UK-based Fintech Group, Mode announces IPO intention

Wednesday 9 September 2020 09:37 CET | News

Mode, a UK-based Fintech Group, has announced its intention to undertake an Initial Public Offering and the expected publication by Mode of its Prospectus, which has been submitted for approval to the FCA.

The Group is applying to be admitted to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange. Admission will be subject to the requisite regulatory approvals being obtained.

The Offer will comprise new ordinary shares to be issued by the Company (expected to raise GBP 7.5 million of gross proceeds). The final offer price in respect of the Offer is expected to be GBP 0.50.

The net proceeds from the issue of the Shares will be used to cover technology costs to develop the intellectual property of the platforms and marketing costs to build awareness amongst businesses and consumers, placing fees (including brokerage and placement agent fees), corporate and legal fees, licence costs to cover our European roll-out, regulatory capital for the E-Money Institution (EMI) licence and other working capital.

Mode is a UK-based Fintech Group, building a modern financial services business to support an increasingly digitised economy and financial system, combining banking, payments, investment, loyalty, and digital assets.

After 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 transactions in traditional and digital currency between businesses and Mode users. Mode's payment solution will not rely on the card schemes and as such will not be subject to any of their fees and/or restrictions, according to the official press release.

Furthermore, the company aims to develop a loyalty and rewards engine that builds on banking, financial and payment-related insights and continue to expand Mode's business client base using global payment and marketing services, connecting more UK and European businesses with a growing consumer base from China and beyond.

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Keywords: Mode, fintech, API, Open Banking, IPO, banking, payments, UK, investment, digital currency
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech