Last Updated: November 11, 2024

This Privacy Notice describes how  Xen, Inc. (“XEN”, “we”, “us”, and/or “our”) handles personal information that we collect from and about you when you use visit our public website, https://www.xenplatforms.com/ (the “Site”); use our loan management platform (the “Platform”); engage with us through our newsletters, emails, and branded social media accounts; or otherwise engage with us. Collectively, we describe our Site, Platform, and all related content features, platforms, and other services as our “Services”. This Privacy Notice also describes certain legal rights you may have, subject to applicable law, and how you can exercise them. 

For the purposes of this Privacy Notice, “Personal Information” means information about an identified or identifiable person. This includes information that alone or in combination with other information may be used to identify, contact, or locate you, such as your name, address, email address, or phone number. Personal Information includes equivalent terms (such as “personal data”) as defined by applicable law. 

Please read this notice carefully. In addition, please review our Terms & Conditions and any other agreement between you and us that governs your use of our Services. 

Our Relationship to You

Lenders

This Privacy Notice applies to information we collect and use for our own purposes, including information we collect from commercial finance lenders, factors, and other financial institutions (“Lenders”) when they register for or access the Services and in relation to our marketing activities. 

Lending Professionals

If you’re a sales representative, loan officer, or other lending professional using the XEN      Platform through your employer or at the invitation of one of our Lender customers (“Lending Professional”), that Lender can access Personal Information collected from and about you in connection with your use of the Platform and controls your ability to access, edit, or delete your Personal Information from our systems. 

Borrowers

If you’re an individual or entity seeking or receiving financing from a given Lender (“Borrower”), that Lender can access Personal Information collected from and about you in connection with originating, underwriting, or servicing your loan and controls your ability to access, edit, or delete your Personal Information from our systems. 

Information We Collect 

Information you give us directly

Some information we collect directly from you. For instance, we collect information that you voluntarily provide in the following ways: 

• When you fill in contact forms on our Site or request a demo. When you fill in forms on our Site, including when you request a demo or sign up for email updates from us, we may require that you provide us with certain information such as your first and last name, email address, phone number, current organization, position or title, a link to your organization website, social network information (such as the LinkedIn profile for you and/or your organization), and, if applicable, the name and affiliation of the person who referred you to us. We collect private contact information (such as your personal email address and phone number), only if you independently choose to provide it. 

• When you sign up for newsletters or other email communications from us. If you sign up for newsletters or email communications from us, we will collect your email address and your preferences requiring the type and frequency of communications you would like to receive. We also collect any information you provide to us during the sign-up process (such as how you heard about us or which offerings you would like to learn more about).

• When you engage in direct communications with us. If you choose to communicate with us by email, telephone, SMS, physical mail, or in person, we will collect the contents of your communication which can include any information you choose to provide. This typically includes general identification and contact details, details related to the past, existing, or potential relationship between you and us, and additional information we may request to verify your identity or conduct required screening before entering into a business relationship with you.

• When you enter into an agreement with us for our Services. In order to execute and administer a contract with you, we need to collect certain Personal Information including general identification and business contact information for an authorized representative of your organization and financial information to facilitate billing and payment in accordance with the terms of our agreement. In addition, we may ask for the contact details of individuals within your organization that will be using the Services.

• When you create an account on our Platform and populate your profile. If you are a Lending Professional and wish to log into our Platform, you will be asked to provide a business email address and password so we can authenticate you at sign in. We may also ask for a referral or access code which allows us to verify your affiliation with the organization who has provided you with access to our Platform. You will have the option to add additional information, including your first and last name, business email address and phone number, and a link to your LinkedIn profile    

• When you use our Platform to originate and service loans. Because our Platform is designed to support Lenders for the entire lifecycle of a loan – from origination through servicing - we collect a wide range of information in connection with the loans our Lenders are managing. Common types of Personal Information we may collect include      names and details of Loan Professionals, names and details of prospective and current Borrowers, names and details of Borrower’s customers, loan application materials submitted by Borrowers (which may include personal credit details of a Borrower’s owners, officers, or directors), loan agreements and other contracts, and loan servicing details (such as loan summaries, approval conditions, records of payments and balances,  interest statements, notices of delinquency or default, and internal and external correspondence and memoranda).  When we store, process, or transmit this type of information, we do so in our capacity as a “data processor” (or a comparable role such as a “service provider” in certain jurisdictions) and our use of that data is limited by our agreement with that Lender.

