General Terms and Conditions (GTC) of SCANDIC PAY GmbH

Welcome to the crowdfunding platform of SCANDIC PAY, a business division of LEGIER Beteiligungs mbH, hereinafter referred to as “SCANDIC PAY”. The following General Terms and Conditions (GTC) govern the use of our platform and the legal relationships between SCANDIC PAY and its users.

The following General Terms and Conditions (GTC) govern the use of our platform as well as the legal relationships between SCANDIC PAY and the users.

A. General Provisions

1. Scope of Application

These General Terms and Conditions (hereinafter “GTC”) apply to the contractual relationship between SCANDIC PAY GmbH (hereinafter “Intermediary” or “we”) and the investors (hereinafter “Investor” or “User”) regarding the use of the platform at www.ScandicPay.de (hereinafter “Platform”) as well as the services defined in Section 2 below. The GTC, in their current version, are also separately available at www.ScandicPay.de/nutzungsbedingungen/, where they can be downloaded and saved. The Investor’s general terms and conditions shall only apply with the express written consent of the Intermediary.

These GTC apply to all users of the Platform, regardless of whether they act as natural persons, partnerships, or legal entities, and regardless of their place of residence or business, insofar as they use the Platform. They form the basis for all legal relationships arising in connection with the use of the Platform.

2. Subject Matter of the Service

The Intermediary offers Investors the opportunity to obtain information about various financial investments on the Platform and to invest in the financial investments offered (hereinafter “Investment Mediation”). Within the scope of Investment Mediation, the Intermediary solely connects interested Investors with the respective Issuers (hereinafter “Issuer(s)”) or Product Providers (hereinafter “Provider(s)”) of the financial investments. No personal investment recommendation, and thus no investment advice within the meaning of Section 1, Paragraph 1a, Sentence 2, No. 1a of the German Banking Act (KWG), is expressly provided.

The provision of information about the respective investment opportunities is primarily done through the Platform. Additionally, information may be provided via email or telephone if required or desired. The Intermediary does not receive or forward funds from Investors. Throughout the entire investment process, the Intermediary does not at any time hold Investors’ funds, as payments are processed exclusively through licensed payment service providers.

In the case of Investment Mediation of a financial instrument through the Platform, the Intermediary provides its mediation services exclusively on the basis and in accordance with these GTC.

In addition, the Intermediary offers Investors the opportunity to obtain information about properties for sale or rent and, if interested, to contact sellers and/or landlords of such properties (hereinafter “Contact Facilitation”). The Intermediary’s service is limited to the non-binding provision of information from the seller and establishing contact with the seller or landlord. No separate brokerage contract is created between the Intermediary and the Investor. The Investor has no obligation to pay commissions to the Intermediary. If the Intermediary receives commissions in this context, these come exclusively from the respective seller or landlord.

Full use of the Platform, in particular the use of Investment Mediation and Contact Facilitation, requires the Investor’s registration or indirect registration as well as the conclusion of a user agreement in accordance with Section 3. Beyond the aforementioned services, the Intermediary is not obliged to monitor the investments made by an Investor or to verify their ongoing suitability and/or appropriateness. The Investor has no claim to the Intermediary continuously proposing investment opportunities. Beyond the obligations specified in these GTC, the Intermediary owes no asset management, asset administration, or other asset monitoring and is not obliged to provide the Investor with notifications or warnings.

3. Registration on the Platform

Independent registration on the Platform is permitted only to natural persons with full legal capacity, partnerships, and legal entities. Natural persons must be of legal age to register. Registration of partnerships and legal entities is carried out by their authorized representatives, providing their full name.

Natural persons with full legal capacity who are registered in accordance with this Section 3 may also create an investor profile for third parties, including persons without legal capacity or with limited legal capacity, thereby indirectly registering them. The indirect registration of such persons is carried out by their authorized representatives, providing their full name and submitting the documents requested by the Intermediary.

Registration requires the provision of the name or company name, email address, optionally the Investor’s telephone number, and, where applicable, additional information about an authorized representative, as well as the creation of a personal password. Registration with a temporarily available email address that is automatically deactivated after a specified period (so-called disposable email address) is not permitted. Multiple registrations on the Platform are also not allowed.

