October's Terms and Conditions



Affiliate: the Holder of an October account opened using a promotional code that lends an aggregate amount of €500 (or €200 if the Referrer is taking advantage of loyalty program benefits)
Analyst: the person who reviews the eligibility of a project for financing
APR: Annual Percentage Rate of Charge
Applicant: a company that has been granted a loan for a Project
LoanAgreement: a legal contract that outlines the terms and conditions of a loan that an Applicant receives from Lenders through the Site.
Downloadable Content: content that can be downloaded from the Site
ECSP Regulation: Regulation (EU) 2020/1503 of the European Parliament and Council, dated October 7, 2020
Know Your Customer (KYC) Process: a procedure to verify theidentity of users xml-ph-0


We welcome you to october.eu and its respective subdomains connect.october.eu and app.october.eu (hereinafter jointly referred to as the"Site"). Access to the Site implies your unreserved acceptance of these terms and conditions in their entirety.

By accessing the Site, you acknowledge that you are informed that crowdfunding services are not covered by the deposit guarantee scheme established under Directive 2014/49/EU and that crowdfunding investments acquired through the Site are not covered by the investor compensation scheme established under Directive 97/9/EC.

October does not provide any financial advice or make any recommendation as to the suitability of any offer posted on the Site for the User, which the User expressly accepts.

Any investment choice by the User is made under his/her sole responsibility.

Information regarding the October Connect offer is available at connect.october.eu. This section is managed and published by October SA.

Information related to professional investors is available in the section en.october.eu/lenders/institutional-investors, offered by October Factory. The other parts of the site are managed and published by October IFP.

The Site is hosted by OVH (RCS Lille Métropole 424 761 419), a company based at 2 rue Kellermann - 59100 Roubaix - France, and Amazon Web Services LLC, P.O. Box 81226, Seattle, WA 98108-1226.

Any dispute relating in particular to the validity, interpretation, execution or termination of these conditions shall be the exclusive jurisdiction of the French courts.

Navigation on the Site is subject to the applicable European and French rules and regulations and to these General Conditions.

1. Access to the Site

1.general Provisions 1

To access and use all features of the Site, you must be 18 years of age or older, not be registered as a "U.S. Person" by the U.S. tax authorities, hold a Eurozone bank account, have a valid e-mail address, and a cell phone number.

Access to certain sections of the Site requires the use of personal access codes. In these cases, the User is responsible for the safekeeping and proper use of his or her credentials that allow access to restricted services. The User is responsible for ensuring the confidentiality of his or her password and avoiding sharing it with third parties.

Codes may be changed at any time. However, for security reasons, the number of attempts to access these sections may be limited to prevent fraudulent use. In the event that the User has become aware of fraudulent use of the Site, the same shall immediately notify the manager by e-mail communication to be sent to ' [email protected].

The User represents and warrants that the data provided by him/her, and stored in October's information systems, are correct and accurate and suitable for proving the identity of the User himself/herself. In the event of any change in such data, the User undertakes to promptly notify the relevant changes.

In case of non-compliance with the rules described in these conditions, October reserves the right to suspend the User's access to the Site. In this case, the User will be informed as soon as possible.

October will endeavor to provide uninterrupted access to the Site, however, access to the Site may be suspended, limited, or terminated at any time, including but not limited to, for security reasons.

Access to the Site may also be occasionally restricted to allow for repairs, maintenance, or the introduction of new features or services. October will endeavor to restore access as soon as reasonably practicable. Browsing the Site is secured with SSL - https.

1.2. Registration of Borrowers

1.2.1 Pre-registration - Step 1: Acceptance of UGC

Before accessing the list of projects available on the Site, it is necessary to:

  • Perform pre-registration (by providing User name, e-mail address and choosing a password containing at least 8 characters including at least 1 number);
  • Accept these TOU by checking the appropriate box, as well as the general terms and conditions of the payment service provider. These are available at en.october.eu/cgu-lemonway-2;
  • Confirm your e-mail address by clicking on the e-mail link sent following pre-registration
    • E-mail communications about new projects and other useful information will also be sent. You will be able to cancel your registration at any time.
    • Upon completion of Phase 1, you will be able to choose to continue with registration or use the Site to find projects for funding.

