Privacy policy

1. Introduction

ThinkOut is an online platform that delivers financial analysis and forecasting for SMEs, based on their bank account transaction history.

The protection of your privacy and personal data is one of our main concerns. This Privacy Policy will inform you as to how we look after your personal data, tell you about your privacy rights and how the law protects you when (i) you visit our website at www.thinkout.io (the “Website”), (ii) you access our platform through our Website (the “Platform”) and (iii) we provide financial services to you through the Platform (the “Services”).

This privacy policy applies to personal data pertaining to one the following categories of individuals: (i) Users – meaning any person accessing our Site or Platform and (ii) Customers – meaning any individual, business or organisation, including their employees, agents or contractors, who is/are using the Services.

2. Who are we

In relation to the provision of our Services, ThinkOut is the controller and responsible for the safety of your personal data (collectively referred to as “ThinkOut”, “we”, “us” or “our” in this Privacy Policy).

If you have any questions regarding this Privacy Policy, including any requests to exercise your legal rights set out below, please contact us by using the following details:

ThinkOut B.V.
Registered address: Prins Hendrikkade 21 E, Amsterdam, 1012TL, Netherlands
the Netherlands Chamber of Commerce (KVK): 88819922
VAT Number: NL864789920B01
Identification number (RSIN): 864789920
E-mail: office@thinkout.io

3. Personal data we collect

Personal data, or personal information, means any information regarding an individual which can lead to his or her identification.

In order to provide the services, we may collect, use, store and transfer different kinds of personal data about you, as follows:

▪ Identity data includes first name, last name and title/position held in a company, copies of your identity documents, utility bills and/or other identifying information;

▪ Contact data includes billing address, residential or registered company address, email address and telephone numbers;

▪ Financial data includes debit and credit card numbers, bank account details and/or other billing details;

▪ Accounting data includes accounting information provided by you or your third-party accounting provider;

▪ Transaction data includes details about payments to and from you and other details of Services you have purchased from us;

▪ Technical data includes internet protocol (IP) address, your login data, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform and other technology on the devices you use to access the Website and Platform;

▪ Profile data includes your unique account reference number, actions or transactions made by you on the Platform, preferences, feedback, survey responses and other correspondence;

▪ Usage data includes information about how you use our Website, Platform and Services;

▪ Marketing and communications data includes your preferences in receiving marketing from us, and your communication preferences.

We do not collect any special categories of personal data about you (this includes details about your race or ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, trade union membership, information about your health and genetic and biometric data). Nor do we collect any information about criminal convictions and offences.

If you fail to provide personal data

Where we need to collect personal data by law, or under the terms of a contract we have with you and you fail to provide that data when requested, we may not be able to perform the contract we have or are trying to enter into with you (for example, to provide the Services to you). In this case, we may have to cancel delivery of the Service but we will notify you if this is the case at the time.

4. How we use your data

We collect, use, transfer and store your personal data in accordance with the applicable laws and this Policy.

Most frequently, we will use your personal data (i) where we need to perform the contract we are about to enter into or have entered into with you, (ii) where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests and (iii) where we need to comply with a legal or regulatory obligation.

Generally, we do not rely on consent as a legal basis for processing your personal data other than in relation to sending third party direct marketing communications to you via email. You have the right to withdraw consent to marketing at any time by contacting us.

Your data may be used for one or more of the following purposes:

4.1. For specific purposes

If you send us your data for a specific purpose, we will use such data in order to achieve said purpose. For instance, if you send us an e-mail, we will use your contact data you provide us to answer your inquiry.

4.2. To register you as a new Customer or User

We will use your identity and contact details to perform the contract we are about to enter into or have entered into with you.

4.3. To provide the Services to you

We will use your data in order to perform the contract, for compliance with legal obligations and for fraud prevention purposes, as follows:

▪ your identity and contact details will be used to manage payments, fees and charges;

▪ your financial data will be used to collect and recover our due payments;

▪ your profile, accounting, financial and transaction data will be used to provide the Services and for customer support. When providing the Services, in certain circumstances, we partner with Salt Edge Dashboard, a platform provided by Salt Edge Limited, in order to aggregate your financial and transaction data. You may check the Salt Edge Dashboard Privacy Policy here and Terms of Service here. In addition, you can also read the Salt Edge Limited Privacy Policy here and Terms of Service here.

4.4. To manage our relationship with you

We will use your identity and contact data to notify you about changes to our Terms & Conditions, Privacy Policy or Services. We may also use your contact data to notify you in case you have not fully configured your account to be able to use the Services as they are intended to be provided.

4.5. For internal business purposes

We may use your identity, contact, financial and technical data for running our business, provision of administration and IT services (e.g., troubleshooting, data analysis, support), network security (e.g., testing, system maintenance), to prevent fraud and in the context of a business reorganization or group restructuring exercise.

