Privacy Policy

Last updated November 23, 2022

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Sila Inc. (also referred to as Sila Money Inc., together with its subsidiaries and affiliates, “Sila”) is a financial technology services provider operating as an agent of its one or more financial depository institution partners to facilitate their provision of banking and payments services to Sila customers and their clients or platform application “end users.” As an agent of a financial depository institution, Sila performs certain approved functions on its behalf, including carrying out customer onboarding and due diligence, sustaining essential service software and systems, maintaining records, providing customer support, and other functions necessary to support provision of the underlying banking and payments services (altogether, the “Services”).

Sila operates internationally. Sila is also committed to ensuring that it complies with applicable data privacy laws when collecting and using the information of the customers and end users of the Services. Therefore, Sila maintains this Sila Privacy Policy (this “Policy”) governing use of the Services to demonstrate Sila’s organizational commitment to privacy and security. This Policy applies to you to the extent you are a customer or end user of the Services, as provided under Sila’s Terms of Service, available at silamoney.com/legal/terms-of-service.

Sila believes it is important that you fully understand what information Sila gathers and how it obtains, uses, shares, and manages that information, so please read this Policy carefully. Accordingly, Sila maintains this Policy to disclose to you what information Sila gathers as part of providing you with the Services and how that information is obtained, used, shared, and managed.

If you have any questions about this Policy, you may contact Sila at privacy@silamoney.com.

Sila reserves the right to change the provisions of this Sila Privacy Policy at any time and without providing notice to you. The date of the most recent version of this Privacy Policy will appear at the top of this page. Accordingly, you should visit this Privacy Policy periodically to review its provisions and note any changes that may affect you.

Attention California Residents: See Sila’s California Consumer Privacy Act (“CCPA”) Rights Disclosures incorporated as part of this Policy at silamoney.com/legal/ccpa-rights-disclosure for additional disclosures about your rights and Sila’s collection and use of your personal information under the CCPA, and for information on submitting CCPA requests.

‍Attention European Economic Area Residents: See Sila’s General Data Protection Regulation (“GDPR”) Rights Disclosures incorporated as part of this Policy at silamoney.com/legal/gdpr-rights-disclosure for additional disclosures about your rights and Sila’s collection and use of your personal information under the GDPR, and for information on filing GDPR complaints.

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1. Your Personally Identifiable Information

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If you are a direct customer of Sila or individual officer, director, agent, employee, or contractor of a Sila customer, then Sila collects information that you voluntarily provide to Sila during customer onboarding and due diligence and on an ongoing basis to support provision of the Services. If you are an end user of the Services by way of one of Sila’s customer platform applications, then Sila collects information that you voluntarily provide when registering for and using that platform application or relevant products or services of Sila’s customer. The information you submit may include your name, company information, street address, email address, phone number, birthdate, nationality, country of origin, sex, gender, biometrics, and social security number or other tax ID number. In certain circumstances, Sila may also collect your sensitive personal data, like information about your financial health, credit history, assets, criminal history, education, professional background and other resumé data, dietary restrictions, disabilities, social network account details, and data from third parties. Sila considers all the above information to be your personally identifiable information (your “PII”).

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2. Use of Your Personal Information

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Your PII may be shared between Sila and its partners or suppliers and may also be disclosed to other entities based on any separate requests you may make for Sila to provide the Services or other products, features, and services to you. Sila and its partners or suppliers may use any of your PII if and to the extent necessary to perform each of the following, if and as applicable: (i) provide the Services in accordance with any contractual relationship Sila may have with you or your company; (ii) manage your or your company’s relationship with Sila, including with respect to billing and collections, marketing, support services, and other matters directly related or ancillary to provision of the Services; (iii) comply with legal and regulatory obligations, including but not limited to anti-money laundering, counter-financing of terrorism, sanctions enforcement, and fraud and other financial crimes prevention; (iv) evaluate and improve the Services and promote Sila’s business, such as by sending you marketing publications, other content, or event invitations; (v) protect the security of and manage access to Sila’s physical premises, information technology and communications systems, proprietary software, and online platforms, including to prevent and detect security threats, fraud, and other criminal or malicious activities; (vi) fulfill insurance requirements; (vii) explore a potential services, partnership, employment, or other business relationship or collaborate on a project with you; (viii) comply with legal and regulatory obligations and requests inside or outside the United States (U.S.), including if and when required to report to or undergo audit by any state, federal, national, or international regulatory authority; (ix) comply with a court order, resolve disputes, or otherwise exercise or defend Sila’s legal rights; (x) assist or enhance your experience at a virtual or in-person event; (xi) personalize and foster the quality of communications and other interactions with you; (xii) market products and services to you; (xiii) facilitate due diligence with third parties in connection with a transaction, such as a merger, financing, acquisition, or sale of part or all of Sila’s business assets or acquisition of another business; (xiv) support Sila’s recruitment process; or (xv) for any other purposes related or ancillary to any of the above or any other lawful purposes for which your PII was provided to us. Unless you give your express prior permission, Sila does not sell your PII to third parties, and Sila does not otherwise make commercial use out of your PII other than for the limited purposes set forth above.