All data provided during registration must be complete and accurate. As part of the registration, the information and evidence required for anti-money laundering identification must be provided, or the procedure offered by the Intermediary that complies with the requirements of the German Money Laundering Act (GwG) must be completed. If the Intermediary has doubts about the accuracy and/or completeness of the provided data, or if anti-money laundering identification cannot be successfully completed, the Intermediary reserves the right to reject the registration and/or a subsequent investment by the Investor. Providing false information entitles the Intermediary to extraordinarily terminate the user agreement.

Information on data protection can be found in the Intermediary’s privacy policy at www.ScandicPay.de/ndatenschutzhinweis/. This information is provided solely for informational purposes and has no contractual content.

Upon completion of the full registration in accordance with Section 3.2, which is generally done by clicking the “Register for Free” button by the Investor and in which the Investor accepts these GTC, a user agreement is established between the Investor and the Intermediary for the use of the services provided by the Intermediary on the Platform in accordance with these GTC (hereinafter “User Agreement”). The User Agreement does not grant the Investor any right to investments within the scope of Investment Mediation or as a result of Contact Facilitation, nor any claim that financial instruments or properties are always or specifically offered on the Platform.

The Investor has no legal claim to the conclusion of a User Agreement. The Intermediary will block the Investor’s account or Platform access at their request, particularly in the case of a blocking notice. Additionally, the Intermediary is entitled to temporarily block the Investor’s account or Platform access if:

  • A reason for extraordinary termination for good cause exists in accordance with Section 10.3;
  • An unauthorized, illegal, contractually non-compliant, or abusive use of the Platform occurs or is threatened, e.g., by impairing or disrupting the Platform’s functionality (violation of system integrity), transferring the account to third parties, or granting access to the account or Platform to unauthorized third parties;
  • There is sufficient suspicion that the User is involved in fraudulent and/or illegal activities related to the Platform, and blocking is deemed necessary to protect the Intermediary’s interests;
  • Incorrect information was provided during registration, or the Intermediary has sufficient suspicion that this is the case.

In the case of particularly serious violations, blocking may occur without prior notification to the Investor. The Intermediary will inform the Investor about the lifting of the block on their account or Platform access in an appropriate manner. The Investor may request the deletion of their registration at any time, which will also terminate the User Agreement between the Intermediary and the Investor.

The Investor is responsible for keeping their data up to date and for the confidentiality and security of their access credentials. They must not share their access credentials with third parties and are obliged to take all reasonable measures to prevent unauthorized third-party access to their Platform account. In particular, the Investor must keep their account password confidential, not disclose it, not allow or enable third parties to gain knowledge of it, and take all necessary measures to ensure its confidentiality. If there is suspicion that the access credentials have been obtained and/or misused by unauthorized third parties, the Investor is obliged to notify the Intermediary immediately in writing or text form (e.g., via email).

The Investor must take appropriate measures to regularly and appropriately back up the data and content entered, uploaded, stored, or otherwise transmitted to the Intermediary through the Platform and to create their own backup copies to ensure the reconstruction of such data and information in case of loss. This also applies to all data and information electronically transmitted by the Intermediary to the Investor.

The Intermediary is entitled and, in some cases, legally obliged to record telephone conversations and other electronic communications with the Investor in connection with the management of the customer relationship and to retain such recordings. The recording is carried out to fulfill legal obligations under Section 83 of the German Securities Trading Act (WpHG) and/or for evidentiary purposes. The recordings may be listened to or reviewed by the Intermediary’s employees, and the Intermediary is entitled to create transcripts of the recordings. The recordings may be used for quality assurance measures and as evidence. The Investor expressly consents to the recording of conversations.

The Investor undertakes not to harass, insult, discriminate against, or share or disseminate immoral, criminal, pornographic, offensive, and/or illegal content through any communication channels accessible via the Platform (e.g., messages, forums, chats—if offered).

The Investor undertakes to use only the access and connection channels provided by the Intermediary for the intended use and not to bypass or interfere with the Platform’s security and protection mechanisms. Furthermore, they undertake not to attack the Platform in a way that impairs or could impair its functionality (e.g., through denial-of-service attacks or similar attacks) and not to use web crawlers, robots, site search/retrieval applications, or other automated means or comparable technologies to access the Platform or retrieve or analyze its content without authorization.

The Investor may use the Platform only within the scope of its intended use and in accordance with the contractual agreements. Any use beyond this is prohibited, and the Investor undertakes to refrain from such uses.

Insofar as the Intermediary is held liable by third parties and such liability results from a culpable breach of the Investor’s obligations under this Section 3 or other obligations under the User Agreement, the Investor undertakes to indemnify the Intermediary from all third-party claims (including other Platform users).

4. Use of the Platform and Investment Mediation

The investment projects presented on the Platform enable Investors to invest in one of these projects through the offered financial instrument within a specified period. To this end, the Intermediary provides relevant information from the Issuer or Provider about the respective financial instrument for the Investors to review.

The Intermediary assumes no responsibility for the creditworthiness of the Issuer and/or Provider or for the economic viability of the presented investment projects and financial instruments. Except within the scope of legal obligations, the Intermediary assumes no responsibility for the content’s completeness, accuracy, and timeliness of the provided information, which lies entirely with the Issuer or Provider. The Intermediary reviews the provided information before making it available to Investors for material completeness, plausibility, and coherence. The information is provided solely for general information purposes for self-decision-makers and does not replace individual advice from qualified persons, if desired; in particular, it does not constitute investment advice or a purchase recommendation. The assessment of the suitability of an investment in the investment projects is solely the responsibility of the Investors, regardless of any legally required suitability assessment by the Intermediary.

The Investor has the option to contact the Intermediary at any time for further information about the project; no advice on the suitability of an investment for the Investor is provided.

If the Intermediary offers Investors the ability to filter projects and investment opportunities, such filtering is done solely based on objective product characteristics such as economic sector, interest rate, or risk indicators. The filtering does not include a specific assessment of suitability for an Investor and does not provide specific decision-making assistance. The Investor must review each offer themselves and make an explicit investment decision.

The Intermediary points out that, beyond statutory obligations, it does not at any time verify whether the planned or executed investment by the Investor aligns with their investment objectives, risk tolerance, and financial circumstances or appears suitable for them. No recommendations are made in this context. The decision on whether and in which investment project to invest lies solely with the Investor. The Intermediary’s service consists of technically providing information about investment projects and financial instruments through the Platform and supporting the investment process by transmitting the Investor’s declaration of intent as a messenger to the Issuer or Provider, with the contract conclusion occurring solely as Investment Mediation. No investment, legal, or tax advice is provided through the Platform. The Intermediary recommends that every Investor wishing to invest through the Platform seek tax, legal, and economic advice beforehand.

For the mediation of different types of financial instruments, the conditions set out in Section B (Special Provisions Regarding the Type of Financial Instrument) of these GTC apply additionally.

5. Execution of an Investment

If the Investor decides to make a legally binding investment through the Platform, they select the amount to be invested. Depending on the type and/or conditions of the financial instrument, a minimum or maximum investment amount may apply, or the permissible investment amount may depend on further requirements.

The investment is made by clicking the “Invest Now with Payment Obligation” or “Invest Now with Payment Obligation/Conclude Contract Bindingly” button. The legal relationships arising in connection with the investment with the Issuer and, if applicable, the Provider, are governed solely by the applicable regulations of the respective financial instrument. Before the investment, the Investor can review, download, and save the contractual documents on the respective project detail page of the Platform. Additionally, the contractual documents are provided by the Intermediary via email.

Additionally, the conditions set out in Section B (Special Provisions Regarding the Type of Financial Instrument) of these GTC apply.

6. Risk Notice

With each offered financial instrument, there is a risk for the Investor of a total loss of the invested amount, including any issuance premium paid, as well as the loss of all costs paid in connection with the acquisition, management, and termination of the financial instrument (total loss risk). In the case of external financing of the investment, this risk increases due to the incurred or accruing interest and costs, as well as the risk of having to repay the loan amount from other assets if no proceeds are generated and the financial instrument cannot be otherwise realized. This may lead to the Investor’s personal insolvency or the insolvency of the investing company.

