Terms and Conditions

Karma Technologies International Limited, is a company incorporated and registered in England andWales under registration number 11630962 with registered offices on ThirdFloor, 126– 134 Baker Street, London, UK, W1U 6UE (in these terms referred toas: “Karma” or “Borofree” or “we” or “us” or “our”). Borofree is our trademarkand the name of our platform. Our contact details are:Email: support@borofree.com,In writing via postto our registered address at Third Floor, 126–134 Baker Street, London, UK, W1U6UE.

You are the person (in theseterms referred to as: “you” or your”) using the Borofree mobile application(the “Borofree App”) and the services that we supply when you use the BorofreeApp (“Borofree Services” and together with the Borofree App, the “BorofreePlatform”). The medium we supply our “Borofree services are through youremployer” and “Borofree Direct”

These terms and conditions govern the use of the Borofree Platform. This platform includes both, salaryadvance via employer and salary advance provided directly to you, If you do notagree to these terms and conditions, you cannot use the Borofree Platform.

If you have any questions about the terms andconditions, you can contact us at support@borofree.com and if you have anycomplaints about our services, you can find our complaints policy at https://borofree.com/complaints-policy. You can also download a copy of these terms and conditions from our website at https://borofree.com/terms-and-conditions.

We may update these terms and conditions fromtime to time. If you do not agree to the change, you should stop using the BorofreePlatform. The latest version of our terms and conditions will always be availableon our website.

Our supply chain operations relate to the production and fulfilment of physical or virtual gift cards, vouchers, technology partners that support back-end payment processing and suppliers that directly support our day-to-day administrative functions. Due to the nature of our business and that of our supply chain, we have assessed that there is very low risk of modern slavery and human trafficking. Nevertheless, we have implemented a number of processes and controls to further limit the risk of slavery or human trafficking in our supply chains or in any part of our business.

If we need to contact you, we may contact youthrough the email address, telephone number, and/or home address provided by you during the sign-upprocess, or alternatively via the Borofree App.

HOW TO SIGN UP

The Borofree Platform has beencategorised into two user sections

  • Signup to Borofree via your employer
  • Signup to Borofree Direct

(A) Steps to signing up to Borofree Platform via the Employer.

Before you can startto use the Borofree Platform, there are certain steps to be completed and youmust confirm that youmeet certain criteria:

You must complete the Borofree App sign-up process and provide us with information about you. “Your Information” includes:

  • Your name
  • Your UK mobile number
  • Your personal email address
  • Your work email address
  • Your employee ID/payroll number
  • Your date of birth

Required Legal Documents

  • Photographic ID (Driving License, Passport etc)
  • Your residential UK address
  • Your existing bank account number and sort code
  • Proof of your residential UK address; and
  • A video of yourself

You must be employed by a participating employer(a “participating employer” is a UK business that has agreed to register with Borofree toallow its employees in the UK to use the Borofree Platform). You givepermission to Borofree toopen an e-money account (a “Salary Advance Account”) so that we can deduct payments due to Borofree from your salary.

You give permission to us to inform your employer that you have signed up to use the Borofree Platform and to ask your employer to verify your identity.

You must instruct your employer to pay £300 of your wages or salary each month (or whenever your wages or salary gets paid) into your Salary Advance Account with Borofree (or £100 of your wages or salary if you arepaid weekly). Once you have done that, you will need to confirm to us that you have instructed your employer to make the change. You give us permission to verify and confirm with your employer that they will pay your salary or wage to your Salary Advance Account with borofree.

Borofree charges zero interest and zero fees to you.

You must be 18 years of age or older.

Once those steps have been completed and you have confirmed thatyou meet the criteria, we need you to agree to our terms and conditions after which you can start using the Borofree App and we can start providing you with the Borofree Services.

(B) Steps to signing up to Borofree Direct.

Before you can start to use the Borofree Platform, there are certain steps to be completedand you must confirm you meet certain criteria:

You must complete the Borofree App sign-up process and provide us withinformation about you. “Your Information” includes:

  • Your name
  • Your UK mobile number
  • Your personal email address
  • Your work email address
  • Your employee ID/payroll number
  • Your date of birth

Required Legal Documents

  • Photographic ID (Driving License, Passport etc)
  • Your residential UK address
  • Your existing bank account number and sort code
  • Proof of your residential UK address; and
  • A video of yourself

You must have been gainfully employed and you must complete the eligibility check andKYC requirements.You must agree with the terms and conditions and privacy policies and other legal requirements as set by Borofree. You give permission to Borofree to open an e-money account (a “Salary Advance Account”) so that we can process payments due to Borofree from your bank account.

You give us permission to verify and confirm with your bank that necessary instructions are received to make debits towards your salary advance.

Borofree charges zero interest and zero fees to you.

You must be 18 years of age or older.

Once those steps have been completed and you have confirmed you meet the criteria, we need you to agree to our terms and conditions after which you can start using the Borofree App and we can start providing you with the Borofree Services.

