Bits Terms and Conditions

1. Eligibility

1.1 You must be at least 18 years old or the age of legal majority in your jurisdiction to use the App.

1.2 The App is available globally, but certain features, including bank account integration via Plaid, may be restricted based on your location or the availability of Plaid’s services in your jurisdiction.

1.3 The App is intended solely for personal, non-commercial use by individuals and may not be used for business or other non-personal purposes.

2. Account Registration and Security

2.1 To use the App, you must create an account and provide accurate, complete, and up-to-date information, including your name, email address, and other requested details.

2.2 You are responsible for maintaining the confidentiality of your account credentials and for all activities under your account.

2.3 Notify us immediately at hello@getbits.app if you suspect unauthorised access to your account.

2.4 We reserve the right to suspend or terminate your account if we suspect fraudulent or unauthorised activity.

3. Open Banking, Bank Account and Credit File Integration

3.1 The App uses Plaid, a third-party Open Banking provider, to access your bank account information, including transaction history, balances, and other financial data, with your explicit consent provided through Plaid’s authentication interface. In the UK, Plaid is authorised by the Financial Conduct Authority (FCA), and we act as Plaid’s agent under its FCA authorisation to provide the services set out in these Terms.

3.2 You may connect multiple bank accounts, including accounts from banks in different countries, subject to the availability of Plaid’s services in those jurisdictions.

3.3 The App uses Equifax, a credit reference agency, to access your credit file, including credit scores, payment history, and other credit-related data, with your explicit consent provided through Equifax’s authentication interface. We use our Financial Conduct Authority (FCA) permission for credit information services to provide insights and analysis based on your credit report, subject to your consent.

3.4 You authorise us and Plaid to access, process, and store your bank account data solely for the purpose of providing the App’s services, such as generating spending insights and financial tips.

3.5 You authorise us to access, process and store your Equifax credit file data solely for the purpose of providing the App’s services, such as generating credit insights and credit-related recommendations.

3.6 We may, through Plaid and Equifax, request your consent periodically (e.g., every 90 days, as required by applicable regulations) to continue accessing your bank account data and credit file data respectively.

3.7 You may revoke consent for Open Banking integration at any time through the App, after which we and Plaid will cease accessing your bank account data, though this may limit the App’s functionality.

3.8 You may revoke consent for Credit File integration through the App, after which we will cease accessing your Equifax data for the purposes of the App. For the avoidance of doubt, this does not mean we will cease accessing your Equifax data where authorised to do so under other agreements we have with you (e.g. for the Bits App).

4. AI Chatbot Services

4.1 The App’s AI chatbot provides personalised financial insights, spending habit analysis, and tips based on your bank account data accessed via Plaid and user inputs.

4.2 The AI’s recommendations are for informational purposes only and do not constitute professional financial, investment, or legal advice.

4.3 You are solely responsible for any decisions made based on the AI’s insights or tips. We do not guarantee the accuracy, completeness, or suitability of the AI’s recommendations.

5. User Responsibilities

5.1 You agree to use the App in compliance with all applicable laws, regulations, and these Terms.

5.2 You must not use the App to engage in fraudulent, illegal, or unauthorised activities, including attempting to access or manipulate another user’s bank account data.

5.3 You are responsible for ensuring that your connected bank accounts comply with the terms of your agreements with your financial institutions and Plaid’s terms of service.

6. Privacy and Data Protection

6.1 Your privacy is important to us. Our Privacy Policy explains how we and Plaid collect, use, store, and protect your personal data, including bank account information.

6.2 We comply with the UK General Data Protection Regulation (UK GDPR), the EU General Data Protection Regulation (EU GDPR) where applicable, and other relevant data protection laws. Plaid’s and Equifax’s data processing complies with applicable regulations, as outlined in their respective terms and privacy policies.

6.3 Your bank account data is encrypted during transmission and storage by both us and Plaid using industry-standard security measures.

6.4 We will not share your personal or financial data with third parties except as necessary to provide the App’s services (e.g., with Plaid as our Open Banking provider and Equifax for credit file access) or as required by law.

7. Intellectual Property

7.1 The App, including its AI chatbot, design, code, and content, is the exclusive property of Fea Card Limited. All intellectual property rights arising in relation to the app are reserved.

7.2 You are granted a non-exclusive, non-transferable, revocable license to use the App for personal, non-commercial purposes, subject to these Terms.

7.3 You may not copy, modify, distribute, reverse-engineer, or create derivative works from the App or its content without our prior written consent.

8. Fees and Payment

8.1 The App is currently offered for free, with an optional premium subscription available that provides additional features. In consideration for the license to use the app, you agree to be bound by these Terms and perform your obligations accordingly.

8.2 The premium subscription includes a number of enhanced features, all of which will be communicated through the app when you select the premium subscription option. The price of the premium subscription will also be communicated at the point of selecting the option. We reserve the right to modify the features included in the premium subscription. If you are a premium subscriber when we do, we will provide you with reasonable notice.

8.3 If you choose the premium subscription, you will be charged at the time of subscribing, and monthly thereafter. To avoid the next month’s charge you must cancel your subscription before the billing date. You have 14 days after subscribing to change your mind and receive a full refund of your first and only subscription charge.

9. Limitation of Liability

9.1 We are not liable for indirect, incidental, special, consequential, or punitive damages, including loss of profits, loss of data caused by external events, or financial losses from reliance on AI recommendations, arising from your use of the App, except as provided in Clause 9.4 or required by applicable law.

9.2 Where liability cannot be excluded under Clause 9.3, our total liability to any individual user for any claim related to the App is limited to the amount paid by that user for the App in the preceding 12 months, or £100 if no payment was made, whichever is higher.

