Terms of Use

1. Scope & Acceptance

These Terms of Use ("Terms") govern your use of the Penny mobile application ("the App") operated by m12k GmbH ("we", "us"). By creating an account or using the App, you agree to these Terms. If you do not agree, you must not use the App.

These Terms apply to all users of the App regardless of whether they use free or paid features.

2. Service Description

Penny is an AI-powered financial coaching app that helps you understand your spending habits through a conversational chat interface. The App connects to your bank account (with your explicit consent) to analyze transactions and provide personalized insights.

Important: Penny does not provide licensed financial advice, investment recommendations, tax guidance, or legal counsel. All information provided by Penny is for educational and informational purposes only. Penny is not a licensed financial advisor (Finanzberater) or investment advisor (Anlageberater) under German law (WpHG, GewO). You should always consult a qualified professional before making significant financial decisions.

3. AI-Generated Content

Penny uses artificial intelligence (provided by Anthropic) to generate responses. While we strive for accuracy, AI-generated content may occasionally be inaccurate, incomplete, or outdated. Financial figures shown in conversations are always based on your real transaction data retrieved via tools, but Penny's commentary, suggestions, and analysis are AI-generated and should not be treated as professional financial advice.

We are not liable for any decisions you make based on AI-generated content.

4. Eligibility

You must be at least 18 years old and reside in Germany to use the App. By creating an account, you confirm that you meet these requirements.

5. Account & Security

You are responsible for maintaining the confidentiality of your login credentials and for all activities under your account. You must notify us immediately at security@pennyfinance.de if you suspect unauthorized access to your account.

You may not share your account with others, create multiple accounts, or transfer your account to another person.

6. Bank Connections

Penny connects to your bank via Tink Germany GmbH, a BaFin-licensed payment institution operating under PSD2 regulations. We never store your bank login credentials — all authentication is handled directly by Tink.

Bank connections require your explicit consent and are subject to the 90-day PSD2 re-authentication cycle. You can disconnect your bank at any time through the App settings.

We are not responsible for the availability, accuracy, or completeness of data provided by your bank or by Tink.

7. Subscriptions & Payments

Penny offers the following tiers:

• Free: limited features at no cost.
• Plus (€4.99/month): unlimited chats, additional bank connections, and premium features.

Paid subscriptions are managed through Apple App Store or Google Play Store (via RevenueCat). Payment terms, billing cycles, and refund policies are governed by the respective app store's terms.

You can cancel your subscription at any time through your device's subscription settings. Cancellation takes effect at the end of the current billing period. No partial refunds are provided for the remaining period.

8. Right of Withdrawal (Widerrufsrecht)

As a consumer in the European Union, you have a 14-day right of withdrawal for digital purchases under §312g BGB and the EU Consumer Rights Directive.

Withdrawal policy: You may withdraw from your subscription within 14 days of purchase without giving any reason. To exercise this right, contact us at legal@pennyfinance.de with a clear statement of your decision to withdraw.

If you have consented to the immediate provision of digital content and acknowledged that you thereby waive your right of withdrawal (which app stores typically request during purchase), the right of withdrawal may not apply. In such cases, the refund policies of the Apple App Store or Google Play Store apply.

9. Acceptable Use

You agree not to:

• Use the App for any illegal purpose or in violation of applicable laws
• Attempt to gain unauthorized access to the App, its servers, or other users' data
• Reverse-engineer, decompile, or disassemble the App
• Use automated systems (bots, scrapers) to access the App
• Attempt to manipulate or abuse AI-generated responses
• Transmit malicious code or interfere with the App's operation

We reserve the right to suspend or terminate accounts that violate these terms.

10. Intellectual Property

The App, including its design, code, AI models, branding, and content, is the property of m12k GmbH and is protected by copyright and other intellectual property laws. You may not copy, modify, distribute, or create derivative works from the App.

Your financial data remains your property. You grant us a limited license to process your data solely for the purpose of providing the Penny service.

11. Account Termination

You may delete your account at any time through the App or by emailing support@pennyfinance.de. Upon deletion:

• All personal data will be erased within 30 days
• All bank connections will be immediately disconnected
• Active subscriptions must be cancelled separately through your app store

We may terminate or suspend your account if you materially breach these Terms, with notice where reasonably possible.

12. Availability

We strive to keep the App available at all times but do not guarantee uninterrupted access. The App may be temporarily unavailable due to maintenance, updates, or circumstances beyond our control. We are not liable for any losses resulting from downtime.

13. Limitation of Liability

To the extent permitted by German law:

• We are liable without limitation for damages caused intentionally or through gross negligence.
• For slight negligence, we are only liable for breaches of essential contractual obligations (Kardinalpflichten), limited to foreseeable, typically occurring damages.
• We are not liable for financial decisions you make based on information or suggestions provided by the App.
• The above limitations do not apply to liability for injury to life, body, or health, or under the Product Liability Act (Produkthaftungsgesetz).

14. Dispute Resolution

The European Commission provides a platform for online dispute resolution (ODR) at https://ec.europa.eu/consumers/odr.

We are neither obligated nor willing to participate in dispute resolution proceedings before a consumer arbitration board (Verbraucherschlichtungsstelle) pursuant to the VSBG.

15. Governing Law & Jurisdiction

These Terms are governed by the laws of the Federal Republic of Germany, excluding the UN Convention on Contracts for the International Sale of Goods (CISG). Mandatory consumer protection provisions of your country of residence remain unaffected.

If you are a consumer, the courts of your place of residence have jurisdiction. For all other users, the exclusive place of jurisdiction is the registered seat of m12k GmbH.

16. Severability (Salvatorische Klausel)

If any provision of these Terms is held invalid or unenforceable, the remaining provisions remain in full force and effect. The invalid provision shall be replaced by a valid provision that comes closest to the economic intent of the invalid provision.

17. Changes to Terms

We may update these Terms from time to time. We will notify you of material changes at least 30 days in advance via email or in-app notification. If you do not agree to the updated Terms, you may terminate your account before they take effect. Continued use of the App after the effective date constitutes acceptance.

18. Contact

For questions about these Terms, contact us at legal@pennyfinance.de.