Mode partners with UK charity to enable donations

RNS Number : 8284G

Mode Global Holdings PLC

29 July 2021

 

Mode Global Holdings PLC

("Mode" or "the Company" or "the Group")

Mode partners with UK charity to enable donations

● Customers to be able to donate to Young Lives vs Cancer via the Mode App

● Mode's 0.5% processing fee over 5x times cheaper than alternative donation options

● Charity to boost appeal to younger demographics through instant QR code-based donation solution

Mode Global Holdings PLC ("LSE:MODE"), the LSE-listed Fintech Group, announces that it has partnered with Young Lives vs Cancer to facilitate cheaper and faster donations through the Mode App.

Developed as an alternative to card payments, Mode's solution aims to counter rising transaction processing fees, which have exceeded 2.9%¹ per donation in the charity sector, enabling charities to keep more of their hard earned donations. Mode's QR-code payments solution also provides an innovative, alternative way to donate instantly by using a smartphone, which boosts its appeal to younger, digitally-native demographics.

Mode's payment processing fee will be capped at 0.5% however, Young Lives vs Cancer will pay 0% fees for the first 6 months of the partnership, as part of Mode's pledge to donate the fee back to the charity.

The solution enables secure donations to be made via the Mode App as Mode uses Strong Customer Authentication (SCA) measures including biometric security. All customers will be fully authenticated by Mode, reducing the chance of fraud and ensuring that donations are received directly from trusted consumers.

Joanna Hancock, Head of Partnerships, Young Lives vs Cancer said: "We're absolutely delighted to be partnering with Mode. Their next-gen financial ecosystem allows customers to support Young Lives vs Cancer, completely fee-free. Young Lives vs Cancer helps children, young people and their families face the fear of cancer. Fear of treatment, of families being torn apart and overwhelming money worries. With supporters like Mode and their customers, we can reach more children, young people and families who need our vital support."

Ryan Moore, CEO of Mode, said: "We're excited to tap into a new sector which requires an immediate solution to counter rising fees for both charities and donors. Our platform will enable registered charities in the UK to appeal to tech savvy, high value demographics, incurring only a fraction of the payment fees to do so and allowing them to keep more of their hard-earned donations. We're truly excited about the benefits we have been able to bring to the sector and we hope that today marks the start of more long-term partnerships for Mode in this new sector."

¹ Gofundme charge 2.9% + £0.25p per donation transaction: https://www.gofundme.com/c/pricing#GB

  Virginmoneygiving charge a one-off payment from charities when they join, then 2% platform fee and a 2.5% payment processing fee on donations. https://uk.virginmoneygiving.com/giving/about-us/fees/  

  Justgiving charge 1.9% + £0.20p per donation and 5% when processing GiftAid https://www.justgiving.com/info/fees-2019-march

To make a donation to YLvC via Mode visit: https://charity.modeapp.com/

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About Young Lives vs Cancer:

When a child is diagnosed with cancer life becomes full of fear, for them and their family. Fear of treatment, but also of families being torn apart, overwhelming money worries, of having nowhere to turn, no one to talk to. At Young Lives vs Cancer, we help families find the strength to face whatever cancer throws at them. Powered by the kindness of our supporters, we'll face it all together. For more information, visit  www.younglivesvscancer.org.uk

Today, 12 more children and young people in the UK will hear the devastating news that they have cancer. Treatment normally starts immediately, is often given many miles from home and can last for up to three years. Although survival rates are over 80%, cancer remains the single largest cause of death from disease in children and young people in the UK.

For more information, an interview or images, please contact: Young Lives vs Cancer: Fabian Devlin on 07786 338089 or email on [e-mail]

About Mode:  

Mode is an LSE-listed fintech company on a mission to build the world's most disruptive ecosystem where exchanging value and growing wealth is seamless for all. Mode is leveraging the power of Bitcoin and Open Banking to deliver on this mission and offer people a one-stop app for growing wealth and spending smarter, as well as provide businesses with a cheaper, safer and smarter way of accepting payments than card payments and boosting loyalty amongst customers.

To learn more visit our website at www.modeapp.com or our investor site at www.modeplc.com

Contact:

Maitland/AMO (PR): Kate Pledger [e-mail]

 

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