Privacy Policy

Last updated on:
July 25, 2022

I. General

Efficient Capital Labs, Inc., its affiliates and subsidiaries (collectively, “Efficient Capital Labs,” “we,” “our” or “us”) provides this Privacy Policy to the website visitors, users, and businesses (collectively, “you” or “your”) that access services provided by or through us.  This Privacy Policy applies when you access or use (the “Site”) and describes how we collect, store, use, share and protect information about you to operate the Site and make available business financial products and services (collectively with the Site, the “Services”).  This Privacy Policy also describes your choices regarding certain information we collect about you.  The terms of this Privacy Policy are incorporated into the Terms of Use.

Please carefully read this Privacy Policy and the Terms of Use before accessing or using the Services.  By accessing or using the Services, you agree to the terms of this Privacy Policy and the Terms of Use.


We obtain, verify and record information that identifies each person who opens an account.  We may collect and verify beneficial ownership information of our Customers (as defined below).  We collect this information to protect the U.S. financial system from financial crimes like money laundering, tax evasion, corruption and fraud.  Requiring the disclosure of key individuals who ultimately own or control the business helps law enforcement investigate and prosecute financial crimes.  We will collect and maintain beneficial ownership information in compliance with this Privacy Policy.

What this means for you:  When you obtain a financial product or service offered by us, we may ask for your name, mailing address, other information or documentation, such as a copy of your driver’s license or other identifying documents, to verify your identity, information to identify key individuals who ultimately own or control the business and information to otherwise comply with the applicable laws and regulations.

III. Information Collected

In connection with your use of the Services, we collect three types of information about you:  Business Information, User Information and General Information.  Information from any of these categories may be linked with other information that we collect about you.

Business Information.  Business Information includes information regarding businesses that use or otherwise access the Services (“Customers”).  Business Information includes, but is not limited to

(i) business name, address, email, and telephone number;

(ii) company structure;

(iii) industry type;

(iv) incorporation date;

(v) annual revenue;

(vi) bank account information (e.g., average bank balance, bank statements, credit card statements);

(vii) payment information (e.g., payment history, merchant category code, payment card number);

(viii) accounting information;

(ix) information regarding our transactions and experiences with the business; and

(x) beneficial ownership information.

User Information.  User Information includes information about the owners, principals and business representatives, such as:  name, job title, user name(s), mailing address, email address, primary telephone number, date of birth, social security number and FICO score.

General information.  General Information includes technical information such as information regarding your use of and interactions with the Site.  This General Information includes, but is not limited to, information about

(i) your Internet connection;

(ii) the equipment you use to access the Site and usage details;

(iii) your operating system, browser version and internet protocol (IP) address,

(iv) the location of your mobile device, device type, your device’s unique identifier, and your mobile network information;

(v) web pages, content, communications, or advertisements that you view or otherwise interact with; and

(vi) referring/exit pages, clickstream data and information that you search for using the Services.

IV. How We Collect Your Information

Information Provided by You.  We collect any information you provide when you use the Services.  For example, we collect User Information and Business Information from you when you

(i) register an account on the Site,

(ii) fill out forms or fields on the Site or

(iii) complete an application for a product or service available through the Services.  

We also collect any information you may submit through communications with us by email, mail, text, telephone, facsimile or other means.

Information We Collect When You Use Our Services.  We automatically collect General Information from your computer, mobile device or other device you use when you access the Services (including downloading and using a mobile application or accessing a mobile optimized Site), view content about the Services on a third-party website or open emails or links in emails from us.  We, our business partners or our service providers may use cookies or similar technologies to collect information.  Cookies are small text files containing a string of alphanumeric characters.  We may use both session cookies and persistent cookies.  A session cookie disappears after you close your browser.  A persistent cookie remains after you close your browser and may be used by your browser on subsequent visits to the Services.  

Please review your web browser "Help" file to learn the proper way to modify your cookie settings.  Please note that if you delete or choose not to accept cookies from the Service, you may not be able to utilize the features of the Services to their fullest potential.  We also use cookies and similar technologies hosted by third parties on the Services.  We may receive reports based on the use of these technologies by such companies on an individual and aggregated basis.

Information Received from Third Parties.  In the course of providing the Services, we may also collect additional Business Information or User Information from third parties, including, but not limited to:  financial institutions, referral partners, identity verification services, card networks, vendors, mailing list providers, consumer reporting agencies, commercial credit bureaus and associations, fraud prevention agencies, and publicly available sources.  We may combine this information with information we already have about you.

