the cooperation agreement is signed. Further we carefully monitor our partners’ business activity and if we notice any red flags, Grupeer’s representatives might go to visit and check the loan originator.

Why do some of the loan originators (like Northcon Norge, Dziesiatka Finance), whose projects you have on your platform, have denied cooperation with Grupeer?

We have analysed the situation. When it comes to Northcon Norge - its investment project was published on Grupeer’s platform too fast, thus breaching internal procedure. We had performed all required due diligence procedures, while bilateral approval of agreement was pending. We shall remove the investment projects from our site immediately, and we will return financial means to this project investors in the same procedure as to anyone else who had deposited money in Grupeer platform. Our apologies for the inconvenience.

When it comes to “Dziesiatka Finance” we believe it is a misunderstanding due to legal formalities, as Dziesiatka Finance” has agreement with Grupeer’s partner - “Finsputnik”, which uses Grupeer platform to publish their investment projects. We are communicating with Dziesiatka Finance” in order to clear up the misunderstanding and agree on further next steps.

We are also aware that loan originator “Ibancar” has expressed doubts about the stability of the Grupeer, because they received back the bank transaction intended for Grupeer. Currently Grupeer bank accounts are frozen, we are doing everything in our power to resolve the situation, and we will update you about the situation as soon as we have information but not later as June, as well as we will communicate this fact to all our loan originators. We would like to reassure that we are committed to resolve the situation in the best way for our investors.

 Have you ever ceased to cooperate with any loan originator?

Yes, we have. The reasons for ceasing cooperation can vary but our TOP priority is to protect interests with our investors. We always have shared this information on our blog. For example, last November Grupeer terminated loans offered by Monify JSC. Companies came to this decision when Monify decided to change its strategic business plan. Grupeer has terminated cooperation with the Russian loan originator Kviku. The company went through a severe due diligence process, we were excited by their business model too. The only reason for us to stop Kviku’s loans was the lack of interest from our investors.

 What is Grupeer Platform?

Grupeer platform is an electronic trading place that provides an opportunity to invest your free funds in secured loans. The services offered by the Platform are the servicing of claim right acquisition deals, i.e. the Platform brings together two independent participants of the deal – the seller of the claim rights (credit company or investment company) and their buyer.

What is user identification number?

It is a unique combination of capital letters ID and numbers assigned by the Platform to the user at the time of registration and allowing to identify him or her during the implementation of any transactions through the Platform. The identification number must be indicated each time when making a wire transfer to Platform bank account.

Should I provide information on the origin of funds?

Yes, in accordance with AML legal regulation information on the origin of funds of our clients shall be obtained. The clients shall provide this information during identification process in their profiles. The detailed information on this procedure is available for the clients in the Terms of Use and the AML Policy on the website.

 What is user’s posting account?

Posting account is an individual accounting system that provides the user with a service for accounting the deals closed using the Platform. Posting account is not an individual stand-alone account in the terms of banking services or payment system services.

What information or documents do I need to provide to the Platform for identification and KYC purposes?

The Platform requires the documents and information from its clients for their identification in accordance with the Terms of Use and the AML Policy. The requirements are based on the AML legal regulation in order to prevent money laundering and terrorism financing.

The list of the documents to be submitted and the detailed identification procedure is included in the Terms of Use placed on our website and binding for all our clients. It is also available on the identification page in the client's profile. Some of the documents are compulsory, some have to be submitted additionally only on separate request of the Platform.

The Platform keeps and processes the personal data of the clients in accordance with our Personal Data Protection Policy.

I lost my password. What should I do?

If you forgot your password, you have the option to restore it via the Platform homepage by making an appropriate request. A new (temporary) password will be sent to your email. For security reasons, we strongly recommend that you immediately use the temporary password and change it.

Do you have two-factor authentication?

Yes, you can additionally secure your investor's account with two-factor authentication (Google Authenticator). More detailed information about 2FA is available in our blog.

I still have questions. How can I contact you?

Email us at [email protected] Grupeer Support team makes every effort to respond to user requests as soon as possible. If your question is highly specialized, legal or financial, Grupeer Support team can forward it to the appropriate specialist of the company to provide quality and comprehensive information. In this case, it may take several days for the answer to be received.