7. Platform Availability / System Failure

The Intermediary strives, within what is technically feasible and economically reasonable, to ensure uninterrupted availability of the Platform but does not provide any warranty or contractual obligation to this effect. The use of the Platform may be temporarily restricted if necessary due to capacity limits, the security or integrity of the servers, or technical measures, and/or if it serves the proper or improved provision of services. In doing so, the Intermediary takes into account the legitimate interests of the Investor, e.g., through prior information.

In the event of an unforeseen system failure that impairs the use of the Platform, the conclusion of contracts, or other functions, Investors will be informed in an appropriate and suitable manner.

8. Remuneration, Waiver of Release of Benefits

The Investor does not pay any remuneration to the Intermediary for the contractual services provided. The Intermediary receives payments (commissions) from the Issuers in accordance with statutory provisions (in particular, Article 3 ECSP Regulation and Section 17 FinVermV). The existence, nature, and extent of these commissions are disclosed to the Investor in a timely manner before the provision of a contractual service in accordance with applicable legal provisions. These commissions are exclusively for the Intermediary.

The Investor hereby waives any claims for the release of these commissions and expressly agrees that the remuneration received by the Intermediary, deviating from Sections 667, 675 of the German Civil Code (BGB) and Section 384 of the German Commercial Code (HGB), remains with the Intermediary.

9. Liability of the Intermediary

The Intermediary is liable for defects or errors on the Platform only in the case of fraudulent concealment. Otherwise, it is liable only for intent and gross negligence as well as for damages resulting from injury to life, body, or health without limitation. In the case of slight negligence, the Intermediary is liable only for the breach of essential contractual obligations, the fulfillment of which enables the execution of the contract and on which the contractual partner regularly relies. Liability is limited to typical, foreseeable damage and excludes lack of economic success, lost profits, and indirect damages. These liability limitations also apply to employees, vicarious agents, and third parties used by the Intermediary to fulfill the contract.

The Intermediary is not liable for disruptions outside its sphere of influence (e.g., line overload, failure of telecommunications connections). Likewise, it is not liable for the validity of concluded contracts, the failure of investments, or the insolvency of Issuers, Providers, Trustees, Payment Service Providers, or other third parties, nor for their criminal behavior or the information they provide.

10. Term, Termination of the User Agreement

The User Agreement is concluded for an indefinite period and may be terminated by either party at any time with 14 days’ notice in text form (e.g., via email to Info@ScandicPay.de). Contracts between Investors and Issuers or Providers remain unaffected by this.

The right to extraordinary termination for good cause remains unaffected. The Intermediary may terminate the User Agreement immediately, in particular if:

  • The Investor provided false information during registration;
  • The Investor is involved in fraudulent or illegal activities, and blocking is necessary to protect the Intermediary;
  • An unauthorized, illegal, contractually non-compliant, or abusive use of the Platform occurs or is threatened.

Upon termination of the User Agreement, the Intermediary may permanently block or delete the Investor’s account or Platform access.

11. Final Provisions

The exclusive place of jurisdiction for disputes arising from this contract is, to the extent legally permissible, Berlin. Mandatory jurisdictions remain unaffected.

This contract is governed by the laws of the Federal Republic of Germany, excluding international private law and the UN Convention on Contracts for the International Sale of Goods (CISG). The contract language is German.

Written form means, pursuant to Section 126b of the German Civil Code (BGB), text form (e.g., email). Communication may take place electronically. No verbal side agreements exist. Amendments or supplements require text form, as does the waiver of this text form agreement.

If any provisions of these GTC are invalid or contain gaps, the remaining GTC remain valid. The parties undertake to agree on an appropriate provision that comes as close as possible to the intended purpose.

The Intermediary participates in dispute resolution procedures before consumer arbitration bodies:

B. Special Provisions Regarding the Type of Financial Instrument

I. Special Provisions for Investments in Loans under the ECSP Regulation

These provisions apply in addition to Section A for investments in loans pursuant to Article 2, Paragraph 1, lit. b) of the ECSP Regulation. The Intermediary acts as a crowdfunding service provider pursuant to Article 12 of the ECSP Regulation.

1. Investment in the Form of Loans

The investment is made by concluding a partial loan and trust agreement with the project owner (Article 2, Paragraph 1, lit. h) ECSP Regulation) as the borrower, the Intermediary, and a trustee. This agreement is part of the project owner’s overall financing through crowdfunding, where the partial loans are identical in content except for the loan amount.