1.2.2 Pre-registration - Phase 2: Security, two-factor authentication, and simple electronic signature

Some additional information will be requested in addition to that requested (and already provided) in Phase1, such as date of birth, place of residence, and cell phone number.

The process of lending and simple electronic signing of loan agreements on the Site is done through a security protocol (SSL - https) with two-factor authentication, which includes two steps:

  • The first authentication is done using the User's e-mail and password chosen during Step 1 of pre-registration;
  • The second one is carried out by sending to the cell phone number provided by the User himself a text message with a signature code to be entered to validate the pre-registration and to fully express his consent to the Site's TOU.

1.2.3 Registration: Know Your Customer (KYC) Process - Verification of the User's Identity

October IFP uses the services of the community payment institution Lemonway SA and to the effect the company is subject to the regulations provided for the fight against money laundering and financing of terrorism established by Legislative Decree 231/2007 and its subsequent additions and amendments. For this reason, before accessing all the functionalities of the Site, and in particular before lending in accordance with Article 2 of these CGUs, the following documents must be provided:

  • Copy of two different identity documents;
  • Document proving ownership of the bank or postal account.

October IFP may require additional documentation, such as depending on the type of bank used or tax residence.

This verification step is completely manual and may take up to 2 working days. Any false or irregular declaration may result in specific actions being applied to prevent possible fraud.

1.2.4 Eligibility test and net worth calculation

Upon completion of the verification process, you will be required to answer a questionnaire (with multiple-choice answers) to determine whether the services offered by October IFP fit your profile. The test should be repeated at least once every 2 years. For the purpose of this test, you understand and recognize the importance of providing accurate and up-to-date information.

Upon completion of this suitability test, the User will have the option of requesting October IFP to be classified as a Sophisticated Lender. Should such a request be made, the User acknowledges and accepts the consequences of losing the protections associated with Unsophisticated Lender status.

Unsophisticated Borrowers are also required to indicate their net worth. A calculation tool is available to determine their net worth. The simulation of ability to sustain losses must be repeated annually after the initial simulation.

In the case of investments of more than €1,000 or 5% of one's net worth in a single project, security alerts will be displayed and explicit consent will be required before proceeding with the investment. For such investments, and under certain circumstances, October IFP may deny an unsophisticated Borrower the ability to lend through the Site under the conditions set forth in the ECSP Regulations.

1.2.5 Recharging the October Account

As stated in Article 2, in order to invest on the Site, you must credit your October account. You may use a credit card for this purpose (for a maximum amount of €1,000 per transaction, with a limit of €2,000 within 30 days) or transfer funds by wire transfer.

1.3. Registration of applicant companies

1.3.1 Proving the company's eligibility for financing through October, free of charge and without commitment

To verify the eligibility of the Applicant company to obtain financing through the Site, it will be necessary to access the following link: https://it.october.eu/imprese/

In a first step, it will be sufficient to communicate the Enterprises tax code, the amount of the requested financing and its duration.

In order to receive the result of the eligibility test, you will be asked to register and, in particular, to confirm your e-mail address and the financing application.

1.3.2 Funding Application Submission and Analysis

For the submission of the funding application, it will be necessary to send in the first stage (at least) the following documents:

  • the financial statements of the last 3 fiscal years approved by the shareholders' meeting together with the management report, the report of the board of statutory auditors or the sole auditor (if any) and the report of the auditing company (if appointed)
  • The last 3 tax returns (Form Unico - SC)
  • Schedule of existing debts

An analyst from October will contact the Applicant by e-mail and/or telephone as soon as possible to study the project and best understand the Applicant's specific needs and request additional documentation, if necessary.

The analyst will then formally submit the loan application to the October Factory Investment Committee. After validation of the application by this committee, October IFP will determine whether the Applicant is eligible for crowdfunding services.

1.3.3 Know Your Customer (KYC) Procedure - Verification of the identity of the company and the identity of the Authorized Officers representing the company

October Factory is subject to the regulations provided for the fight against money laundering and terrorist financing established by Legislative Decree 231/2007 and its subsequent additions and amendments.

For this reason, it is necessary to validate, in parallel with the credit analysis, the identity of the company's beneficial owner (as defined by the aforementioned Legislative Decree 231/2007) as well as its directors.

