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Mode Global looks to disrupt global payment and crypto markets

Acceleration and disruption

Mode Global Holdings PLC (LON:MODE) is looking to shake up the global fintech industry by hitting the accelerator on the world financial sector’s transition to a fully digital economy.

Since listing on the standard segment of the LSE’s main market in early October 2020, the company has been focused on launching the Android version of its digital mobile app that offers investors one of the easiest and safest ways to invest and hold Bitcoin (now available on both Google Play and App Store) and building its upcoming Open Banking powered payments and loyalty solution (expected to launch in Q2 2021).

According to Ariane Murphy, Mode’s newly appointed Chief Investor Relations Officer, the key to the company’s success is creating a financial ecosystem that supports the new ways in which the world is exchanging value and generating wealth.

“Bitcoin and Open Banking, two of the most disruptive financial innovations of our time, are changing how people and businesses do financial services. At Mode, we are leveraging the power of these key innovations by building an ecosystem that delivers a cheaper and safer way for businesses to accept instant payments, and gives people the ability to spend smarter and grow their wealth through Bitcoin” Murphy told Proactive.

Upcoming launch of payments feature

The major upcoming event for Mode is the launch of its novel payments and loyalty feature, powered by Open Banking, which is scheduled to go live in the Mode app in the second quarter of 2021.

Announcing the launch plans in mid-February, the company said the solution will provide e-commerce businesses with “an alternative to rising card interchange fees” and boost loyalty amongst consumers, as well as offer customers an alternative to more traditional payments firms such as Mastercard Inc (NYSE:MA), which recently announced plans to increase card payment fees.

Mode’s solution will allow customers to manage traditional money and digital assets such as Bitcoin, make instant payments, earn rewards in Bitcoin and receive personalised offers from merchants through a single app, while also removing the need to enter card details at checkout.

While the payment solution will be initially available in the UK, Mode will explore expanding the solution to continental Europe in due course.

The company is also planning to launch a ‘fast payments’ solution later this year which it said will enable customers that don’t have its app to make purchases from businesses accepting its payment solution.

‘It’s all about growth’

Looking into the future, Murphy told Proactive that growth will be the primary focus for the group following the launch of the new features, both in terms of consumers and merchants.

“We want people to use us as their ‘go to’ app for growing their wealth and spending smarter”, Murphy said.

“The whole company is focused on that”, she continued, adding that Mode is currently speaking to a number of potential partners that are “very keen to adopt our solution”.

Following the upcoming launch, the strategy will be to both expand the user base and also get merchants to engage with customers on the platform and offer rewards to draw in even more consumers.

The firm’s investors are similarly committed to its growth plans, with Mode having raised around £6mln in an oversubscribed share placing in late February at a premium to its IPO price, the proceeds of which it said will be used to connect UK businesses with a growing consumer base.

Mode has also strengthened its leadership team in line with this strategy, announcing in early March that it has appointed, Jonathan Conway, one of the architects of Open Banking, as its new Chief Technology Officer (CTO).

In the longer term, Murphy said the goal of Mode will be to continue to find new ways to remove friction across payments, while the group may also begin exploring ways of offering other innovative, technology-powered investment options to its users.

Until then, however, expanding the business remains the top priority.

“We’re currently laying the founding bricks of the Mode ecosystem and then it will all be about growth from there”, she said.

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