V. Use of Information

Service-Related Usage.  We use the information we collect about and from you, both in a personally identifiable form and in an aggregated or anonymized form, for a number of purposes, including for providing, supporting, promoting and improving the Services.  Such uses include:  

(i) enabling you to obtain products and services through the Services;

(ii) facilitating marketing, processing, servicing, and collections activities;

(iii) providing customer support;  

(iv) understanding, customizing, and enhancing your experience;

(v) providing targeted marketing and advertising;

(vi) determining your eligibility for the Services;

(vii) verifying your identity, conducting appropriate diligence, and keeping your information current;

(viii) sending notifications and information regarding the Services;

(ix) measuring and improving the performance and functionality of the Site;

(x) managing and protecting our information technology infrastructure;

(xi) administering and managing the security of the Site;

(xii) developing new products and services;

(xiii) compiling, using, researching, analyzing, and generating data analytics reports to better understand our Customers and to improve the Services; and

(xiv) using the location of your mobile device for location-based Services that you may request, such as for fraud prevention purposes.

Communications.  We may communicate with you using the information collected

(i) for customer service,

(ii) to provide you with updates or information relating to the Services, or

(iii) to conduct surveys and collect feedback about the Services.

Marketing and Advertising.  We may use the information we collect for marketing and advertising purposes.  These purposes may include communicating with you about our products and services, or products and services offered by or through our business partners (including our bank partners), including, but not limited to, providing you with promotional materials that may be useful, relevant, valuable, or otherwise of interest to you, and inviting you to participate in events or surveys.

Compliance with Law and Our Own Obligations.  We may use the information we collect, to the extent permitted or required under applicable laws to the extent permitted or required under applicable laws

(i) to enforce our Terms of Use or other legal rights, including intellectual property infringement;

(ii) to detect and protect against potentially prohibited or illegal activities, including fraud and unauthorized access;

(iii) in response to lawful requests for information or legal process;

(iv) to establish, exercise, or defend a legal claim; and

(v) to comply with our contractual obligations, our policies, industry standards, and applicable laws.

Other Purposes.  We may use the information we collect for other purposes for which we provide notice to you at the time of collection or for which we obtain your consent.

Aggregate Data.  We may process your information in an anonymized or aggregated form for purposes other than described above.

VI. Information Sharing

We may share Business Information, User Information and General Information as follows:

Affiliates and Subsidiaries.  We may share your information with and amongst our affiliates and subsidiaries for any of the purposes described in the Use of Information section above.

Service Providers.  We may engage service providers to assist us in providing Services.  These service providers may provide services such as fraud prevention, cloud computing, cybersecurity, identity verification, credit checks, collections and payment processing.  We may share any information we receive with such parties as is necessary for the provision of the Services. If you are based in the US, we may use Plaid, Inc. ("Plaid") to connect your Efficient Capital Labs account with your bank account, verify your bank account and confirm your bank account balance prior to approving a transaction. Information shared with Plaid is treated by Plaid in accordance with its Privacy Policy, available at

As Required By Law and Similar Disclosures.  We may disclose your information if we believe doing so is required or appropriate to

(i) comply with applicable laws, regulations, and card association rules;

(ii) comply with regulatory investigations, enforcement requests, and legal process, such as subpoenas, court orders, and bankruptcy notices;

(iii) respond to your requests or resolve disputes or inquiries;

(iv) detect, prevent, or otherwise address fraud, confidentiality, security or technical issues;

(v) respond to regulatory authorities jurisdiction over us for examinations, compliance, or other purposes;

(vi) respond to requests from bank partners or third-party auditors; and

(vii) protect your, our, or others’ rights, property, or safety, or the security or integrity of our Services.

Corporate Changes and Transactions.  We may disclose your information in connection with (including, without limitation, during the negotiation or due diligence process of) a corporate merger, consolidation, or restructuring; the sale or transfer of some or all of our stock and/or assets; equity or debt financings, acquisition, divestiture, or dissolution of all or a portion of our business; or other corporate change.

Aggregated or Anonymized Information.  We may share, license or distribute information in anonymized or aggregated form so that the information does not identify a specific user, without restriction, including, but not limited to, for producing data analytics and reports for third parties.

Consent.  We may disclose your information to any third party with your consent.  For example, we may disclose information at your direction, as described at the time you agree to share, or when you authorize a third party application or website to access your information.