Any false or irregular declaration may result in the application of specific actions aimed at preventing possible fraud.

Specifically, by accepting these CGUs, the Applicant confirms:

  • that there are no criminal records relating to violations of national regulations on commercial law, bankruptcy law, financial services law, anti-money laundering law, fraud law, or professional liability obligations;
  • that its registered office is not located in a non-cooperative jurisdiction, as recognized by the relevant EU policy, or in a high-risk third country within the meaning of Article 9(2) of Directive (EU) 2015/849.

1.3.4 Acceptance of the Loan Offer/Electronic Signature

Following the decision of the October Factory and October IFP Credit Committee, the Applicant will be informed of the acceptance or rejection of its loan application and the Applicant expressly acknowledges that such decision is made at its discretion and that October Factory and October IFP cannot be held responsible for the rejection decision.

In the event of a positive response from the Credit Committee, the online posting of the project will be made only after the signature of the Applicant Master Agreement, which contains the information provided by the Applicant in steps 1.3.1 to 1.3.4 of these TOU, the terms and conditions of the financing (amount, duration, interest rate, fees and charges, APR) as well as the terms and conditions for the online posting of the project on the Site.

The Applicant must review and sign the Loan Agreement, either by hand or electronically.

By signing the Applicant Master Agreement, the Loan Applicant agrees as of now to empower October IFP to electronically sign, in the name and on behalf of the Applicant User, the various loan agreements with lenders.

1.3.5 Possible cancellation of the loan offer

If October IFP justifiably identifies an omission, error or inaccuracy in the information provided that could have a material impact on the expected performance of the loan offer, the Applicant will be asked to promptly supplement or correct such information.

In the absence of such prompt action, October IFP reserves the right to:

  • suspend the loan offer on the Site until the information is completed or corrected, for a period not to exceed 30 calendar days;
  • cancel the loan offer in the absence of appropriate corrections or changes within 30 calendar days.

2. Use of the Site

Please note that use of the Site presupposes possession of the necessary hardware and software equipment for Internet use.

In addition, it should be remembered that the Internet does not guarantee the security, availability and integrity of data transmissions. Therefore, October will not be responsible for any errors, omissions, deletions, delays, failures (particularly in the case of viruses), communication lines, computer equipment and software not controlled by October, or, again, in the case of unauthorized use or possible degradation of the content published on this Site.

In the protected areas, you will be able to browse investment or loan opportunities, as well as business loans or borrowing.

The User agrees to use the information provided on the Site for the sole purpose of determining whether to enter into a loan application or obtain financing.

In addition, User agrees to agree to indemnify and hold October harmless in all cases from all adverse consequences directly or indirectly related to User's use of the service.

In using the Site, the User shall refrain from the following actions:

  • Spreading content that is insulting, defamatory, unauthorized, harmful, violates privacy or image rights, incites violence, racial or ethnic hatred;
  • Use the Site for political, promotional or proselytizing purposes;
  • Publish promotional or advertising content;
  • Disseminate information or content that might disturb the sensibilities of minors;
  • Engage in illegal activities, particularly to the detriment of rights holders of software, trademarks, photographs, images, text, video, etc;
  • Use an identifying element that is defamatory, harmful, violates privacy or image rights, incites violence, racial or ethnic hatred.

October will not be liable for any damages, direct or indirect, resulting from the use of this Site.

2.1 Services offered on the Site

2.1.1 To lend on the Site

The October account allows people to invest their savings in loans to small and medium-sized businesses. It is possible to open an October account and lend as low as €20 per single loan to companies selected by October analysts. Each Lender can choose the Applicants' projects to be financed according to their preferences and, in just a few clicks, commit to provide the portion of the loan they intend to lend and each month they can receive repayment of the agreed amount according to the relevant loan agreement, from the individuals who accepted the loan.

The Borrower agrees to read the general terms and conditions of the payment service provider or any intermediary appointed by October IFP set out on the Site at en.october.eu/cgu-lemonway-2 in which the manner of operation of payments and repayments of each October account is described.