The Investor assumes the risk that the project owner fails to meet, fully meet, or timely meet their payment obligations, including the risk of insolvency or inability to pay, which may result in a partial or total loss. The loans are not protected by deposit guarantee systems (Directive 2014/49/EU) or investor compensation systems (Directive 97/9/EC).

2. Activation for Investment

To participate in crowdfunding, the Investor must be registered in accordance with Section 3, have concluded a User Agreement, and be activated. Activation requires categorization as a sophisticated investor (Article 2, Paragraph 1, lit. j) ECSP Regulation) or non-sophisticated investor (Article 2, Paragraph 1, lit. k) ECSP Regulation). For non-sophisticated investors, the Intermediary assesses the suitability of the offered services based on information about experience, investment objectives, financial situation, and risk understanding.

This assessment is reviewed every two years. If the information is insufficient or the services are not suitable, the Intermediary informs the Investor of the potential unsuitability and provides a risk warning indicating the possibility of total loss. The Investor must confirm receipt and understanding of the warning; otherwise, no activation occurs.

The ability of a non-sophisticated investor to bear a loss of 10% of their net assets is simulated through an online calculation tool, the results of which the Investor must confirm and authorize. The Intermediary reviews this simulation annually. Without confirmation or sufficient information, no activation occurs.

For investments exceeding EUR 1,000 or 5% of net assets (whichever is higher), the Intermediary warns non-sophisticated investors and requires their explicit consent and proof of understanding of the risks.

3. Specifics in Executing an Investment

The project owner submits a binding offer to conclude a partial loan and trust agreement by publishing and activating the project, which ends with the funding deadline. The Investor accepts this offer by completing the online form and clicking “Invest Now with Payment Obligation/Conclude Contract Bindingly.” The Intermediary forwards the acceptance as a messenger, and the contract is formed upon receipt by the contracting parties. Payment processing is handled trustfully through a payment service provider.

II. Special Provisions for Investments in the Protected Platform Area

I. Establishment of a Protected Platform Area

The Intermediary has established a separate area accessible only to selected Investors (“Protected Platform Area”).

II. Access Possibility

Selected Investors are informed separately about their access possibilities and gain access through their user account and, if applicable, via email. Sharing information or access with third parties is prohibited. Loss of the access code must be reported to the Intermediary immediately.

III. Specifics in the Context of Investment Mediation

The Intermediary collects information about the Investor’s knowledge and experience and conducts an appropriateness assessment. If the instruments are unsuitable or the information is insufficient, the Investor is informed.

1. Investment

The investment is made by granting a subordinated loan with a qualified subordination and pre-insolvency enforcement restriction to the Issuer as the borrower.

2. Risk Notice

The risk is higher than with regular debt capital, as claims are not enforceable in the event of insolvency or over-indebtedness and are serviced subordinately in the event of insolvency, which may result in a total loss.

3. Specifics in Executing an Investment

The investment is formalized by clicking “Invest Now with Payment Obligation,” with the Intermediary forwarding the declaration of intent and the payment being processed trustfully.

Contact Information

SCANDIC PAY – A business division of:
LEGIER Beteiligungs mbH
Kurfürstendamm 195 DE
10707 Berlin
Federal Republic of Germany

Contact:
Telephone: +49 (0) 30 408 174 00 -5
Telephone: +49 (0) 30 232 57 447 - 0
Telefax: +49 (0) 30 232 57 447 - 1
E-Mail: Info@ScandicPay.de
Management: Tetiana Starosud

Legal Information

Register Entry: Commercial Register Berlin-Charlottenburg (Federal Republic of Germany) Register Number: HRB 57837
VAT ID: DE 413445833

Supervisory Authorities

  • Federal Financial Supervisory Authority (BaFin) Marie-Curie-Str. 24-28 60439 Frankfurt am Main www.BaFin.de
  • Deutsche Bundesbank, Berlin Branch Leibnizstraße 10 10625 Berlin www.Bundesbank.de

Data Protection Officer
Lawyer Thilo Herges
Hohenzollerndamm 27a
DE 10713 Berlin

Compliance Officer
Lawyer Axel Kapust
Jägerallee 29
DE 14469 Potsdam

Accessibility
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