Terms and Conditions - Enterprises
If you decide to become a member of PrestaCap (or any related company within the PrestaCap Group) as a borrower, you must comply with these Terms and Conditions.
These Terms and Conditions, which are set out as general terms, govern your use of the PrestaCap Website (“Website”) and the PrestaCap Platform (“Platform”).
You are subject to these Terms and Conditions from the moment in which you first agree to them on the Website. If you do not agree with the Terms and Conditions then you are requested not to use the Website and the Platform.
PrestaCap’ principal role is to act as an intermediary in the interest of investors and Borrowers in order to bring them together, to facilitate the payment, collection and reconciliation of sums due under or in connection with the loans placed through the Platform.
2. The Platform
If you are a business owner, you may use the Platform to access capital by applying for a loan. By the term loan, we mean one of the products offered by PrestaCap (loans and invoice discounting).
For any issue or complain you may interact with PrestaCap via the Platform, phone or email. If you are uncomfortable about raising money through the Platform, you should not accept these Terms and Conditions and should not become a PrestaCap member.
Your profile information is the basis on which we identify you for purposes of communication and security. Any due diligence, anti-money laundering or other checks we run on you will be based on the information you have provided in your profile and from time to time as the case may be, from any third party company or agency which possesses any such relevant information about you and is authorised to share it with us.
You must complete your PrestaCap profile truthfully and it is your obligation to keep the information in your profile up to date. You are solely responsible for any information you post on the Platform, including your profile, the business for which you are seeking capital, and any other information posted by you.
Any information that you may not want to post, share or that you do not have permission to publish or post, shall not be posted, shared or otherwise made accessible by you on the Platform.
You agree to indemnify and hold harmless any PrestaCap member against any damage, material loss or cost arising from or in connection with any information you publish or post on the Website and Platform.
You are solely responsible for your interactions with other members of the Platform. We reserve the right, but are not obliged, to monitor any action and dispute between you and other members.
3. Borrower Membership
You warrant to PrestaCap that all information provided by you to PrestaCap during the application is true and accurate in all respects. You will update us promptly if any of the information you provided to us changes.
To be able to subscribe and access the Platform as a borrower, you must:
- be a company domiciled in the European Union;
- be registered at the respective country company house;
- have a valid European business bank account.
As a borrower, you cannot also be an investor on the Platform.
For the registration procedure, we may request a soft and/or hard copy of the borrower’s director’s relevant passport or other valid identification documents and we reserve the right to ask for alternative documents in case the document copies you send to us are not clear or not sufficient to identify you. If you do not provide all appropriate and required identification documents, you will not be able to become a member of PrestaCap.
Once you have completed the application to the Platform as a borrower, we may perform multiple checks, internally and/or with the support of third-party companies and agencies, to identify any directors and/or members of the borrower. PrestaCap has complete discretion to approve your application to the Platform and retains all rights to deny your application. If you do not provide all appropriate identification documents you will not be able to apply for a loan on the Platform.
It is necessary that you provide us a business account held with a European bank in the name of the borrower.
4. Username and password
When you register to PrestaCap, you must provide your name, surname, email address and enter a password. Such password is required to access the Platform each time you log in. Your email and password are personal and not transferable without our prior written consent.
If you authorise an agent or anyone else to use your PrestaCap account, you will be solely responsible for their activities on the Platform. Any loss, breach of security, unauthorised use of a username or password, must be notified to PrestaCap immediately. We reserve the right not to act on your instructions where we have the suspicion of unauthorised use or illegal or fraudulent activity.
5. Sign-up process
For the registration procedure you will need to provide the identity of the business and the director/s of the company borrower.
Borrowers must operate a for-profit business and cannot be a public body, trusts or charities. Once you are registered on the Platform, have provided all the documents required by us and have applied to borrow through the Platform, we will perform one or multiple credit checks and fraud checks on you as the owner, member or director; your business and other partners, members or directors of the business using third party companies and agencies. PrestaCap has complete discretion over the final permission to approve an application of a company that wants to borrow through the Platform.
You agree and confirm to have disclosed to us to your best knowledge any circumstances where you are subject to any liability (including any litigations, claims, undisclosed liabilities arbitration, court proceedings or investigations which are current, pending or otherwise reasonably likely to occur against you by any third party in the predictable future) which could adversely affect your business, financial conditions, assets or that can in any way affect PrestaCap’ due diligence on you as a borrower.
You agree that you will promptly provide full details to PrestaCap upon becoming aware or suspecting that any of the circumstances mentioned in Clause 5 of these Terms and Conditions have occurred or may occur in the foreseeable future. You will provide us with any such information that may cause unexpected changes to your financial condition, business and affairs. If you are, or at any point become aware of any current or future claim from any fiscal agency you shall not undertake the application as a borrower through the Platform, unless you fully disclose any such claim to PrestaCap.