In any case, it should be remembered that lending money to small and medium-sized businesses carries a risk of partial or total loss of the money lent, and in addition, the Borrower cannot receive repayment of the loaned capital earlier than the deadlines stipulated in the loan agreement. It is also advisable to diversify one's loans on different projects in order to reduce the risk of loss resulting from the possibility of non-repayment by the Applicant. Diversification is a fundamental element for any lender on a lending platform.

October IFP cannot, therefore, be held responsible for the financial and tax implications of loans made through the Site. Furthermore, it is emphasized that the User is the only one, in terms of right and responsibility, to decide his/her own loan choices made on the Site.

2.1.2 To obtain a loan through the Site

A Loan Applicant must be a company based in Italy, France, Spain, the Netherlands, or Germany validly existing and therefore properly registered with the relevant Commercial Registry that must have approved at least two financial statements as of the date of application.

October will review the Applicant's application and connect him/her with potential investors. The Applicant is required to provide accurate information about his/her company and project.

The Applicant agrees to review the terms and conditions of the payment service provider or any intermediary engaged by October IFP listed on the Site at en.october.eu/cgu-lemonway-2.

Applying for a loan may involve risk, so the Applicant must ensure that he or she is able to sustain repayment.

October does not provide any financial advice and cannot be held responsible for the financial and tax implications of loans you may qualify for on the Site. You will be solely and exclusively responsible for the financing and repayment of your project.

2.1.3 You wish to make October known to your community

Each October lender has an individual promo code to let their acquaintances know about the platform. The promo code works like this: if a lender (the"Referrer") shares their promo code with an acquaintance (the"Referee"), both will receive a €20 bonus if the Referree opens an October account with the Referrer's promo code and lends €500 (or €200 if the Referrer has benefited from a loyalty bonus).

The amount of bonuses that lenders can earn by referring to the platform has a cap of €200. Once the limit of bonuses that can be received is reached, Referrals will no longer receive any bonuses but will have to become professional partners of October IFP and sign a contract with the platform to define the conditions under which they will be remunerated for their October IFP referral business to third parties interested in lending to businesses. To sign a partnership with October IFP, you can contact us at [email protected].

2.downloadable content 2

It may be necessary to include content on the Site that the Applicant may download ("Downloadable Content"). By downloading or using Downloadable Content, you agree to use it in accordance with these TOU.

A non-exclusive and non-transferable right to use the Downloadable Content is granted for personal and private use, free of charge and for the legal term of copyright protection. Any reproduction, representation, modification or distribution of the Downloadable Content must be expressly authorized by October.

2.3. Personal Data

Please refer to the Privacy Policy section for more information on the handling of personal data.

3. Pricing Conditions

For information on the costs of services offered on the Site, please see the relevant section on page Funding Application.

4. Taxes

Certain information regarding the taxation of loans made by lenders is provided for information purposes only. You acknowledge that such information is indicative only and does not constitute tax advice.

October IFP disclaims any responsibility for any financial and tax consequences of loans made or received on the Site, and urges you to consult your own tax advisor to assess your situation.

5. Trial Agreement

Acceptance of these TOU electronically has the same legal force between the parties as a paper contract.

Documents computerized and stored in computer systems will be archived under reasonable conditions of security and considered as evidence of communications that have occurred between the parties.

Archiving of contract documents shall be done on durable and reliable media that can be submitted as evidence.

6. Loan contracts

6.1 Signing of loan agreements by creditors

By signing these TOU, as a Borrower, the User acknowledges and accepts that the signing of loan contracts concluded through the Site will take place by following the procedure set out below, and acknowledges that such signature is a simple electronic signature, in accordance with Legislative Decree 82/2013 and its implementing regulations:

  • Step 1 - Registration on the Site pursuant to Article 1 of these CGUs;
  • Step 2 - Selection of the project and the amount lent;
  • Step 3 - A summary of the key elements of the transaction is communicated during the signing process and you will be asked to confirm your adherence to the CGUs, accept the loan agreement by checking the acceptance box and clicking "Validate" to express your willingness to sign the contract. The contract is available and downloadable on the Site in your personal space;
  • Step 4 - Identity Verification: a signature code is received, via SMS, which must be entered on the Site, in the appropriate field to finalize the signature and fully express one's consent to complete the transaction.

