Mode Reports Record-Breaking Month of December

RNS Number : 5237K

Mode Global Holdings PLC

05 January 2021

 

Mode Reports Record-Breaking Month of December

Highlights

· Record-breaking trading volumes and new user numbers in December 2020

· Mode's October 2020 Bitcoin investment up over 100% in value

· In first few days of January, Mode sees 40% increase in user growth numbers compared to December

London, 5^th January - Mode Global Holdings, the LSE-listed fintech group, reports a new record-breaking month with trading volumes and new user numbers surging over 1,500% and 500% respectively since August, as Bitcoin extends its historical, record-breaking rally.

Mode's strong performance mirrors the historical, record-breaking rally in Bitcoin, which hit $20,000 on December 16, surpassing its previous 2017 peak. In under three weeks, Bitcoin has gained another 70% to reach $34,000, a new record. 

Janis Legler, Chief Product Officer, Mode: "The last few months for Mode have been exceptional as we have reached record growth rates. We've been particularly popular amongst first-time Bitcoin investors which caused our Bitcoin app to make it to the top 2 in the UK's App Store finance category in December, surpassing most high-street banking and fintech apps. Even during the holidays, over 90% of our eligible customers were able to open and verify their accounts in less than five minutes, instantly top up their wallet via Open Banking and buy Bitcoin right away. Unlike traditional stock markets, Bitcoin trades 24/7 which provides a truly innovative and revolutionary experience for new customers - they love it."

In October last year, Mode decided to utilise up to 10% of its IPO proceeds from shareholders to invest in Bitcoin, diversifying its treasury portfolio, and as of today, Mode is over 100% up on its original position. Mode was the first publicly listed company in the UK to officially announce a significant purchase of Bitcoin as part of its treasury investment strategy.

Jonathan Rowland, Executive Chairman, Mode: "If we look at Google Trends search volumes, the data suggests that retail investor appetite for Bitcoin has reached nowhere near the levels we saw in 2017. Until now, the recent price surge has been driven by high-net-worth individuals, family offices, hedge funds and corporates that have put Bitcoin on their balance sheets, like Microstrategy, Square and Mode. This has also resulted in an increase in appetite for Bitcoin-related stocks from companies with balance sheet exposure or companies that receive revenue in Bitcoin, like mining companies. We believe that public markets provide sound credibility and legitimacy to Bitcoin as an asset class and we are extremely proud to be leading the way to further support Bitcoin in 2021."

"Mode is still a new entrant to the market causing trading income to be modest at present, however, we believe that, in common with other tech companies, it is vital to focus on building growth and we are proud of the progress achieved. In the first few days of January alone, Mode has already seen a 40% increase in user growth numbers compared to its weekly average during its record-breaking December, signaling another strong month ahead."

About Mode

Mode is a UK fintech listed on the London Stock Exchange building financial products that will help accelerate the world's transition to a digital financial system combining the best of payments, investment, loyalty, and digital assets.

To date, Mode has launched a next-generation app that allows users to access sterling pound, euro and Bitcoin accounts, all in one place, and grow their digital assets through one of the highest-yielding and most flexible interest accounts for Bitcoin.

Mode also offers marketing, e-commerce and payments services for UK businesses looking to attract, engage and retain high-value customers globally. Mode is an official partner of WeChat Pay and AliPay.

The company was founded by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank, the UK's first 100% 'born in the cloud' business bank using Microsoft Azure Platform.

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