Grupeer

The second Peer-2-peer lending platform I invested in is Grupeer. This platform is from Latvia and has a lot of similarities with Mintos. It looks a bit like the smaller and younger brother of Mintos.

Acceptance process

The acceptance process at Grupeer is simple, just fill in your details and send a personal identification document. When I did this the first time I blurred some of the info, for example my social security number. They did not like this and this slowed down my initial acceptance process a bit. But the communication about it was fair and prompt. They will also ask you some questions about your income but it’s not mandatory for you to give that kind of information.

Depositing funds

Adding funds to Grupeer is just as easy as with most of these platforms. You just transfer the money via bank transfer to their account in Latvia. All the data is at one page and is clearly mentioned. Another option is Transferwise, but I have zero experience with this system since I have a European bank account and I am using the simple IBAN system. Every time I transferred more funds to Grupeer they appeared in my account within 2 business days. And I got a nice notification email about it as well.

Investing

The loans have quite a high annual interest rate, around 14-15% for a loan that has a term of 8 to 12 months. Next to that the loans have a buy back guarantee. Which gives you guarantee that the invested amount will be paid back to you in case the loan defaults.

Depending on the investment you did there is a certain payout schedule. You will be paid interest and principal according to this scheme. And a funny thing is that every time you receive interest of principal you get a small notification email. To get tens of those emails on a day is quite a nice feeling! You really see your money doing its work for you.

Grupeer also offers an auto-invest function. It works exactly like you would expect and it’s simple to operate. The auto-invest functionality really gives you the opportunity to gain a passive income from Grupeer.

Withdrawing money from Grupeer

Of course, I also tested withdrawing money from Grupeer. I did this at a moment when there were literally no loans to start investing in. I started the withdrawal process, which is fairly simple, at Monday morning. It was back on my (European) bank account at Tuesday lunch time already. So that gives me a lot of trust in Grupeer as well.