Unsophisticated prospective Borrowers benefit from a 4-calendar-day cooling-off period, during which they may at any time withdraw their investment offer or expression of interest in the crowdfunding offering without having to provide a reason and without incurring a penalty. The cooling-off period begins at the time of the investment offer or expression of interest.

Prior to the expiration of this period, you can exercise this right by submitting your request through the Site, the Site chat or at [email protected].

See an example of a loan contract.

6.2 Management of the collection of Finsquare loan agreements

Following the acquisition of the Invex companies (under the trade name of Finsquare) by October SA, October Factory is in charge of the amicable collection of loans initially brokered by this platform.

In the event of late payment or default by the borrower under the loan agreements, October Factory ensures (or has ensured), on behalf of the lenders, the amicable or judicial recovery of the debts, and performs (or has performed) for this purpose the acts necessary for the recovery of the debts and, where applicable, the execution of the insurance policies taken out.

October Factory ensures amicable collection on behalf of all lenders to the same project.

For each act it performs in this context, October Factory will specify its capacity to act for and on behalf of the lenders for the same project and the rights of the lenders against the borrower, in particular any statement of claims in the context of a collective borrower procedure.

October Factory may use all deeds, documents, contracts relating to the mortgages that financed the project and the insurance policies taken out and the information contained therein for the purpose of actions necessary for the recovery of the mortgages, within the limits of any confidentiality clauses entered into and mandatory statutory and regulatory provisions.

October Factory shall have the authority to renegotiate and agree, in the name and on behalf of the lenders, any adjustments to the loans and to execute all instruments necessary for such renegotiation where such renegotiation, in the judgment of October Factory, accelerates or improves collection or avoids deterioration or loss in the face value of the loans, subject to notice to the lenders of such proposed adjustments.

In such collection actions and any renegotiations, October Factory will always act in the best interest of all lenders to the borrower's project.

October Factory hereby declares that it has complied with all the formalities required by the applicable regulations to be validly authorized to carry out amicable debt collection on behalf of third parties, in particular, in the case of France, those referred to in Articles L. 124-1 and R. 124-1 to R. 124-7 of the Code of Civil Enforcement Procedures (which codifies Decree No. 96-1112 of December 18, 1996 regulating persons who carry out amicable debt collection on behalf of third parties). October Factory undertakes to maintain in force, throughout the duration of its debt collection mandate relating to loans, the formalities and authorizations necessary to enable it to carry out amicable debt collection on behalf of third parties in light of the applicable regulations in the jurisdiction in which it operates.

6.3 Transfer of debts

We would like to draw the attention of individual Lenders to the fact that the transfer of receivables, particularly between private individuals, is strictly regulated or even prohibited in each country, and that it is therefore advisable to check the applicable legislation on a case-by-case basis. Should a Borrower decide to transfer its receivables to a third party, such a transfer cannot be taken into account on October IFP's platform: October IFP will not be able to modify the User's portfolio and the receivables will continue to be managed by October IFP as if they still belonged to it.

7. Information contained on the Site

7.general Provisions 1

October strives to provide accurate and up-to-date information. However, the transmission of data and information over the Internet does not allow for absolute technical reliability, so the accuracy of all information on the Site cannot be guaranteed. Consequently, October assumes no responsibility for the use of such information.

It should be remembered that inaccuracies or omissions may appear in the information available on this Site, particularly due to infringement and intrusion by third parties. Please report any errors or omissions to the following e-mail address: [email protected].

The information provided on the Site is for informational purposes only and in no way constitutes an invitation to contract, advice, or recommendation of any kind. In particular, October IFP does not provide any financial or tax advisory services.

For any clarification, you are advised to consult your regular advisors, particularly on legal and tax matters.

October is not liable for any damages of any kind, direct or indirect, arising from the information contained in this Site.

7.2. Hyperlinks

In the event that the Site contains links to third-party sites and resources provided by third parties ("Other Sites"), October IFP specifies that links to such Other Sites are included merely for your information and convenience. If you decide to access any of the Other Sites to which a link is provided on the Site, you do so entirely at your own risk.

Should you wish to create hyperlinks to the Site, you will need to send a request for permission to the following address: [email protected].