9.3 We are not liable for losses arising from:

• (a) your use of or inability to use the App, unless caused by our failure to exercise reasonable care and skill as required by the Consumer Rights Act 2015;
• (b) errors, mistakes, or inaccuracies in the App’s content, unless caused by our negligence or wilful misconduct;
• (c) reliance on AI recommendations or other App content, as these are provided for informational purposes only;
• (d) hacking, tampering, or unauthorised access to the App or its servers, unless caused by our failure to implement appropriate technical and organisational measures as required by the UK GDPR;
• (e) errors or interruptions in Plaid’s Open Banking services, unless caused by our failure to exercise reasonable care in overseeing Plaid as our agent;
• (f) your actions or errors, such as providing incorrect data or breaching these Terms;
• (g) third-party actions, such as errors by your bank, not caused by our negligence or misconduct;
• (h) business losses: we provide Bits for personal use only and are not liable for any loss arising from its use in the course of or in connection with a business or other non-personal use.

9.4 We remain liable for:

• (a) direct damages caused by our willful misconduct or fraudulent misrepresentation;
• (b) direct damages caused by our negligence, including financial losses from a data breach due to our failure to implement appropriate security measures or from our failure to provide the App with reasonable care and skill;
• (c) death or personal injury caused by our negligence or that of our employees, agents, or subcontractors;
• (d) damages required by applicable law, including under the UK GDPR for unlawful data processing or the Consumer Rights Act 2015 for defective services, but only to the extent required by those laws.

10. Indemnity

10.1 You agree to indemnify and hold Fea Card Limited, its affiliates, officers, and employees for any claims, losses, or damages (including legal fees) arising from your use of the App or any violations of these Terms, breach of Plaid’s terms of service, or breach of applicable laws.

11. Termination

11.1 You may stop using the App and delete your account at any time through the App’s settings.

11.2 We may suspend or terminate your access to the App if you violate these Terms, engage in fraudulent activity, violate Plaid’s or Equifax’s terms of service, or if required by law.

11.3 Upon termination, we and Plaid will cease accessing your bank account data, but we may retain certain data as required by law or for legitimate business purposes, as outlined in our Privacy Policy.

12. Governing Law and Dispute Resolution

12.1 These Terms are governed by the laws of England and Wales, without regard to conflict of law principles.

12.2 Disputes may be brought in the courts of England and Wales, but you may also have the right to bring claims in your local courts under applicable consumer laws.

12.3 If you are a consumer in the EU or another jurisdiction with mandatory consumer protection laws, you may have additional rights to resolve disputes in your local courts.

13. International Use

13.1 The App is operated from the United Kingdom but available globally. By using the App, you acknowledge that data may be transferred to and processed in the UK, the United States (where Plaid is based), or other countries.

13.2 You are responsible for ensuring that your use of the App and Plaid’s services complies with local laws in your jurisdiction, including banking and data protection regulations.

13.3 Certain features, such as bank account integration via Plaid, may not be available in all countries due to regulatory or technical limitations.

14. Changes to These Terms

14.1 We may update these Terms from time to time to reflect changes in the App, Plaid’s services, legal requirements, or our business practices.

14.2 We will give you reasonable notice of material changes via the App, email, or other reasonable means. Your continued use of the App after such changes constitutes acceptance of the updated Terms.

15. Third-Party Services

15.1 The App relies on third-party services, including Plaid as our Open Banking provider and Equifax, our credit reference agency partner, to function. We are not responsible for the performance, security, or terms of these third-party services, including any interruptions or errors in Plaid’s or Equifax’s services.

15.2 Your use of Plaid’s services is subject to Plaid’s terms of service and privacy policy, available at https://plaid.com/legal/#consumers. Your use of Equifax’s services is subject to Equifax’s terms of service and privacy policy, available at https://www.equifax.co.uk/about-us/terms-and-conditions. Your use of other third-party services is subject to their respective terms and conditions.

16. Contact Us

16.1 If you have questions, complaints, or need support, contact us at hello@getbits.app or Camden Gateway, 349 Royal College St, London NW1 9QS, London, United Kingdom.

16.2 For data protection inquiries, contact us at hello@getbits.app.

16.3 For issues related to Plaid’s services, you may also contact Plaid directly as outlined in their terms of service or privacy policy.

16.4 For issues related to Equifax’s services, you may also contact Equifax directly as outlined in their terms of service or privacy policy.

17. How we contact you

17.1 If we have to contact you, we will do so either by writing to you at the email address you provided us with, or calling or texting you on the phone number you gave us. By giving us your email address and/or phone number, you are happy for us to contact you by these methods. You are responsible for keeping your contact details up-to-date.

17.2 As part of this agreement, we may call you directly or through third-party service providers to: (a) explain the services you’ve signed up for, such as how to use your Bits Store Card or manage your subscription, (b) remind you of repayment obligations if payments are overdue or we deem them likely to become overdue, and (c) where we deem it necessary for the provision of the services in this agreement. These calls help us deliver and manage your account effectively.

17.3 We may need to contact you from time to time in circumstances where it is important to know when you have received our notice. This will be when we send the email to the up-to-date email address you have given us or when we speak to you.

18. Miscellaneous

18.1 These Terms govern your relationship with Fea Card Limited regarding the App. Your use of Plaid’s Open Banking services is governed separately by Plaid’s terms of service and privacy policy, available at https://plaid.com/legal/#consumers. Your use of Equifax’s services is subject to Equifax’s terms of service and privacy policy, available at https://www.equifax.co.uk/about-us/terms-and-conditions.

18.2 If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

18.3 Our failure to enforce any right or provision of these Terms does not constitute a waiver of that right or provision.

By using the App, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy.