London Stock Exchange welcomes Mode Global Holdings Plc to the Standard Segment of the Main Market

London Stock Exchange today welcomes Mode Global Holdings Plc (“Mode”), a UK-based founder-led Fintech group to the Standard Segment of the Main Market.


The Company has successfully raised £7.5 million through a placing, giving it a market capitalisation on Admission of £40.3 million. The proceeds for the Company will be used to support Mode’s technology, marketing and licensing roll out and provide working capital. It will trade under the ticker MODE.


Mode’s offering includes a digital wallet that allows users to manage traditional and digital assets such as bitcoin in the same app; Mode’s proprietary bitcoin interest-generating account called Bitcoin Jar; and WeChat & Alipay payment processing and market services for U.K. and European companies looking to access Chinese markets.


After its Admission, Mode will seek to launch a novel payments solution powered by Open Banking that eliminates the need for cards. The new solution will aim to facilitate direct and seamless transactions in traditional and digital currency between businesses and Mode users. Alongside it, Mode will also seek to develop a loyalty and rewards engine that integrates into the user payment flow, and that builds on banking, financial and payment-related insights, allowing businesses to run targeted loyalty campaigns to engage with new and existing consumers.


Jonathan Rowland, Founder & Executive Chairman of Mode said: “We’re incredibly proud to be one of the first financial services companies with a consumer-focused digital asset offering to list on London Stock Exchange’s Main Market. The admission of Mode during the COVID crisis is a huge achievement and part of our aim to bring much-needed credibility and transparency to both FinTech and digital asset industries.


The pandemic has brought many challenges, but our admission today is a vote of confidence in our business strategy and our mission to reduce fragmentation and inefficiencies across banking, payments, investment and loyalty industries.”

 

Advisers to the IPO include:
- Alfred Henry, Financial Adviser
- Peterhouse, Placing Agent and Broker
- Locke Lord (UK), Company Legal Counsel
- Jeffreys Henry, Auditor and Reporting Accountant
- Maitland, Financial Public Relations Adviser

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
39.32
Listing/Admission to trading
05 Oct 2020
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