Privacy Policy
Introduction
Magnitude Inc. ("Magnitude," "we," "us," or "our") is committed to protecting your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use our financial services platform and mobile application.
Magnitude is a financial technology company, not a bank. Banking services will be provided by one or more sponsor banks, each Member FDIC. Funds held at sponsor banks are eligible for FDIC insurance up to $250,000 per depositor, per institution, subject to applicable limits.
Information We Collect
Personal Information
We may collect the following types of personal information:
- Name, email address, and contact information
- Government-issued identification and Social Security Number (as required for banking services)
- Income and employment information, including pre-tax income, employer name, and tax form type
- Financial information necessary to provide our services
- Device information and usage data
Automatically Collected Information
We use Umami Analytics, a privacy-focused analytics service that does not use cookies or collect personal data. Umami collects anonymous usage statistics to help us improve our service.
Polls and surveys. When you answer a poll or survey, we store a random identifier in your browser's local storage. It is not a cookie, contains nothing about you, and is never shared. If you later join our waitlist from the same browser, we use it to connect those earlier answers to your email address, so we can understand what people told us before they signed up. You can clear it at any time by clearing your browser's site data.
How We Use Your Information
We use your information to:
- Provide, maintain, and improve our financial services
- Process transactions and manage your account
- Comply with legal and regulatory requirements
- Communicate with you about your account and our services
- Prevent fraud and enhance security
- Analyze usage patterns to improve user experience
Information Sharing
We share your information only in the following circumstances:
- With our sponsor banks - The banks that provide deposit accounts and other banking services
- Service Providers - Third-party services that help us operate, including Supabase (database), Resend (email communications), and Umami (analytics)
- Legal Requirements - When required by law, regulation, or legal process
- Business Transfers - In connection with a merger, acquisition, or sale of assets
We do not sell your personal information to third parties.
Data Security
We implement industry-standard security measures to protect your personal information. However, no method of transmission over the internet or electronic storage is 100% secure. While we strive to protect your information, we cannot guarantee absolute security.
Banking services provided by our sponsor banks are subject to those banks' security standards and regulatory compliance requirements.
Your California Privacy Rights (CCPA)
If you are a California resident, you have the following rights:
- Right to Know - Request information about the personal data we collect, use, and share
- Right to Delete - Request deletion of your personal information
- Right to Opt-Out - We do not sell personal information, so no opt-out is necessary
- Right to Non-Discrimination - We will not discriminate against you for exercising your privacy rights
To exercise these rights, contact us at privacy@magnitude.money.
Data Retention
We retain your personal information for as long as necessary to provide our services, comply with legal obligations, resolve disputes, and enforce our agreements. Banking and financial records may be retained for longer periods as required by law.
Children's Privacy
Our services are not directed to individuals under the age of 18. We do not knowingly collect personal information from children. If you believe we have collected information from a child, please contact us immediately.
Changes to This Policy
We may update this Privacy Policy from time to time. We will notify you of material changes by posting the updated policy on our website and updating the "Last Updated" date. Your continued use of our services after changes become effective constitutes acceptance of the updated policy.
Contact Us
If you have questions about this Privacy Policy, please contact us:
- Email: privacy@magnitude.money