4.6. To deliver relevant Website content and advertisements

We may use your identity, contact, profile, technical and usage data to understand how Customers and Users use our Services, to develop them and to inform our marketing strategy.

Where it is in accordance with your marketing preferences, we may use your marketing and communications data to inform you with regard to services we believe might be of interest to you, or to changes related to such services such as expiry of any of your trial periods. See section “Opt Out from Electronic Communications” below on how to opt out of ThinkOut marketing communications.

4.7. Other purposes

We will not use your data for purposes other than those detailed above. If we intend to use any personal data in any manner that is not consistent with this Privacy Policy, you will be informed of such anticipated use prior to or at the time the personal data is collected or we will obtain your consent subsequent to such collection but prior to such use.

4.8. Aggregated data

In an ongoing effort to understand and serve our Users better, we often conduct research on our customer demographics, interests and behavior based on personal data and other information that we have collected. This research is typically conducted on an aggregate basis only that does not identify you. Once personal data is in an aggregated form, for purposes of this Policy, it becomes non-personal data.

4.9. Microsoft Clarity & Microsoft Advertising

We partner with Microsoft Clarity and Microsoft Advertising to capture how you use and interact with our website through behavioral metrics, heatmaps, and session replay to improve and market our products/services. Website usage data is captured using first and third-party cookies and other tracking technologies to determine the popularity of products/services and online activity. Additionally, we use this information for site optimization, fraud/security purposes, and advertising. For more information about how Microsoft collects and uses your data, visit the Microsoft Privacy Statement.

5. How we disclose and transfer your personal data

We will not sell your data to third parties, including third party advertisers. There are, however, certain circumstances in which we may disclose, transfer or share your Personal Data with certain third parties without further notice to you, as set forth below.

5.1. Business Transfers

As we develop our business, we might sell or buy businesses or assets. In the event of a corporate sale, merger, reorganization, dissolution or similar event, your data may be part of the transferred assets. You acknowledge and agree that any successor to or acquirer of ThinkOut (or its assets) will continue to have the right to use your data and other information in accordance with the terms of this Policy.

5.2. Parent Companies, Subsidiaries and Affiliates

We may also share your data with our parent companies, subsidiaries and/or affiliates for purposes consistent with this Privacy Policy. Our parent companies, subsidiaries and affiliates will be bound to maintain that personal data in accordance with this Policy.

5.3. Agents, Consultants and Service Providers

We may share your data with our contractors and service providers who process data on behalf of ThinkOut to perform certain business-related functions. When we authorize a third party to process your data, we remain fully responsible for the protection of the data. Third parties will only have access to information regarding you where necessary for providing their services. Third parties we may engage are:

▪ marketing service providers;

▪ database service providers;

▪ hosting service providers;

▪ email service providers;

▪ data aggregators;

▪ payment service providers.

5.4. Fraud Prevention

We may check the details you provide with fraud prevention agencies and share your information with them if we suspect fraud. It is important that you don’t provide false, inaccurate information or impersonate another individual.

5.5. Legal Requirements

We may disclose your data if required to do so by law in order to (for example) respond to a subpoena or request from law enforcement, a court or a government agency (including in response to public authorities to meet national security or law enforcement requirements), or in the good faith belief that such action is necessary to (i) comply with a legal obligation, (ii) protect or defend our rights, interests or property or that of third parties, (iii) prevent or investigate possible wrongdoing in connection with the Services, (iv) act in urgent circumstances to protect the personal safety of Users/Customers of the Services or the public, or (v) protect against legal liability.

5.6. International Transfers

Some of our external third-party suppliers are based outside the European Economic Area (“EEA”). Their processing of your personal data will involve a transfer of data outside the EEA.

Whenever we transfer your personal data out of the EEA, we endeavor to ensure one of the following safeguards is implemented:

▪ we will only transfer your personal data to countries that have been deemed to provide an adequate level of protection for personal data by the European Commission. For further details, see European Commission: Adequacy of the protection of personal data in non-EU countries;

▪ where we use certain service providers, we may use specific contracts approved by the European Commission which give personal data the same protection it has in Europe;

▪ where we use providers based in the US, we may transfer data to them if they are part of the Privacy Shield which requires them to provide similar protection to personal data shared between the EEA and the US. For further details, see European Commission: EU-US Privacy Shield;

▪ where such data cannot be afforded one of the safeguards above, we shall only transfer such data outside the EEA where it is necessary for performing our contract with you or we have your fully informed, active, clear and specific consent. We shall take all steps necessary to ensure that your personal data is protected when we transfer it outside the EEA.

