Mode plans to use the capital to expand its offerings to the Asian market while also adding to its Bitcoin holdings. In October 2020, Mode revealed that its strategy was to put 10% of its treasury holdings into Bitcoin, which at the time was around USD 1 million.
As with the Mode offering at the time of their IPO in October 2020, this placing was oversubscribed. The objectives include launching a payments solution powered by Open Banking, developing a loyalty and reward engine, integrating new payment capabilities, and expanding the business to Asia, according to Mode staff.
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