PPS Terms

Please note: We have recently concluded redemption of our platform investors in full as part of the Resolution Event (please refer to our Investor Terms for more information) declared in June 2020. As of 13th January 2021, all remaining funds have been returned to peer-to-peer investors and our investor platform is in the process of closing. Growth Street continues to streamline business operations, whilst continuing to recover the remaining loans outstanding from borrowers, with the ultimate aim of winding down operations. We will not be conducting any further lending activities, or accepting any new investors or deposits from existing investors. If you were an investor and have any questions, please contact us on Live Chat or by calling 0808 123 1231 (Option 3). If you are an existing Growth Street borrower and have any questions, please contact your Relationship Manager.

Your capital is at risk when you invest through Growth Street. Our investment products are not covered by the Financial Services Compensation Scheme. Read about our Loan Loss Provision here.

Last Update: 15th December 2017

Important information you need to know

This Agreement is made between Prepay Technologies Ltd (company number 04008083, with its head office at 6th floor, 3 Sheldon Square, London W26HY, which can be contacted at PO BOX 3883 Swindon SN3 9EA) (‘PPS, we us, our’) and you (the ‘Account Owner, you’) for the provision by PPS of an electronic e-money account (‘Account’) to facilitate your use of the peer-to-peer platform provided by Growth Street Exchange Ltd (company number 09495712) (‘Growth Street’).

Please read this Agreement carefully before using any of the PPS services. This information forms the Agreement for your Account. By confirming that you accept the terms of this Agreement, or using the PPS services, you accept this Agreement. 

If you have a query regarding your Account, you can contact Growth Street by phoning 0808 123 1231 between the hours of 9.00am and 6.00pm on Working Days, by writing to them at Irongate House, 22-30 Dukes Place, London EC3A 7LP, or by emailing contact@growthstreet.co.uk.