6. How we store your personal data

We may store personal data or such information may be stored by third parties to whom we have transferred it in accordance with this Policy. We have taken reasonable steps to protect the personal data collected via the Services from loss, misuse, unauthorized use, access, inadvertent disclosure, alteration and destruction.

In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality.

However, please note that no network, server, database or Internet or e-mail transmission is ever fully secure or error free. Therefore, you should take special care in deciding what information you send to us electronically. Please keep this in mind when disclosing any personal data.

7. Retention

We will retain your personal data as long as you are registered to use the Services.

You can stop using our Platform and/or Services by clicking the “Delete ThinkOut account” button in the “My Account” section of our Platform.

If you decide to stop using our Services, we will only retain your personal data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements.

To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.

In some circumstances we may anonymize your personal data (so that it can no longer be associated with you) for research or statistical purposes in which case we may use this information indefinitely without further notice to you.

We will ensure the secure deletion of your personal data as soon as the processing is no longer sustained by one of the legal grounds mentioned above.

8. Your choice

8.1. Cookies

Please see our Cookie Policy for detailed information.

8.2. Opt out from electronic communications

You can ask us or third parties to stop sending you marketing messages at any time by contacting us at office@thinkout.io. You can also unsubscribe from our marketing list by clicking on the “Unsubscribe” link at the bottom of any such electronic communication.

Where you opt out of receiving these marketing messages, this will not apply to personal data provided to us as a result of a Service purchase, Service experience or other transactions.

9. Exclusions

9.1. Third party links

Our Website may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy statements. When you leave our website, we encourage you to read the privacy notice of every website you visit.

9.2. Data regarding children

Our Website, Platform and Services are not designed or intended for use by children. If you are under the age of sixteen (16), please do not submit any personal data through the Services. If you have reason to believe that a child under the age of 16 has provided personal data to us through the Services, please contact us at office@thinkout.io and we will endeavor to delete that information from our databases.

9.3. Changes to this Privacy Policy

This Policy has been updated on May 15, 2024.

The Services and our business may change from time to time. As a result, at times it may be necessary for us to make changes to this Privacy Policy. We reserve the right, in our sole discretion, to update or modify this Policy at any time (collectively, “Modifications”). Modifications to this Policy will be posted to the Website with a change to the “Updated” date at the top of this Policy.

In certain circumstances ThinkOut may, but need not, provide you with additional notice of such Modifications, such as via email or with in-Service notifications. Modifications will be effective thirty (30) days following the “Updated” date or such other date as communicated in any other notice to you.

10. Your rights

In accordance with Regulation no. 2016/679, under certain circumstances, you have the following rights in relation to your personal data:

▪ Access to information: You have the right to request a copy of the information ThinkOut holds about you.

▪ Ensuring accuracy of information: ThinkOut wants to make sure that your personal information is accurate and up-to-date. You may ask ThinkOut to correct or complete information that is inaccurate or incomplete.

▪ Right to erasure: You may have a right to erasure, which is more commonly known as the ‘right to be forgotten’. This means that in certain circumstances you can require ThinkOut to delete personal information held about you.

▪ Ability to restrict processing: You may also have the right to require ThinkOut to restrict ThinkOut’s use of your personal information in certain circumstances. This may apply, for example, where you have notified ThinkOut that the information ThinkOut holds about you is incorrect and you would like ThinkOut to stop using such information until ThinkOut has verified that it is accurate.

▪ Right to data portability: You may have the right to receive personal data ThinkOut holds about you in a format that enables you to transfer such information to another data controller (e.g. such as another service provider).

▪ Preventing direct marketing: ThinkOut does not sell your personal data. From time to time, ThinkOut may send emails containing information about new features and other news about us. This is considered direct marketing. ThinkOut will always inform you if ThinkOut intends to use your personal data or if ThinkOut intends to disclose your information to any third party for such purposes.

▪ Objecting to other uses of your information: You may also have the right to object to ThinkOut’s use of your information in other circumstances. In particular, where you have consented to ThinkOut’s use of your personal data, you have the right to withdraw such consent at any time.

▪ Review by an independent authority: You will always have the right to lodge a complaint with a supervisory body, including The Dutch DPA (Autoriteit Persoonsgegevens) at Hoge Nieuwstraat 8 2514 EL The Hague.

No fee usually required

You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we may refuse to comply with your request in these circumstances.

What we may need from you

We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.

Time limit to respond

We try to respond to all legitimate requests within one month. Occasionally it may take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.

If you want to exercise any of the rights listed above, or if you would like further information on how you can exercise these rights, please email us at office@thinkout.io. Alternatively, you can send us a written, dated and signed request by post at Prins Hendrikkade 21 E, Amsterdam, 1012TL, The Netherlands.