HOW BOROFREE WORKS

Financial Checks
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We do not conduct any financialchecks if the product is obtained through the employer route, so your creditrating is unaffected. However, if you sign up on Borofree then we conduct an eligibility and affordability check via our partner Planky.

We don’t share any of the information from the financial checks with anyone else unless there is an overdue or a default on your salary advance.

The Salary Advance Account
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When you provide us with Your Information and give your consent, we will open an account for you with an Electronic Money Institution (this is a company registered with the Financial Conduct Authority to process payments).

We use Modulr Finance Limited (“Modulr”) to provide this service and we will pass your details to Modulr for them to open your Salary Advance Account. There are terms related to the Salary Advance Account and those terms follow later in these terms and conditions

(A) In the case of signing up via The Employer:
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  1. Each time your employer pays your wages or salary into the Salary Advance Account, we calculate how much you have spent on Vouchers between the latest two wages or salary payments. That is "What Borofree is Owed,"and once your wages or salary are deposited, we deduct that amount from your Salary Advance Account. What is left after deducting What Borofree is Owed is automatically transferred to your bank account.
  2. It is important that your wages or salary gets paid into your Salary Advance Account before going to your regular Bank Account. If it doesn’t, we cannot allow you to use the Borofree Platform. For that reason, when you complete the sign-up process, we ask you to confirm that you have instructed your employer to change your wages or salary payment destination to the Salary Advance Account. We rely on this confirmation, so you must make sure that youhave sent the instruction before you complete the sign-up process.
  3. If you later request that your employer pay your salary to a different account, you must notify us in advance and pay What Borofree is Owed before making the change. You agree and give permission for your employer to notify us of your intention to change the account. In the case of a salary advance made directly to you, if you decide to change the bank account to which the salary is paid, you must notify us in advance and ensure that any outstanding amount owed to Borofree is cleared.
  4. If you do redirect your wages or salary to a different accountwithout repaying What Borofree is Owed, you are responsible for repaying Borofree and we may take steps to recover this debt, including the use of debt collection services. We may inform your employer that you owe us money and you give consent to us to inform your employer of the amount owed to us.

(B) When signing up as an individual:‍

  1. You must provide the bank account details into which your salary is paid.
  2. The minimum due balance, which is the value ofvouchers issued to you, is the amount owed to Borofree on the day of mandate, and we deduct that amount from your bank account
  3. In case of a change in salary pay-in date , you must inform us by updating the mandate to the date which your salary is paid your personal bank account.
  4. In case of a change in your employment you must inform us via our website or email us on support@borofree.com. If the change of employer hasresulted into a change of salary pay in date, then you must update the mandate.
  5. If you change the bank account into which your salary is deposited, you must notify us and update the mandate. If for some reason the mandate cannot be updated, ensure that the previous bank account registered with us has sufficient balance to cover the minimum due to Borofree.

Buying Vouchers
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The Borofree App allows you to buy Vouchers thatyou can spend at Participating Retailers. You will see a list of Participating Retailers in the Borofree App. “Participating Retailers” are shops, stores and online retailers that have agreed to participate in the Borofree Platform. A “Voucher” is an electronic credit that the Participating Retailer recognises and allows you to spend in their store or online (where the Participating Retailer supports online purchases with Vouchers) to buy their goods or services.

In purchasing a Voucher you agree to the Participating Retailer’s terms and conditions.

The Vouchers are of different values and you can buy several at once. Some retailers may restrict the value of the Vouchers that you can buy in a month.

We limit the value of the Vouchers you can buy to a maximum of £300. We have absolute discretion as to the value of Vouchers we allow you to purchase.

We also have the right to refuse to sell you a Voucher. We might do this if we think it is necessary or advisable for a legalor security reason to say ‘no’. We might also refuse to sell you a Voucher ifthe Participating Retailer removes or restricts the availability of Vouchers for any reason.

Keeping track of your Vouchers
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Through the Borofree App, youcan access and view a monthly break-down of your Vouchers.

You will be able to gift Vouchers to other BorofreeApp users and the Borofree App will allow you to do that. If you do gift Vouchers, youneed to give us the names of the other Borofree App users.
In purchasing a Voucher you agree to the Participating Retailer’s terms and conditions.

What Borofree is Owed
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We keep a record ofall the Vouchers you buy.

Incase of signing up as Borofree through the employer, each time your employer pays your wages or salary into the Salary Advance Account we calculate how much you spent on the Vouchers between the latest two wages or salary payments / last payment collection. We take that amount, being What borofree is Owed, from your Salary Advance Account once the wages or salary gets paid into the account. What is left after we’ve taken What borofree is Owed; we send automatically to your existing Bank Account.

In the case of signing up as Borofree Direct, we charge the amount owed to us directly to your bank account at the end of the monthly credit cycle.

We don’t charge you for using the Borofree Services, so we don’t take any interest or charges from the Salary Advance Account or the bank account in which the salary is paid in.

YOUR INFORMATION

‍We collect Your Information from you during the sign-up process. By giving us this information, you agree to us using it to deliver the Borofree Services to you as described in these terms and conditions.