If you accept another loan after you submit a loan application on the Platform, or if any information provided to PrestaCap changes over time, you shall contact us immediately and inform us of such changes.
6. Loan application
Elements that are subject to controls from PrestaCap, whether undertaken by PrestaCap directly or with the support of third party companies and agencies, include but are not limited to the existence of the business, information on the business’ financial status, the track record of the director/s, the list of holdings of the director/s and the liabilities of the business.
PrestaCap reserves the right to source and check the information regarding the borrower directly from the borrower, or from third party companies and agencies that are involved in the sourcing of such information. PrestaCap commits with reasonable effort to verify that the data and information is valid and true.
If PrestaCap, on its own behalf or through one of the third party companies and agencies used to source data and information, discovers, or there is reasonable suspicion (at any point in time) that such data and information is not valid or does not represent the truth, PrestaCap reserves the right to reject the borrower’s application or (if known ex post) to request an early repayment of the loan. In the latter case, PrestaCap will require the company to repay the portion of the loan not yet repaid together with the interest accrued and the interest on arrears due up to the date of actual repayment, as well as expenses, costs and commissions and any other amount due. PrestaCap also reserves the right to demand payment of a penalty in the event of inaccurate, incorrect, incomplete or false information.
Once the due diligence has been completed and the borrower meets all the criteria (including the final permission from the PrestaCap team), a Loan offer will be sourced by PrestaCap. The Loan Contract will state all specific information such as the interest rate and repayment schedule. Once the Loan Contract has been accepted by the borrower, the Loan will be funded as soon as possible. PrestaCap reserves the right to suspend any action of intermediation in case any uncertainty or doubts with respect to the borrower’s application remain to be cleared up.
PrestaCap does not guarantee that the funding will be granted. PrestaCap reserves the right to reject any loan application without being obliged to provide any reason.
The information on the loan request page (present on the online account) can be edited at any time before the final offer is sent to the Borrower. After the loan offer has been sent you will not be able to amend the loan request.
If the borrower is a limited or unlimited company, there is the possibility of requiring directors and/or shareholders or members to give a personal guarantee before any capital is released to the borrower.
The Loan Contract becomes effective from the moment in which it is accepted by the borrower. The loan amount will be then transferred to the borrower. Once you have accepted a loan it cannot be terminated for any reason (although, for the avoidance of doubt, it may be repaid in full at any time (with a 30 days’ notice).
The borrower agrees to not communicate directly with any investor that is registered on the Platform.
PrestaCap will perform customer due diligence on any applicant borrower. Once a borrower has submitted its application PrestaCap undertakes to source financing for the respective loan from one or several lenders.
PrestaCap’ primary role is to act as an intermediary on behalf of borrowers and lenders in order to facilitate the pay-out and repayment, collection and reconciliation of sums due under or in connection with the loans issued through the Platform.
PrestaCap will assign to each Borrower and loan application a risk band based on the assessment of all available information obtained by PrestaCap provided by the Borrower or any third-party company or agency. Any risk band classification provided by PrestaCap to investors is of strictly informational character.
8. Our Fees
Once you have accepted the Loan you will incur the following costs:
- Intermediation Fee (also referred to as “Success Fee”): is charged once the loan gets financed;
- The intermediation fee will be withheld directly by the respective lender on PrestaCap’ behalf;
- If a loan is secured with a real asset, in addition to the brokerage fee, the Funded Party shall bear all expenses and taxes incurred by Prestacap for the acquisition, management and possible enforcement of such guarantee, which include but are not limited to bank charges, postal charges, expenses of trading in financial instruments and non-financial instruments, notary fees, costs of preparing the deed, legal fees and stamp duty. These expenses will initially be deducted from the amount disbursed. With regard to charges that PrestaCap may incur after the loan has been disbursed, such charges will be charged on the occasion of any direct debit that fails. We may choose to waive or reduce the above stated fees from time to time. Other fees apply where a payment was late or incomplete as stated in the Loan Contract Conditions
9. Your liability to us
You shall be liable to us for any loss or damage suffered by us as a result of any breach of these Terms and Conditions or any other agreement which you enter into with us, or of any use of the Platform that represents wilful misconduct or fraud.
10. Our liability to you
We shall be liable to you for any loss or damage which you may suffer as a result of being an PrestaCap member or using the Platform to the extent that such damage or loss arises from or was the direct result of a material breach of these Terms and Conditions or any other related agreement by us.
