Privacy Policy

About Us

OPEN FINANCIAL TECHNOLOGIES PRIVATE LIMITED (Open , We, Our, Us) is a company incorporated in India having its registered office at, Tower 2, 3rd Floor, RGA Tech Park, 18 Sarjapur Road, Carmelaram, Bengaluru – 560035, Karnataka. We started in 2017 with the mission to solve banking, payments and accounting for small and medium businesses. Today, we're transforming the way 3.5 million businesses and 65,000 accountants manage their business finances in partnership with leading national and international banks. On our website (Open Capital), businesses can apply for unsecured business loans online. You (defined below) can enter your personal, business, and bank details to get a fair loan offer. Accept the loan offer, complete your documentation, KYC and choose from flexible repayment options and get the disbursement from our Lending Partner.

WE AT OPEN CAPITAL VALUE YOUR TRUST & RESPECT YOUR PRIVACY.

This policy (Privacy Policy) provides You (defined below) with details about the manner in which Your (defined below) data including Personal Information is collected, processed, stored and used by Us (defined below). You are advised to read this Privacy Policy carefully. By registering on the Platform (defined below) and consenting to this Privacy Policy using any medium: website, web Platform, mobile site, or otherwise, You permit Us to use and disclose Your data including Personal Information (defined below) in accordance with this Privacy Policy. If You do not agree to the terms of the Privacy Policy, please do not use, or access the Platform.

Personal Information of a person means any information that relates to a natural person, which, either directly or indirectly, in combination with other information available or likely to be available with Us corporate, is capable of identifying such person.

Note 2: We do not store card details, including primary account number, expiration date, cardholder name, in compliance with PCI-DSS Standard.

Note 3: It is strongly recommended for you to return to this page periodically to review the most current version of this Privacy Policy, which is amended by us from time to time.

Throughout this Privacy Policy, the capitalized terms Open Capital We, Us and Our refers to Open Financial Technologies Private Limited, its affiliates and assigns, and the terms User, You, Your, and Yourself refer to the users of the Platform whose Personal Information is being collected in accordance with the terms of this Privacy Policy. Open Capital is providing this Privacy Policy to familiarize you with:

SCOPE OF THIS PRIVACY POLICY AND ITS APPLICABILITY

This Privacy Policy applies to digital Personal Information or Personal Information collected in physical form and subsequently stored electronically.

We handle Personal Information in our own right and for and on behalf of the Users.

The Platform should not be used or accessed by minors (persons under the age of 18 years).

By registering on the Platform, You are accepting this Privacy Policy. This Privacy Policy is incorporated into and subject to the terms of use governing access and use of the Platform (hosted at www.opencapital.co.in/tnc ) (Terms of Use).

INFORMATION COLLECTED AND PURPOSES OF PROCESSING

When You interact with Us, depending on who you are (merchant, customer, vendor, or business partner) and how You interact with Us (telephone, online via Platform, or offline), We may collect, use, receive, store, analyse, combine, transfer or otherwise process different categories of your Personal Information. This allows Us to provide services and features that most likely meet Your needs, and to customise the Platform to meet your requirements and make Your experience safer and easier. We collect Personal Information from You that We consider necessary for achieving the purposes specified below.

We have summarised the categories of Personal Information and the purposes of processing such Personal Information in the table below:

Categories of Personal Information	Purpose of processing
1. Name (First name, Middle name, Last name)	Authenticate and Cross Verify user information
2. Phone Number	Registration, OTP verification and as a unique identifier
3. Email ID	Registration, OTP verification and as a unique identifier
4. Individual PAN number	Unique Identifier, input for bureau soft-pull, fulfilling lender's mandatory parameter
5. Date of Birth	To check for User's eligibility criteria for individual Lenders
6. Gender	Mandatory parameter for CRA (Experian), fulfilling lender's mandatory parameter
7. Current Residential address (along with City, State & Pincode)	Verification and Collections(field investigations, personal discussions)
8. Permanent Residential address (along with City, State & Pincode)	Verification and Collections(field investigations, personal discussions)

Please note, we do not collect any personal information concerning your race, ethnicity, religion, sexual orientation, political beliefs, or health.
We do not collect, store, or process biometric data in our systems, except where explicitly permitted under applicable laws and regulations.
We do not access your device's files, media, contacts, call logs, or telephony functions. If specific features require such access, we will request your explicit permission first.