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3. Legal Basis for Using Your Information

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Sila may use your PII for any of the purposes described above on the basis of any of the following legal grounds, if and as applicable: (i) reasonably necessary to perform the contract Sila has with you or your company; (ii) reasonably necessary to comply with Sila’s legal or regulatory obligations and maintain tax records or documentation of fulfillment of applicable compliance policies or processes; (iii) the legitimate interests of Sila or a third-party recipient of your PII require processing or maintaining records of your PII, provided those interests are not overridden by any fundamental rights you may have under applicable law; or (iv) you have otherwise expressly consented to processing your PII in the manner described. Accordingly, Sila may contact you to facilitate its proposed or ongoing business dealings with you or your organization and obtain any consents necessary to collect and use your information. This may include, if and as applicable, registering you to use the Services, provisioning the Services to you, updating and improving the Services, correcting bugs or outages, providing you with training and support to properly and lawfully use the Services, maintaining process requirements for your use of the Services, verifying your or your company’s identity and other information, performing sanctions screening and other due diligence or oversight processes, addressing your questions and concerns, and assisting you with your or your company’s integration with the Services.

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4. Disclosure of Your Personal Information

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Sila may disclose whatever information it may have or know about you, including your PII, without first providing you with additional notice or obtaining your consent, to (i) third-party service providers that provide advice, products, or services to Sila, or that help Sila improve the Services or other its products, services, features, or information; (ii) a potential acquirer in connection with any merger, acquisition, or sale of at least substantially all Sila’s business assets or Sila’s acquisition of another business or organization; (iii) third parties to whom disclosure of your information is deemed to be required by law, regulation, or legal process, or that is or may be reasonably necessary to enforce or take appropriate action under the Terms of Service, available at silamoney.com/legal/terms-of-service; or (iv) other third parties when reasonably necessary to protect the rights, property, or safety of Sila, its partners and suppliers, the Services, and other customers and end users of the Services. Sila may also disclose your PII to social media companies in an encoded (or “hashed”) format that can only be recognized if you have an account on those companies’ platforms. Sila only discloses your PII to those of its partners, suppliers, or other service providers with appropriate controls for handling and protecting your PII. Sila also imposes contractual obligations on service providers to ensure they only use your PII in accordance with applicable law as necessary to provide services to Sila or you. You additionally agree to be bound by the privacy policy of Sila’s principal financial depository institution Evolve Bank & Trust, member FDIC, available at silamoney.com/legal/evolve-privacy-policy. You may also be subject to the privacy policy of Sila’s supplier First Mile Group d.b.a. Alloy, available at alloy.com/privacy-policy.

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5. Your Consent or Refusal to Provide Information

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If you provide PII to Sila, then you consent to the use of that information as described in this Policy. If you refuse to provide PII or other information that Sila requests from you or your company, Sila may not be able to provide or continue to provide the Services to or otherwise collaborate with you or your company, because collection, verification, and retention of this information may be required by applicable law, regulation, or policy to be able to maintain a services relationship or otherwise collaborate with you or your company.

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6. Where is Your Information Held?

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The information handled by Sila, including your PII, is encrypted in transit and in storage. This information may be held at Sila’s offices and the offices of Sila’s partners or suppliers, or in Sila’s encrypted cloud-based database hosted by Amazon Web Services. Sila and some of the above third parties are based outside the European Economic Area. If you are a resident of the European Economic Area, please see Sila’s General Data Protection Regulation (“GDPR”) Rights Disclosures at silamoney.com/legal/gdpr-rights-disclosure.

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7. How Long is Your Information Kept?

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If you or your company are a direct customer of Services, then Sila will retain your PII for as long as Sila is providing Services to you and for at least five years after any services relationship you have with Sila is terminated. If you or your company are an end user of the Services by way of a customer’s platform application, then Sila will retain your PII for as long as you maintain an account with that platform application and for at least five years after your account or services relationship with that customer is terminated. Sila may retain your PII for longer if necessary to comply with legal obligations, resolve disputes, or collect fees owed, or if doing so is otherwise permitted or required by applicable law, rule, or regulation. Sila may additionally hold your PII as necessary to adequately respond to any questions, complaints, or claims made by you, by your company, or on your behalf, and to show that Sila treated you fairly. Sila will not keep your PII for longer than necessary for the purposes set forth in this Policy and, at the end of the applicable retention period, will delete or anonymize your information.

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8. Children’s Privacy

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Sila does not market or provide the Services to children under the age of 16 or allow end users to be under the age of 16. In some limited circumstances related to a customer platform application’s lawful provision of services to end users over the age of 16, Sila may collect only the names of individuals under the age of 16 in connection with supporting the provision of Services by way of that platform application. Sila otherwise does not knowingly collect or solicit personal information from any person under the age of 16 or knowingly allow them to use the Services. If you are under 16, please do not submit any application to or attempt to use the Services or other of Sila’s products, features, platforms, or services. If Sila obtains actual knowledge that the personal information of a child under age 16 was collected by Sila, then Sila will delete that information as quickly as possible. If you believe the Website might have collected any information from or about a child under 16, then please contact Sila by privacy@silamoney.com.