We may contact you to notify you of promotions or offers available through the Borofree Platform, such as promotions offered by Participating Retailers or by Karma.

We also keep and use information relating toyour use of the Borofree Platform, such as your Voucher purchases and account balance.

We will process Your Information and your Borofree Platform information in accordance with our Privacy Policy which can be foundhere https://borofree.com/privacy-policy. Unless we need to in order to provide you with the Borofree Services (for example, share it with Modulr to open andrun the Salary Advance Account) or otherwise to protect and detect crime, we will not share Your Information with anyone else. You have rights in relation to Your Information and these are explained in our Privacy Policy

We keep back-up copies of Your Information and your Borofree Platform information.

If we stop providing the Borofree Services forwhatever reason, we will keep those parts of Your Information that are needed to comply withthe applicable laws andregulations and our own data policies. We won’t use the retained data except where we need to and are authorised by applicable laws and regulations to do so.

We will use your contact information to contact you if we need to.

If we experience a security breach affecting Your Information, we will inform you as soon as is reasonably possible by contacting you on the most up to date information we hold for you from either the information you provided us during the sign-up process, or that you have advised us of more recently.
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USING BOROFREE SERVICES

Once we have set you up on the Borofree Platform, you are free to use the Borofree Services. We will provide the Borofree Services using reasonable care and skill.
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There are some rules that apply to your use ofthe Borofree Services. These are set out here.
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  1. Operating System Requirements: To ensure the safety and privacy of your data,all communications on or through the Borofree Platform are securely encrypted.This will mean that you will need to have a compatible device running an appropriate operating system.
  2. Security: When you sign-up to use the Borofree Services, you choose a login ID and a password. These details are needed eachtime you want to log in to use the Borofree Services. You are responsible forkeeping those details safe and you agree not to share them with anyone else. Ifyou think that there has been any breach of security, for example, your devicehas been lost or stolen or someone has access to your Borofree account, youmust tell us immediately.
  3. Stopping using the Borofree Services: Provided you repay What Borofree is Owed,you can stop using the Borofree Services and remove the Borofree App from yourdevice at any time. We will stop providing the Borofree Services but will keep those bits of Your Information that we need to keep to comply with laws and regulations and our own data policies. We won’t use the retained data except where we need to and are authorised by applicable laws and regulations to do so. You will need to advise your employer of the bank account details where youwish your salary to be paid.
  4. Proper Use: We want to make sure that people who use the BorofreeApp and the Borofree Services don’t abuse the service or behave improperly. So,we have some use rules that we need you to follow:
        a) you must not use the BorofreePlatform in a way that could damage, disable, overburden or impair the BorofreePlatform;
        b) you must not pretend to beanyone else when you are using the Borofree Platform;
        c) you must not try to hack the BorofreePlatform or try to access it other than through the Borofree App;
        d) you must not upload a virus orsoftware intended to cause harm to the Borofree Platform;
        e) you must not try to access orcollect data from the Borofree Platform that isn’t your data;
        f) using the Borofree Services is personal to you and you cannot transfer your Borofree account to anyone else;and
        g) you must only use the Borofree Platform for your own personal use andnot commercial or other uses.
  5. Changing your employer or employment details: You must let us know immediately if you change your employer. If you need help in changing your information, please email usat support@borofree.com. We are not responsible for wrong payments if we don’t have correct and up to date information about you.
  6. Changing your Bank Account: You must let us know immediately if you change your Bank Account. If you need help in changing your information, please email us at support@borofree.com. We are not responsible for wrong payments if we don’t have correct and up to date information about you.
  7. Services Availability. While we work hard to keep the Borofree Services working all the time, we may have to stop the Borofree Services for maintenance work or because of technical problems. We are not responsible to you if the Borofree Services are not working.
  8. Upgrades: Sometimes we upgrade the Borofree App and the BorofreeServices. This might be to correct a technical problem or to improve thefeatures of the Borofree Platform. We will ask you to re-install and use any upgrades that we send you.
  9. Karma can end the Borofree Services: We can stop providing the Borofree Services to you if:
      a) you do not use the Borofree Services inaccordance with our rules or these terms and conditions;
      b) your employer stops participating in the BorofreePlatform; or
      c) something else happens that means we can’t offerthe Borofree Platform to you anymore

THE SALARY ADVANCE ACCOUNT – BY MODULR

To use the Borofree Services,you need to open the Salary Advance Account to process payments into and fromyour Borofree account. We send the information needed to do this to ourpartner, Modulr. Modulr Finance Ltd is authorised by the Financial ConductAuthority under the Electronic Money Regulations 2011 (Register Reference:900573) for the issuing of electronic money.

We will share Your Informationwith Modulr so they are able to open and operate your Salary Advance Account.

There are terms and conditions that apply between you and Modulr inrelation to the Salary Advance Account. They are in the section below headed“Your agreement with Modulr establishing your Salary Advance Account”. When you complete the sign-up process and tap ‘Complete’ you agree to the Modulr terms and are entering into an agreement with Modulr for the Salary Advance Account at such time.
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