    1. In this Agreement:
      1. Account Information Services – an online service which provides consolidated information on accounts held by you with one or more payment service providers such as banks.
      2. Account Information Service Provider or AISP – a third party payment service provider which is authorised by its Regulator to provide Account Information Services with your explicit consent and under a separate agreement which you have signed with them.
      3. Available Balance - the value of funds available on your Account to use.
      4. Growth Street Portal – a mobile App or online portal provided to you by Growth Street that allows you to access your Account.
      5. Regulator – means Financial Conduct Authority in the UK or another European financial services regulator.
      6. Unauthorised Transaction – means an outgoing payment made as a result of a fraudulent instruction.
      7. Working Day – Monday to Friday, excluding bank or public holidays in England.
    2. Clauses 3, 4.3, 5.3, refund timeframe in 8.2, 8.4, 12.5, 13.7 and 13.8 of this Agreement will apply from 13th January 2018, following the implementation of the Payment Service Regulations 2017.
    1. Your Account is an electronic money product and the electronic money associated with it is provided by us. The Account will be in pounds sterling. We are regulated by the Financial Conduct Authority for the issuance of electronic money (FRN 900010). Your rights and obligations relating to the use of this Account are subject to this Agreement between you and us.
    2. This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
    3. You agree that we may communicate with you by e-mail and/or SMS and/or via the Growth Street Portal for issuing any notices or information about your Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated via the Growth Street Portal.
    4. If we and Growth Street agree and you require one, we may in the future offer you the opportunity to use physical or virtual cards in connection with your Account.  These cards would operate as Mastercards. If we offer such cards to you, we will notify you of any additional terms and charges. You may in your absolute discretion determine that you do not wish to be issued with or use such cards. 
    1. If you wish to make use of services provided by an AISP on your Account, you may do so provided that your Account is active. We advise that before using an AISP, you ensure the AISP is authorised by a Regulator to provide their services. In the UK, the Financial Conduct Authority’s register (available at https://register.fca.org.uk/) will tell you whether a company is authorised.
    2. You must provide your explicit consent or share your Growth Street Portal credentials (i.e. your username and password) with the AISP each time an access to your Account is required for them to provide you with their services. You should always consider the implications of sharing your Growth Street Portal credentials and your personal information. If you give consent to an AISP to access your Account, they will be able to access all information on your Growth Street Portal and not only the information relating specifically to your Account.
    3. If an AISP requests access to your Account to provide you with their services using your Growth Street Portal credentials, we or Growth Street will assume that you have given consent to do so. Please note we or Growth Street are obliged to provide access to your Account if it is requested by an AISP and can only refuse access in certain circumstances.
    4. If we or Growth Street refuse to provide access to an AISP to your Account, we or Growth Street will inform you immediately after refusal to explain why, unless that would break the law or we or Growth Street have security reasons not to do so.
    5. If you do not wish to use services provided by an AISP on your Account, you simply refuse to provide your consent or refuse to share your Growth Street Portal credentials with an AISP. 
    1. Your Account will be opened on your behalf by Growth Street subject to your application approval. You may only hold an Account so long as you remain an approved client of Growth Street.
    2. You can check your Available Balance and transaction history on the Account via the Growth Street Portal.
    3. Monthly Account statements will available free of charge on your Growth Street Portal. You will be notified by email when new statements become available.
    4. Growth Street and/or PPS may from time to time set limits on the size of payments in and out of the Account.  Any such limits will be communicated to you within the Growth Street Portal. A payment in or out of your Account will not be allowed if it exceeds any payment limits, if the Account or your Growth Street account is inactive or blocked, or if either we or Growth Street suspect the payment to be fraudulent. If we are unable to credit your Account for any of the reasons in this clause, then the funds may be sent back to the sender without a prior notification to you.
    5. Subject to any Account limits and your agreed terms with Growth Street, your Account can receive faster payments and BACS bank transfers from any UK bank account.
    6. Subject to clause 4.7, we will credit your Account when we receive the funds which could be up to three Working Days depending on how the payment was sent. Your Account details will be required for adding funds to your Account.  
    7. A payment coming into the Account may not be credited to the Account if:
      1. the Account has reached the Account limits; or 
      2. the Account is inactive or blocked; or 
      3. the sender or Growth Street has provided incorrect/invalid Account details for your Account; or
      4. we suspect fraudulent activity on the Account; or
      5. to do so is prohibited by any law.
    8. The funds may be sent back to the sender without notifying you if clause 4.7 applies.
    9. All outgoing payments from your Account can be made via faster payments only and to a single nominated bank account in your name only.
    10. Any payments will be made within the following timescales:
      Type of TransactionTimescale
      UK faster payments outWill be sent within 2 hours of the instruction being made by Growth Street on your behalf.
      Incoming paymentFunds will be added to the Account the same Working Day we receive the funds.
    11. The time of receipt of a transaction order is when we receive it. You cannot stop a transaction after it has been transmitted to us and you have given consent.
    1. Your Account will be configured and operated by Growth Street. You agree that we may take instructions from Growth Street regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. We have no liability for actions taken by Growth Street.
    2. Growth Street is responsible for notifying you when funds are transferred into and out of your Account.
    3. It is your responsibility to ensure correct recipient account details and payment amount is provided when instructing us via Growth Street in making any payment or setting up a payee. You are responsible if you provide incorrect instructions or mistakenly instruct us to make the same payment more than once, but we will try to help you get the money back. We may not always be able to do this, but we will do all we can. We will charge you a fee for tracing, recalling or cancelling a payment. If we cannot get the money back, you can request the relevant information we have about the transaction to help you reclaim the money. We will provide this information on receiving a written request from you, unless the law prevents us doing so.
    4. We may refuse to execute or process a payment (without prior notice to you) if:
      1. the Account does not have sufficient Available Balance to cover the payment; or
      2. the Account is suspended or closed; or
      3. the Account has reached its Account limits; or
      4. we need to do so to comply with the rules of the payment system; or
      5. we suspect fraudulent activity on the Account or the payment is unlawful or fraudulent; or
      6. required to comply with any law.
    5. If we refuse to process a payment under clause 5.4, we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient.
    6. You may not be able to stop any payments once it has been authorised by us on your behalf.
    7. If, for any reason, a payment is processed for an amount greater than the Available Balance on your Account, you must repay us the amount by which the full transaction amount (including the transaction itself along with any associated fees, charges and taxes) exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action and/or closing your Account, to recover any monies outstanding.
    8. The Available Balance on your Account will not earn any interest and should only remain on your Account for a maximum period of twelve months from the day the funds are received into your Account.  In the event of Available Balance remaining on your Account for longer than twelve months, we or Growth Street reserve the right to transfer the funds back to your bank account.
    1. You may close your Account with Growth Street’s approval by contacting them using the details given at the top of this Agreement.
    2. Any Available Balance on your Account at the point of closure will be transferred to your nominated bank account.
    3. The Account will be closed if Growth Street instructs us to do so.
    4. This Agreement will terminate when your Account is closed.
    1. You are responsible for Growth Street’s use of your Account.
    2. We may restrict or refuse to authorise any use of your Account if using the Account is causing or could cause a breach of this Agreement or if we have reasonable grounds for suspecting that you or a third party has committed or is about to commit a crime or other abuse in connection with the Account.
    3. You will be liable for all unauthorised transactions that arise from the use of a lost or stolen Account security information and/or Account credentials if you fail to keep your Account security information and/or Account credentials safe.
    4. You must not:
      1. write down password(s), or any security information related to your Account unless this is done in a way that would make it impossible for anyone else to recognise any of that information, or
      2. disclose any security information related to your Account, or otherwise make them available to any other person, whether verbally or by entering them in a way that allows them to be observed by others; or
      3. allow a third party other than us, Growth Street and an AISP to use or access your Account; or
      4. disclose or make available your Growth Street Portal credentials to a third party unless the third party is an AISP and you want to use their services.
    5. You will be responsible for all transactions which you or Growth Street make on your behalf.
    6. You will be liable for all transactions that take place as a result of you acting fraudulently or failing to comply with this Agreement with intent or gross negligence.
    7. It is your responsibility to keep us updated of changes to your information, including e-mail address and mobile numbers. Failure to do so may result in us being unable to contact you regarding your Account, including any changes to this Agreement.
    8. You agree to indemnify and hold harmless, us and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this Agreement and/or any breach of this Agreement or fraudulent use of the Account by you.
    1. If you have a reason to believe there has been an Unauthorised Transaction on your Account, you must inform Growth Street immediately, but in any event within 13 months of the date of the relevant transaction, using the contact details given at the top of this Agreement. 
    2. Subject to clause 8.3 below, if you report an Unauthorised Transaction to us, we will by the end of the next Working Day refund the unauthorised amount to your Account to the position it would have been in if the Unauthorised Transaction had not taken place.
    3. We are not obliged to refund the unauthorised sums to you if we reasonably believe you have acted dishonestly or fraudulently in the reporting of the transaction, and, in the case of you acting fraudulently, we may notify the police or any other authority permitted by law of such actions. You will be liable for all unauthorised transactions made from your Account if you have acted fraudulently, deliberately or been grossly negligent in failing to keep security information related to your Account or Growth Street Portal safe in accordance with this Agreement.
    4. If we don’t provide a refund by the end of the next Working Day but subsequently confirm that the transaction was an Unauthorised Transaction, we will refund the unauthorised sums to you straight away.
    5. We will have no further liability to you once we have refunded the unauthorised sums to you. If we subsequently discover that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the transaction, including any fees, to your Account. 
    1. If you tell us that a transaction has been made incorrectly, we will immediately refund your Account with sufficient funds to restore your Account to the same position as if the incorrect transaction had not been made. However, this will not apply if:
      1. you fail to tell us of the incorrect payment without undue delay and in any case within 13 months of the date on which the transaction occurred;
      2. any payment instructions from you or Growth Street on your behalf were incorrect. If so, we will make reasonable efforts to recover your money if the payment has gone missing, but we may charge you a fee to cover our costs in doing so. We will tell you how much it is before we start recovery process. If we are unable to recover the funds, you can request the relevant information we have regarding the transaction to help you reclaim the payment amount. For legal reasons, we are obliged to provide this information on receipt of a written request, except where the law prevents us from doing so; or
      3. we can show that the payment was actually received by the other bank (in which case they will be liable).
    2. If funds have been paid in to your Account by mistake, we can take the funds back out of your Account and/or put a hold on the money so it cannot be spent.
      1. We don’t have to tell you before we take the money back or put a hold on the money.
      2. If funds go into your Account by mistake, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.
    1. Subject to clause 10.3, we may change this Agreement by providing you with at least two months prior notice by e-mail (provided you have supplied us with an up-to-date e-mail address) and will ensure the most recent version is always available on www.growthstreet.co.uk/pps-terms.html.
    2. If you do not agree with the changes to the Agreement, you may at any time within the two months’ notice period terminate your Agreement and close your Account in accordance with clause 6 at that time without a charge. However, in the event you do not cancel during this period then you will be deemed to have accepted them and the changes will apply to you.
    3. There are some situations where we can make changes to this Agreement and we do not have to tell you in advance. These are changes you probably expect because of the nature of the product or service, or that you won’t mind about because they are favourable to you. We do not have to tell you personally in advance when any of the following happen:
      1. If the change is in your favour, if we make this Agreement fairer to you, or if we introduce a new service or feature from which you can benefit.
      2. We make a change because a change in law or regulation says that we have to by a particular date, and there isn’t time to give you notice.
    4. If any part of this Agreement is inconsistent with any regulatory requirements, then we will not rely on that part but treat it as if it did reflect the relevant regulatory requirement. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical. We will update our Agreement to reflect the new regulatory requirements when they are next reprinted.
    1. We can terminate this Agreement at any time:
      1. if we give you two months’ notice and refund the Available Balance to you without charge, or
      2. with immediate effect if you have breached this Agreement, or if we have reason to believe that you have used, or intend to use the Account in a grossly negligent manner or for fraudulent or other unlawful purposes or if we can no longer process your transactions due to the actions of third parties.
    2. We can suspend or terminate your Account at any time with immediate effect (and until your default has been remedied or the Agreement terminated) without any prior notice to you if:
      1. we discover any of the information that you have provided to us for your Account is incorrect; or
      2. we believe that this is necessary for security reasons; or
      3. we suspect or to prevent suspected unauthorised or fraudulent use of your Account; or
      4. if you have reached your Account limit; or
      5. any legal obligations require us to do so; or
      6. you have breached this Agreement, or we have reason to believe that you have used, or intend to use the Account in a grossly negligent manner or for fraudulent or other unlawful purposes or if we cannot process any transactions due to the actions of third parties.
    3. In the event that we do suspend or terminate your Account then if we are able to do so, we will tell you in advance otherwise we will let you know immediately afterwards (to the extent the we are permitted by law).
    1. Our liability in connection with this Agreement (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:
      1. we shall not be liable for any default resulting directly or indirectly from any cause beyond our control;
      2. we shall not be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
      3. where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount; and
      4. in all other circumstances of our default, our liability will be limited to redemption of the Available Balance.
    2. Nothing in this Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.
    3. To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
    4. The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this Agreement.
    5. In the event of suspected or actual fraud or security threat to your Account, we will use SMS, telephone, post, email or another secure procedure to contact you. We may ask you to verify your identity for security purposes.
    1. You may provide us with your information from time to time in connection with your Account. Some Information will be necessary for us to provide you with the Account and services under this Agreement. You must update any changes to your information via the Growth Street Portal or by contacting Growth Street using the contact details given at the top of this Agreement.
    2. We and our affiliates are committed to maintaining your information in accordance with the requirements of the Data Protection Act 1998 and will take all reasonable steps to ensure that your information is kept secure against unauthorised access, loss, disclosure or destruction. Except as required by law, or in accordance with this Agreement, your information will not be passed to anyone without your permission. We can at any time request evidence of identity from you and may use an ID verification agency or credit reference agency (whose names and addresses will be provided to you on request) both prior to and following issue of your Account for this purpose and who will add details to your record of our request for a search.
    3. You agree that we can use your information in connection with your Account to enable us to review, develop and improve our products and services. This may involve providing your information to our partners, affiliates, agents, distributors, suppliers, and affiliates to process transactions and for their statistical research and analytical purposes. We may also disclose your information as required by law, regulation or any competent authority or agency to investigate possible fraudulent, unlawful or unauthorised activity.
    4. You may contact us at any time to request us to stop such use or further disclosure to other companies for such use.
    5. You have a right to inspect the information we hold about you. For further information, please contact Customer Services.
    6. If we discover that the information we hold about you is incorrect, we may have to suspend or cancel your Account until we can establish the correct information, to protect us both.
    7. If you allow or give consent to an AISP to access your Account to provide their services to you, you should know that we have no control over how an AISP will use your information nor will we be liable for any loss of information after an AISP have access to your information.
    8. You consent to us in using your information to provide payment services to you. If you withdraw this consent, we will stop providing payment services but may still use your data or information where we have lawful grounds to do so, for example because we need to retain records for regulatory purposes.
    1. Complaints regarding any element of the service provided by us can be sent to Growth Street using the contact details at the top of this Agreement.
    2. All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will automatically be posted to you.
    3. If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.
    1. Any delay or failure to exercise any right or remedy under this Agreement by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.
    2. If any provision of this Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
    3. You may not assign or transfer any of your rights and/or benefits under this Agreement and you shall be the sole party to the contract between us. You will remain liable until all Accounts issued to you are terminated and all sums due under this Agreement have been paid by you in full. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under this Agreement.
    4. No third party who is not a party to this Agreement has a right to enforce any of the provisions in this Agreement.
    5. This Agreement contains the information set out in Schedule 4 of the Payment Service Regulations 2017 and you can obtain a copy of this Agreement at any time by visiting www.growthstreet.co.uk/pps-terms.html.
    6. This Agreement is governed by English law and you agree to the exclusive jurisdiction of the courts of England and Wales.
    7. The Financial Services Compensation Scheme is not applicable for this Account. No other compensation schemes exist to cover losses claimed in connection with your Account. We will however safeguard your funds against any loss that can be reasonably anticipated.
The Loan Loss Provision we offer does not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The fund has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Loan Loss Provision when considering whether or how much to invest. You can read our Loan Loss Provision Policy here.