Notwithstanding the foregoing, we shall not be liable to you for any damage or loss respective of any matter for which a liability is expressly excluded herein or any other agreement, or arising out of or in connection with any mistake, inaccuracy or misrepresentation, misconduct or any other act executed by you or any other PrestaCap member. We shall not be liable or responsible for any indirect, consequential, special or punitive loss, damage, cost or expense, unforeseeable losses or damages, loss of profit or contract, loss of business, lost or wasted management time or time of other employees, loss of reputation, depletion of goodwill or loss, damage or corruption of data.
11. Your relationship with PrestaCap
A membership of PrestaCap does not in any way constitute an obligation on us to intermediate funding for borrowers or constitute a warranty by us that funding will be available. If any personal guarantee is provided by the borrower, directors, shareholders and members giving such personal guarantee shall represent and warrant that there has been no undue influence or inducement of the guarantor.
12. Borrower suitability
The borrower must meet the following criteria:
- must be actively trading as a business, and have actively traded (not been dormant at any time) for at least two years;
- must have a valid bank account in Europe from a recognized European Financial institution;
- its business, its directors, members, partners or proprietors must meet minimum credit and fraud risk criteria which will include obtaining a minimum score from credit reference agencies;
- must have a turnover of at least EUR 50,000;
- must be domiciled within the European Union;
- its business must not have any outstanding court judgments in your country of domicile or any other country.
- any personal guarantees and (where required) other form of security must be given by persons or companies that have the financial capacity to fully satisfy any claims should the guarantee or where applicable any other form of security be enforced;
- the borrower must have a reasonable capacity to service the debt that it will be taking on.
14. Intellectual Property
PrestaCap has the ownership and licence of all actual and future registered and unregistered trademarks, design rights, unregistered designs, copyright, database rights and all other actual and future intellectual property rights existing in or in relation to the Platform. Aforementioned rights are protected by international copyright laws.
Whether you have any ownership or copyright on any material posted by you on the Platform, you shall retain ownership of all copyrights in data you upload or submit to the Platform. You grant us a world-wide exclusive, royalty-free, non-terminable licence to use, copy, distribute, publish and transmit such data in any manner.
15. General Terms
The information provided on the Platform is solely directed to persons above 18 years old, domiciled in Europe. This Platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.
Access to the Platform might be suspended or terminated at any time.
We are not responsible for any content downloaded or posted by investors or borrowers on the Platform. Any downloadable and printable material and content from this Platform is solely for your own personal use. Platform contents must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our expressly written consent.
You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the Platform is not containing any virus or anything which may have a contaminating or destructive effect on any part of the Platform or any other technology. You are responsible for all costs incurred by you in accessing the Platform. We do not accept any responsibility or liability for your use of content on the Platform and such use is entirely at your own risk. We accept no liability for any virus or any other malicious program on the Platform, but we use all reasonable care to prevent the Platform from being compromised by any such malicious software. It is your responsibility to use an anti-virus software on your computer.
Information transmitted via the Platform will pass over public telecommunications networks. We accept no liability if communications sent via the Platform are intercepted by third parties or incorrectly delivered or not delivered.
The Platform may contain links to third party websites. We accept no responsibility or liability for any material supplied by or contained on any third-party website which is linked from or to the Platform, or any use of personal data by such third party.
These Terms and Conditions and all related agreements shall not constitute a partnership or joint venture between you and us. Nothing in these Terms and Conditions or any related agreements shall effect that PrestaCap becomes the agent of any investor or vice versa, except where PrestaCap is mandated to carry out any debt recovery procedure on the investor’s behalf.
If we fail to exercise any right or action according to these Terms and Conditions this will not constitute a waiver of such rights and actions and you would not be considered relieved from your obligations in regards to these Terms and Conditions.
In the event that we cease to trade, your loan will be protected, and you will continue to serve your loan obligations as usual.
PrestaCap reserves the right to make alterations to these Terms and Conditions at anytime without providing any reason. The altered Terms and Conditions will be sent to you in written form latest two weeks prior to coming into force. Should you not object to the altered Terms and Conditions within two weeks from the receipt thereof, you shall be deemed to have accepted the altered Term & Conditions. PrestaCap will make you aware of the above mentioned two weeks notice for objecting to the altered Terms and Conditions in its written notification to you that contains the altered Terms & Conditions.
16. About us
Cara Services GmbH is a company incorporated in Germany, whose registered number is 174193 and whose registered office and principal place of business is at Kurfürstendamm 11, 10719 Berlin, Deutschland.
PrestaCap is not directly covered by the Financial Services Compensation Scheme. However, you may be entitled to compensation from the Financial Services Compensation Scheme in respect of any money held by PrestaCap on your behalf, as client money, if the bank or credit institution holding the money becomes insolvent.