Clarification statement

RNS Number : 9017S

Mode Global Holdings PLC

19 November 2021

 

Mode Global Holdings PLC

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

Clarification statement

Mode Global Holdings PLC (LSE:MODE), the LSE-listed Fintech Group, notes press commentary following its 18 November 2021 announcement (the "Announcement") of its new standalone affiliate product. Mode wishes to clarify, for the avoidance of doubt, information related to this announcement.

The Company reaffirms that it will launch its standalone affiliate product in Q2 2022, which will see Mode customers receiving Bitcoin Cashback from participating online retailers in the UK. Currently, over 40 online retailers have accepted Mode onto their affiliate programmes.

In the Announcement, certain specific brands were referenced who, at that time, had approved Mode to be part of their affiliate programmes, through a number of intermediary affiliate platforms.

As with all affiliate programmes of this nature, it is at the discretion of the retailer as to how long they wish to remain involved in the programme. Some of those specified brands have since withdrawn Mode as an affiliate.

Customers will be able to browse Cashback offers from participating retailers on the Mode app, before going to the selected retailer's website to complete their purchase. Mode receives a commission in GBP, converts the Cashback into Bitcoin, before crediting the Bitcoin into the customer's Mode account, where they can store the asset or take advantage of the Company's FCA registered exchange to grow their Bitcoin .

Mode's Bitcoin Cashback affiliate product is separate from the Company's other offerings, which include Mode's previously launched Open Banking payments and instant Bitcoin Cashback solution. The full list of participating retailers, as well as the details of their affiliate cashback terms, will be displayed in the Mode app at the time of launch.

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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 customers in the UK a one-stop app to shop, earn and grow their Bitcoin, all in one place. For businesses, Mode provides a cheaper, safer and smarter alternative to card payments that rewards shoppers with Bitcoin Cashback.

To learn more, visit our customer/business site at www.modeapp.com or our investor site at www.modeplc.com .

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Contact

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

 

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