Open Capital respects the privacy of its Users and is committed to protect such privacy as detailed herein. You may encounter Cookies or other similar device on a web page. These are data collection devices to help analyse Our web flow and measure promotional effectiveness. Cookies are small files placed on Your hard drive that assist Us in providing Services to You and giving You information targeted to Your interests. Most cookies are session cookies, meaning that they are automatically deleted from Your hard drive at the end of a session. You are always free to decline a cookie if Your browser permits.

Once you create an account (register) on the Platform and give Us Your Personal Information, You are not anonymous to Us. Wherever possible, We indicate which fields are required and which fields are optional. If You are unable to provide the mandatory information We need, We may not be able to provide You with the Service You have requested.

INFORMATION SHARING AND DISCLOSURE TO THIRD PARTIES

Open Capital offers the Platform services as a technology aggregator. In view of this, disclosure of Your information may be required by Us to provide You access to Our services, to comply with Our legal obligations, to prevent, detect, mitigate, and investigate fraudulent or illegal activities related to Our services.

We have partnered with certain entities as listed below (Vendors), for the purpose of KYC verification and User authentication on the Platform. We may use their assistance on a case-to-case basis and as per the services availed by the User on the Platform.

1. Perfios Software Solutions Private Limited

to search for Your detailed Permanent Account Number (PAN) information and authentication.
to search for Your Goods and Service Tax Identification Number (GSTIN) information and authentication.
to check and verify User's name similarity and face matching with User's KYC information.
Use of API to extract data from Permanent Account Number (PAN), Voter ID, Passport and DL (Driving License).

2. Moshpit Technologies Private Limited

Analysis of User's bank statement.

We ensure that these Vendors are contractually obligated to implement/have the appropriate organizational, security and technical measures and safeguards to secure Your Personal Information, from unauthorized access, disclosure, or use, which may include where commercially reasonable or to the extent required by applicable laws, using appropriate data encryption, firewalls, and/or other appropriate security measures in line with generally accepted industry standards and in compliance with applicable laws. We also try to contractually obligate the Vendors to not store or retain any Personal Information belonging to You. All Your data received by the Vendor is stored by the Vendor exclusively within the territory of India Notwithstanding anything herein, these Vendors/third parties process your Personal Information as per their independent privacy policies which can be accessed through their individual websites.

We do not disclose Your Personal Information to third parties except in accordance with the terms contained herein.

We have also partnered with certain (`Lending Partners`) for the purpose of disbursing loans to You, these Lenders are listed below (list is not exhaustive and subject to change)

IIFL - https://www.iifl.com/

Aditya Birla- https://finance.adityabirlacapital.com/about-us/company-profile

Flexi Loan- https://loans.flexiloans.com

Indifi- https://www.indifi.com/

LendingKart- https://www.lendingkart.com/

Credit Saison- https://creditsaison.in/

Godrej- https://www.godrejcapital.com/

Clix- https://www.clix.capital/

Niyogin- https://www.niyogin.com/

Gromor- https://gromor.in/

Ugro- https://www.ugrocapital.com/

Protium - https://protium.co.in/

Incred - https://www.incred.com/

Please note, the list of Lending Partners may undergo changes from time to time. Please routinely visit this Privacy Policy to keep yourself updated of any such changes.

With regards these Lending Partners-

Open ensures that it complies with all applicable Data Protection Legislations. For the purpose of this Policy, `Data Protection Legislation` means the Digital Personal Data Protection Act, 2023, and the applicable rules notified thereunder, as well as any other data protection laws. Open ensures that We only undertake the processing of Personal Data reasonably required in connection with the performance of Our obligations to the Vendors and Lending partners.

Open also ensures that it shall at all times have appropriate technical and organisational measures in place.

To prevent unauthorised or unlawful processing of any Personal Information;
To protect any Personal Information against accidental loss, destruction or damage;
To ensure the reliability of its employees/contractor having access to Personal Information;

We may disclose Personal Information if required to do so by law or in the good faith belief that such disclosure is reasonably necessary to respond to subpoenas, court orders, or other legal process.

We may disclose Personal Information to law enforcement offices, third party rights owners, or others in the good faith belief that such disclosure is reasonably necessary to: enforce the Terms of Use or this Privacy Policy; respond to claims that an advertisement, posting, or other content violates the rights of a third party; or protect the rights, property or personal safety of Our users or the general public.

We may also disclose Personal Information to third parties who work on Our behalf, provided that such third parties adhere to the confidentiality obligations consistent with this Privacy Policy. These third parties are authorized to use Your Personal Information only as necessary to provide the Platform services requested or availed by You. These services may include providing cloud computing infrastructure, Platform crash reporting, Platform usage pattern so that We can serve You better and providing customer support or account administration.