• When you complete a loan application. To apply for a loan, Borrowers must complete an application, which includes providing a variety of personal and financial information as well as information about any asset that would secure the loan. This may include, without limitation, a Borrower’s name and contact details, government-issued identification, social security number, credit score and credit reports, bank statements and other details relating to cash reserves, employment history, title documents, appraisal reports, insurance documentation, business formation documentation and EIN letter, business operating documents, and state licensing information.

• When you communicate with other XEN users. We may offer features within the Platform that allow you to communicate with other XEN users. For instance, we offer “notes” that allow Lending Professionals to communicate with one another about a pending Borrower application. If you choose to use these features, we will collect the contents of your communications which can include any information you choose to include.                               

• When you communicate with us. If you contact us for technical support or guidance about how to use the Services, we may collect Personal Information from you to facilitate our review and handling of your request. This can include your name, email address, phone number, and the contents of your communication which can include any other information you choose to provide. 

• When you participate in surveys or beta launches. We may contact you to ask if you would be willing to participate in a survey or future beta launches. If you decide to participate, you may be asked to provide demographic information, feedback, and any other information relevant to that survey or launch.

• When you attend a conference, trade show, or other in-person event. We may collect Personal Information about individuals who swipe their badge or provide information to us at conferences, trade shows, or other events we may host or sponsor. This information may include your first and last name, job title, company/organization name, and business contact information. Occasionally, we may record events and make those recordings accessible to the general public. If we do so, we will indicate that the event will be recorded.

• When you register for an event or webinar. If you register for an event or webinar we host or sponsor, we may collect your name, contact details, location, photos, demographic information, and any specific information relevant to the event for which you are registering. To enable online events, we stream video and audio feeds of interactions between participants as well as the contents of any communications enabled by integrated chat functions within any third-party services we use to provide the events. This includes collecting your image, voice, movements, physical environment, and any other information provided during the event. Occasionally, we may record online events and make those recordings accessible to the general public. If we do so, we will indicate that the event will be recorded.

• When you engage with us through social media platforms. If you choose to interact with us through social media on a XEN-administered social media page, such as LinkedIn, certain Personal Information (such as your name, your profile picture, and the fact that you are interested in XEN) may be visible to all visitors of your personal social media page (depending on your privacy settings on the relevant social media platform) and will also be visible to XEN. You can delete any information that you share on these platforms through your relevant social media platform’s account.  

Information we collect automatically when you use our Services 

• Cookie/Web Analytics. We also collect certain information automatically as you navigate the Platform or interact with our communications. To collect this information, we, or our third-party service providers may use cookies or similar technologies. A “cookie” is a small text file that websites send to a visitor’s computer or other internet-connected device to uniquely identify the visitor’s browser or to store information or settings in the browser. We, and our third-party service providers use cookies in order to do things such as recognize you when you return to our Platform, save your preferences (including your preferences regarding cookie handling), understand which sections of the Platform you find most interesting, ensure our Platform is working properly, and prevent fraud.  We use both session cookies (which expire when you close your browser) and persistent cookies (which stay on your computer until you delete them or until they expire).

The information we collect automatically can include the following: 

• Information about the devices you use to access our Services (including your internet protocol (IP) address, browser type, and operating system); 

• The address of the web page visited before and after using our Services; 

• Details about your interactions with our Services (such as the date, time, length of stay, specific pages or features accessed during your visits, and what, if any, third-party integrations you use); 

• Search terms used to reach our Services; 

• Usage information (such as the number and frequency of visitors to our Services); and 

• Location information (such as general location information inferred from your IP address). 