Other Purpose.  To fulfill the purpose for which you provide such information to us or any other purpose disclosed by us when you provide the information to us.

VII. Your Access

If you are a registered user of the Services, you may review or modify certain Business Information and User Information we have collected about you by logging into your account for the Services and updating your profile.  This section of the Site is password protected to better safeguard your information.  If you would like to add, remove or change any other information that you cannot independently correct, you may submit a request for such updates by contacting us at the address or phone number at the bottom of this Privacy Policy.  Under certain circumstances we may not be able to fulfill your request, such as if it restricts our ability to comply with applicable laws and regulations or legal process, we cannot verify your identity or it involves disproportionate cost or effort.  In such instances, we will respond to your request within a reasonable timeframe and provide you an explanation of our decision.

VIII. Opt-Out

You may choose to stop receiving marketing emails by following the unsubscribe instructions included in these emails.  You may also request that we do not call you for marketing related purposes.  In addition to following the unsubscribe instruction in relevant email communications, you may make these requests by contacting us at, calling us at +1 646 491 0729 or writing to us at Attn: Marketing Opt-Out, 205 W 54th St, Apt 6E, New York, NY, USA 10019.  We will respond to your request within a reasonable timeframe.  Opting out of marketing emails or notifications will not stop your receipt of non-marketing emails and notifications related to the Services.  Various browsers may offer their own tools to manage cookies.  If you disable cookies, you can still use the Services, but your ability to use some features of the Services may be limited.

IX. Links to Third Party Websites

The Site may include links to other websites or mobile applications whose privacy practices may differ from ours.  We are not responsible for any practices employed on third party websites or applications, including the information and content contained on the website or application.  If you submit information to a third-party website or application, your information is governed by the third party's privacy policy.  We encourage you to read carefully the privacy policy of any website or application you visit, access or use.

X. Security of Information

We take reasonable measures, including administrative, technical and physical safeguards to protect your information from loss, misuse, unauthorized access, disclosure, alteration and destruction.  These security measures include firewalls, data encryption, physical access controls to our data centers and information access authorization controls.  Your information is sent securely to us with at least 128 bit-encryption over the Transport Layer Security (TLS) protocol.  This creates an encrypted connection between your browser and us so that any sensitive information you provide can be transmitted securely.

If you link your bank account information as a part of applying for or receiving the Services, we will have read-only access to such information.  We do not have access to change, edit or modify your bank account information.  We also cannot see your banking credentials (i.e., username and passwords).  You are responsible for securing and maintaining the privacy of your banking credentials and account information.  We are not responsible for protecting any information you share with a third party in relation to an account connection that you have authorized.

XI. Children’s Privacy

This Site and products or services available through this Site are not intended for children under the age of 18 (or the age of 19 in Alabama).  We do not knowingly solicit or market online to children under the age of 18.  If we knowingly receive a child's personally identifiable information, we will immediately delete it from our system.  Contact us at the address or phone number at the bottom of this Privacy Policy if you believe that we have mistakenly or unintentionally collected information from a child under the age of 18.

XII. Data Retention

We will retain your information for

(i) as long as reasonably necessary to provide you Services,

(ii) as long as reasonably useful for commercial purposes, or

(iii) as long as necessary to comply with applicable laws and internal policies regarding recordkeeping, reporting, audits and litigation holds.  

If you wish to request that we no longer use your information to provide you Services, you may contact us at the address or phone number at the bottom of this Privacy Policy.  We will nonetheless retain your information to the extent that we deem necessary to comply with our legal or contractual obligations, resolve disputes, as needed to provide you Services, or for other business purposes.

XIII. Changes to Privacy Policy

By visiting the Site or using the Services, you accept the practices described in this Privacy Policy.  We may update this Privacy Policy from time to time by making available a revised, dated version on the Site.  If the revised version includes a substantial change, we will provide a more prominent notice (including, for certain services, an email notification of Privacy Policy changes) prior to the change becoming effective.  Your continued use of the Site shall constitute your acceptance of such updated Privacy Policy.  We encourage you to review this page periodically for the latest information on our privacy practices.

XIV. Contact Us

Any questions or concerns regarding this Privacy Policy, our practices, the Site, or the Services, please contact us by at email or with a letter by postal mail to: Attn: Privacy, 205 W 54th St, Apt 6E, New York, NY, USA 10019.  For phone inquiries, please call: +1 646 491 0729

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