8. Termination of the October account

8.1 At the request of the User

If the User holds one or more current loans, the October account cannot be closed. When the User of the Site does not or no longer holds one or more loan agreements as a lender or borrower, the User may request to close his/her October account at any time.

By closing your October account, you agree to:

  • no longer have access to the data contained in your October account;
  • no longer be able to benefit from the information and opportunities available on the Site;
  • no longer have access to the services offered by the Site.

To request closure of your October account, you must send an e-mail from your address (under which you registered your account) to [email protected], indicating your desire to close your October account.

Any funds remaining in the October account should be withdrawn before submitting your request to close the account.

Within a maximum of 30 days, you will receive a confirmation e-mail from October confirming that your October account has been closed.

8.2 At the request of the payment service provider.

October is an agent of the payment institution Lemonway, authorized by the Autorité de contrôle prudentiel et de résolution with identifier 53014.

Pursuant to Article 18(2) of Lemonway's TOU, the User's payment account may be closed at the request of Lemonway. In this eventuality, October IFP will also close the October account even if there are outstanding loans. In this case, October IFP will proceed as follows:

  • User's loans may be repurchased by October IFP at the following value
    • to their outstanding principal for loans for which no payment incident has been detected;
    • For all other situations, October IFP will apply a write-down (from 40% to 100% of the outstanding principal) on the redemption value of the position on a discretionary basis.
  • October IFP may make a credit and loan repurchase proposal to the User
    • If the User accepts, a credit transfer agreement will be entered into between October IFP and the User. The funds will be credited to the October account. The User will be required to debit the available balance from his/her October account. Following this transfer, October IFP will close the account after forwarding an e-mail notification;
    • If the User rejects the redemption offer, October IFP will close the account after forwarding an e-mail notification. The User will no longer be credited with redemptions for underwritten loans.

8.3 Upon October's decision

Closure or blocking (inability to make loans or reloads but ability to make withdrawals and access tax information) of an October account may be decided by October IFP in the following cases:

  • Misuse of the October Account;
  • Reprehensible behavior on the part of the Client, especially fraudulent use;
  • Refusal to fulfill the obligation to provide essential information - Refusal to provide clarification;
  • Production of false or inaccurate documents;
  • Inactive account (unused and without credit) for more than one year.

October IFP's decision will be made based on the following reasons:

  • The User has not complied with the platform's TOU;
  • The User has provided October IFP with inaccurate, outdated or incomplete identifying information;
  • There is a risk of fraud, money laundering or terrorist financing or a risk that may affect the security of the October Account;
  • The payment service provider receives a high number of refunds, cancelled orders, or unauthorized orders.

This decision must be justified and notified to the Account Holder through any means. Reactivation of the October account may occur at the discretion of October IFP.

October IFP reserves the right to request additional documents and to issue, after analyzing the information provided, a favorable opinion authorizing the User to continue using his/her October account. Should October IFP find further abnormal behavior on the same account, it will be automatically and permanently blocked.

9. Intellectual Property

The Site and each of the elements it contains (trademarks, images, text, videos, etc...) are protected by intellectual property rights.

The creation of this Site has required a considerable amount of time and money, therefore, unless otherwise indicated, the User is authorized to use it for personal use only.

You may not use, copy or display the Site (or any part of it) for any other purpose, including for profit.

10. Reference

In exceptional cases, it is possible to expressly authorize the reproduction/presentation of all or part of the Site on certain media.
Any request for authorization must be submitted in advance to the following address: [email protected] or by mail to October IFP, 94 rue de la Victoire, 75009 Paris.

11. Complaints

11.1 Borrowers, Applicants or Partners of October IFP

October IFP's complaints handling procedure is available here.

11.2 Professional Investors

October Factory's complaints handling procedure is available here.

11.3 None of the above cases

In all other cases, you can send your complaint to [email protected].

12. Changes to the Site and Conditions

The contents and information set forth in this Site and these Terms of Use may be changed at any time, particularly in compliance with any new laws and/or regulations and/or to improve the Site. Any changes will be incorporated into these TOU.

The User acknowledges and agrees that use of the Site implies acceptance of the TOU and its subsequent amendments.

Last modified date of the TOU: November 6, 2023