If you do not want us to collect information through the use of cookies, you can disable cookies, limit the types of cookies you allow, or set your browser to alert you when cookies are being sent. Please refer to the guidance offered by your chosen web browser if you would like help managing your cookie preferences. Please note that if you reject or block cookies, the Platform may not work as intended. 

• Email analytics. We also use third-party services to help us send emails, manage subscribe/unsubscribe features, and improve the effectiveness of our emailing services. Emails contain a unique link to a transparent image which is loaded when the email is opened. We track the requests to download this hosted image. When you click on a hyperlink in the email, the unique redirect URL will reach our service for tracking then immediately forward you to the target destination. We use this information to better understand what information is of interest to our subscribers so we can produce more of that content for them. These third-party services do not use or sell this information.

• Online advertising. We may also partner with third parties who serve advertisements on our behalf across the internet and in mobile applications. These third parties may use cookies and similar technologies to track your engagement with our Services as well as our online advertising and email marketing campaigns and permit us and them to analyze and track data, and do things like determine which advertising or marketing source brought someone to our Site and target advertisements to an audience based on prior browsing patterns on our Site. These companies collect and use information in accordance with their own privacy notices and may combine the information they collect in connection with our Services with information they have independently collected over time and across websites, including by association with your email or home address     . We (or our third-party service providers) may then send communications and marketing to these email or home addresses. You may opt out of receiving this advertising by contacting us at support@xenplatforms.com.           

Information we collect from other sources

• Third-Party Integrations. Borrowers and Lenders may have the option to enable a variety of third-party tools or applications (“Third-Party Integrations”) on the Platform. For instance, Borrowers can use our built-in integrations to authenticate and share bank account information with a given Lender. Lenders may also use our risk management integrations to import information relating to prospective Borrowers such as details related to liens, judgments, bankruptcies, and pending or past litigation activities. Once enabled, Third-Party Integrations may make certain information available to XEN. This includes information necessary to facilitate the integration as well as any additional information the provider chooses to share with XEN or which you have permitted the provider to share through your account settings with that provider (where applicable).

• Publicly available and government-issued sanctions lists and media sources. Lenders      may consult and collect Personal Information from publicly available and government-issued sanctions lists and media sources to identify individuals connected to financial crime, terrorist financing, dishonesty, or other unlawful acts and make this information available to XEN in the course of originating or servicing a loan. This typically includes names, dates or years of birth, position(s) held, country of nationality, country of residence, photographs (where available), and details of any alleged unlawful acts. This      information is used to conduct our pre-contract due diligence and to support the underwriting, due diligence, and fraud/risk assessment services offered via our Platform.

• Public websites and corporate registry information. We may also obtain Personal Information from other sources, including our business partners, publicly available information on internet sites, and third parties that help us update, expand, and analyze our records and inform our networking and marketing efforts. For instance, we may use information from LinkedIn or from a third-party data provider to update information about you in our contact database. We may also collect data from publicly available corporate websites or registries, relating to individuals’ shareholdings, directorships, and professional activities. 

• Another individual at your organization. We may collect your Personal Information from another individual at your organization who may provide us with your business contact information and other information about you in the course of using our Services.

We may combine the information we collect about you from these various sources. If a combination of information that we collect identifies you as an individual, we will treat the combined information as Personal Information. 

