Mods looks good5 Oct 2020 19:32
The money will also be used to cover costs arising from a European roll-out alongside other working capital.
Aside from its banking app, Mode also Bitcoin Jar, interest generating accounts for users to store Bitcoin, as well as business payment capabilities using Chinese apps WeChat and Alipay, the former of which also provides business marketing services through Mode.
Following its admission to the LSE, Mode said it will aim to launch a novel payments solution powered by Open Banking, a secure method of allowing providers access to financial information, to facilitate “direct and seamless transactions in traditional and digital currency between businesses and Mode users”. The firm said this will enable it to operate a “significantly more diversified revenue model than the challenger banks, including both 'regular' Fintech revenue streams in addition to a range of more stable and high value revenue sources”.
Mode also plans to develop a loyalty and rewards scheme for customers as well as integrating new payment capabilities and expand its client base by connecting more UK and European businesses to Chinese consumers.
Rowland, who founded Mode and serves as its chief executive, previously rose to prominence when his internet investment company Jellyworks boomed on its debut on the LSE during the dotcom boom in 2000, with the business being bought six months after the float. He is also co-founder and director of UK challenger business bank Redwood.