Mode secures EMI licence/AMLD5 registration - FCA

RNS Number : 9203C

Mode Global Holdings PLC

24 June 2021

 

Mode secures EMI licence and AMLD5 registration from FCA

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

24 June, 2021 - Mode Global Holdings Plc ("Mode"), the LSE-listed fintech group, is proud to announce that it has secured its Electronic Money Institution ("EMI") licence and its AMLD5 registration from the Financial Conduct Authority ("FCA").

The EMI licence, which has been granted to Mode's subsidiary Greyfoxx Limited, will enable Mode to offer a range of innovative financial services to both businesses and consumers    in the UK.

Mode's subsidiary Fibermode Limited is now a Registered Cryptoasset firm, pursuant to the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ("MLRs") and is registered with the FCA (also known as AMLD5 registration). The AMLD5 registration is a requirement for businesses conducting cryptoasset activities in the UK which fall within the scope of the MLRs. Mode is the fifth company to have received this AMDL5 registration to date (out of 80+ companies which currently have Temporary Registration under the MLRs).

With the granting of the EMI licence and AMLD5 registration, comes renewed focus for Mode. The Company has announced it is decommissioning its investment product, the Bitcoin Jar, from 31 August, to focus on building a best-in-class payment solution with a Bitcoin cashback offering.

Jonathan Rowland, Chairman of Mode, said : "From day one, Mode set out to obtain the necessary licences to become an FCA regulated financial services business in the UK, and today we are extremely proud of what we have accomplished. We've spent the last year building our business around security and compliance, and today we can say our ecosystem is powered by a portfolio of FCA licences, hard-earned by building trust with the regulator. I'm proud to say that Mode is one of only a handful of UK companies to have been granted an EMI licence and AMLD5 registration, and the only one listed on the LSE Main Market."

Ryan Moore, CEO of Mode, commented: "Today's announcement is a major step in Mode's mission to deliver a trusted and regulated environment, where our customers can feel safe using our products. For Mode, it means we now have the ability to scale our operations and continue delivering innovative payments products for our customers under our own EMI licence. Both the EMI licence and the AMLD5 registration ensure business transparency, strong oversight and give our customers confidence in our offering. It's a testament to our strong growth ambitions and the dedication of our team; there are exciting times ahead."

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 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 customer/business site at www.modeapp.com or our investor site at www.modeplc.com .

Contact

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

 

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