How We Use Your Information

We use the information described above to: 

• Provide our Services (including managing access to and use of our Services and sending you technical notices, updates, security alerts, and support and administrative messages); 

• Administer the loan application process (including reviewing and processing loan applications, verifying the information provided, and supporting Lenders in making underwriting determinations, conducting due diligence and fraud/risk analysis, and calculating rate estimates);

• Manage the loan lifecycle (including preparing loan agreements, disclosures, and related contracts; storing loan documentation and facilitating recordkeeping; and providing data analysis relating to loan portfolio);

• Operate and improve our Platform (including monitoring and analyzing usage, trends, and activities related to the Platform and identifying, fixing, and troubleshooting bugs and service errors);

• Communicate with you (including responding to your requests, inquiries, comments, and suggestions); 

• Personalize content (including tailoring content we send or display to you, offering location customization, and personalizing your experiences while using our Services); 

• Further our networking, marketing, and social strategies (including generating sales leads and running marketing campaigns; notifying you about services, offers, promotions, and events we think might be of interest to you; and posting testimonials); 

• Protect against, identify, investigate, and respond to misuse of our Services (including preventing and detecting fraud, unauthorized access, and other unlawful behavior); 

• To comply with legal and regulatory obligations (including obligations related to trade control, anti-money laundering, and/or bribery and corruption laws and general business and legal recordkeeping requirements);

• Support our general business operations (including maintaining our business and legal recordkeeping); and 

• Carry out any other purpose described to you at the time the information was collected. 

How We Share Your Information

We may share information about you with certain third parties in the following circumstances: 

• Companies under common control. We may share data between and among any current or future parents, subsidiaries, affiliates, and other companies under common control and ownership with XEN. 

• Vendors and service providers. We may share Personal Information with vendors, consultants, and other service providers who need to access the data in order to perform services on our behalf. This includes cloud-hosting and email marketing services which help us operate our business. This also includes third-party AI providers that we use to enhance and deliver our Services effectively. These AI providers may process information about Borrowers, Lenders, and Lending Professionals as necessary to provide their services. Anonymized data may also be used by these providers to improve and optimize their technology and services.      

• Analytics and advertising partners. We may share your Personal Information with other third parties that provide online analytics and advertising services, which help us better understand how individuals interact with our Services and email communications. 

• Your employer. If you are a Lending Professional and receive access to the Platform through your employer or at the invitation of one of our Lending customers, we share information related to your use of the Platform with that Lender. This can include profile information, materials you have uploaded, and details about your access to and navigation of the Platform. 

• Lenders. If you are a Borrower and complete a loan application via our Platform, we will share your loan application materials with the Lender on whose behalf we are provided the application. This includes your general contact information, any text-based responses you provided, any materials you uploaded in connection with your application. In addition, we provide the Lender with supplemental information collected from third-party sources such as public websites, media sources, government sanctions lists, and data purchased or licensed from third-party data providers that relate to your overall risk/liability/creditworthiness. Finally, we may use AI technologies to create and share predictive assessments, risk models, or other information about you in connection with your loan application and share this information with the Lender. 

• Business transfers. We may share Personal Information with another company in connection with or during negotiations of any merger, acquisition, financing, re-organization, bankruptcy, sale of all or a portion of our assets, or transition of services to another provider. 

• Legal requirements. We may share Personal Information when we believe it is necessary to comply with a legal obligation, including lawful requests from public authorities to meet national security or law enforcement requirements. We may also share Personal Information when we believe it is necessary to protect XEN’s rights and property, to protect the safety of our users, and to defend against legal liability. 

• Consent. We may share Personal Information with third parties with your consent and at your direction, including if we notify you that the information you provide will be shared in a particular manner and you provide that information. 

We may also share aggregate or de-identified information, which cannot reasonably be used to identify you, for various purposes including compliance with various reporting obligations; for business or marketing purposes; or to assist third parties in understanding our users’ interests, habits, and usage patterns for certain programs, content, services, advertisements, promotions, and/or functionality available through the Platform. 

Your Rights and Choices

You have a variety of rights and choices related to our use of your Personal Information. 

• Opting out of promotional messages. You can opt out of receiving our promotional emails at any time. You may do so by emailing us at support@xenplatforms.com or by following the opt-out instructions in the promotional emails we send you. Please be aware that it may take up to ten (10) days for us to process your request, and you may continue receiving promotional communications from us during that period. If you opt out of receiving such communications, please be aware that we may continue to send you non-promotional emails (such as emails related to our business relationship or emails about changes to our legal terms). 