INFORMATION SECURITY

You are aware of all security risks, including possible third-party interception of any of Your transactions and statements of account on the internet and the content of Your transactions or statements of account becoming known to third parties. You agree and undertake that You shall not hold Open Capital liable therefore in any way. The use and storage of any information, including without limitation, the credit card number, PIN, password, account information, transaction activity, account balances and any other information available or stored on Your Device is at Your own risk and responsibility. You furthermore acknowledge and accept that Open Capital may not encrypt all content or communications from and to Your website(s).

YOUR RIGHTS IN RELATION TO PERSONAL INFORMATION COLLECTED BY US

Right to Access

You may access:

A summary of your Personal Information being processed by us along with information on the processing activities undertaken by us with respect to your Personal Data.
Subject to applicable law, the identities of the third-parties with whom we have shared your Personal Information along with a description of such Personal Information.
Any other information relating to your Personal Information as we may be required to share in accordance with applicable Data Protection Law.

You may submit a request to access your Personal Information in the manner described above, through the procedure prescribed under applicable law.

Right to withdraw consent to processing of your Personal Information

Where consent is the basis of us processing of your Personal Information, when you log into your account, you may withdraw such consent and we will, within reasonable time and subject to applicable law, cease to process your Personal Information. However, you may no longer have access to the Platform in the event you withdraw your consent to us processing your Personal Information. Upon withdrawal of your consent to us processing your Personal Information, we will also, unless we are required to retain your Personal Information for compliance with applicable Data Protection Law, erase your Personal Information, but may retain aggregated data or de-identified data derived from or incorporating your Personal Information that does not identify you.

Right to erase your Personal Information

You may submit a request to erase your Personal Information in our possession, through the procedure prescribed under applicable Data Protection Law. Upon receipt of such request, unless we are required to retain your Personal Information for compliance with applicable Data Protection Law, we will erase your Personal Information but may retain aggregated data or de-identified data derived from or incorporating your Personal Information that does not identify you.

Right to nominate

You may submit a request, through the procedure prescribed under applicable Data Protection Law, to nominate an individual who shall, in the event of your death or incapacity, exercise your rights with respect to us processing your Personal Information.

Data Retention

We retain Personal Information for as long as reasonably necessary for the purposes described in this Privacy Policy, or as required by applicable law (e.g., for tax, legal, accounting, or other purposes), whichever is longer.

Data Localization

We maintain all data obtained in the course of providing our services exclusively within the geographical boundaries of India. This includes, but is not limited to, user information, transaction data, and any other data collected during the performance of our services.

GRIEVANCE REDRESSAL AND BREACH REPORTING

If you have any questions, concerns, complaints or grievances regarding our privacy policies or our processing of Personal Information, please write to our Grievance Officer, Mr. Premjith MR at lsp.grievances@bankopen.co . We will endeavour to resolve any complaint or grievance that you may have regarding our use of your Personal Information within 7 working days or such other time-period as may be permitted under applicable law.

In the event we do not address your grievances or in the event of a personal data breach, you may approach the Data Protection Board of India to make a complaint.

LINKS TO OTHER SITES

Links to third-party advertisements, third-party websites or any third-party electronic communication service which are operated by third parties may be provided on the Platform. Such links may not be controlled by, or affiliated to, or associated with, Open Capital unless otherwise expressly specified on the Platform.

Open Capital is not responsible for any form of transmission, whatsoever, received by You from any third-party website. Accordingly, Open Capital does not make any representations concerning the privacy practices or policies of such third parties or terms of use of such third- party websites, nor does Open Capital control or guarantees the accuracy, integrity, or quality of the information, data, text, software, music, sound, photographs, graphics, videos, messages, or other materials available on such third-party websites. The inclusion or exclusion does not imply any endorsement by Open Capital of the third-party websites, the websites provider, or the information on the third-party website. The information provided by You to such third- party websites shall be governed in accordance with the privacy policies of such third-party websites, and it is recommended that You review the privacy policy of such third-party websites prior to using such websites.

ACKNOWLEDGEMENTS

You hereby agree that the application and copies of all documents submitted by You, to the extent permitted under applicable law, are and shall remain the property of Open Capital, and Open Capital shall not be obliged to return the same to You upon Your request. Any unauthorized access to the Platform is a breach of these terms and a violation of the law. You agree not to access the Platform by any means other than through the interface that is provided by Open Capital.