• Restricting cookies/Do Not Track. XEN does not currently change its behavior in response to web browser “do not track” signals. However, you can configure most browsers to reject cookies or to notify you when you are sent a cookie, giving you a chance to decide whether or not to accept it. You can consult the help section of your browser to find out how to do this. Please note that if you choose to remove or reject cookies, this could affect the availability and functionality of our Platform and other services. In the event that a universally accepted standard emerges on how organizations should respond to “do not track” signals, we will assess and provide an appropriate response to those signals. 

• Accessing, updating, or deleting your Personal Information. 

• If you are a Lender and you would like to access, update, or delete Personal Information you have provided, please email us at support@xenplatforms.com.       

• If you are a Lending Professional and you would like to access, update, or delete Personal Information you have provided, please contact the Lender through which you receive access to our Platform. 

• If you are a Borrower and would like to access, update, or delete Personal Information you have provided, please contact the Lender on whose behalf we engaged with you. 

A note about accuracy. Certain features of our Services rely on AI technology to parse information and generate output. Given the probabilistic nature of AI models, sometimes the output produced is not 100% accurate or up-to-date. If you notice that output within our Services contains inaccurate or outdated information about you, you may ask us to correct the inaccuracy or remove the information by emailing us at support@xenplatforms.com. Given the complexity of how AI models work, we may not be able to correct the inaccuracy or delete the information in every instance.

Please note that we may keep certain Personal Information as necessary to comply with our legal obligations or for legitimate business purposes, such as to resolve disputes or enforce our agreements. We may also keep cached archived copies of Personal Information for a certain period of time. 

Children’s Privacy

Our Services are intended for adults and we do not knowingly collect Personal Information from children. If you are a parent or legal guardian and think your child under 13 (or a higher age threshold where applicable) has given us Personal Information without your consent, please contact us at support@xenplatforms.       

Links to Other Websites and Third-Party Content

We may provide links to third-party websites, services, and applications that are not operated or controlled by XEN. This Privacy Notice does not apply to the privacy practices of those third parties. The fact that we link to a website, service, or application is not an endorsement, authorization, or representation of our affiliation with that third party. We encourage you to review the privacy policies of any third-party service before providing any Personal Information to or through them. 

Data Retention

We only keep your Personal Information for so long as reasonably necessary for the purposes described in this Privacy Notice, as required by law, or as necessary to resolve disputes and enforce our rights and agreements. Outdated, unused, and obsolete data is either deleted or anonymized. Data may persist in copies made for backup and business continuity purposes for additional time. 

Security

XEN uses generally accepted administrative, physical, and technical safeguards we believe are appropriate to protect the confidentiality, integrity, and availability of your Personal Information. Although we make reasonable efforts to protect Personal Information from loss, misuse, or alteration by third parties, you should be aware that there is always some risk involved in transmitting information over the Internet and storing information electronically. XEN cannot and does not guarantee absolute security. 

Changes to Our Privacy Notice      

We may change this Privacy Notice from time to time to reflect changes in our practices or in the law. If we make changes to this policy, we will post the updated Privacy Notice on our Platform and indicate when it was last revised. You are advised to review this notice periodically to stay informed of our practices. If we make material changes, we may provide you with additional notice, such as posting a statement on our homepage or sending you an email notification, if we have your email address on file. Your continued use of the Platform after the revised Privacy Notice has become effective indicates that you have read, understood, and agreed to the current version of this Privacy Notice, to the extent permitted by law. 

An updated Privacy Notice is always available on our Site for your convenience. 

Contacting Us 

If you have any questions about our Privacy Notice or how we protect your Personal Information please contact us at support@xenplatforms.com or you may write us at 600 Madison Ave. New York, NY 10022.