London Stock Exchange-listed Bitcoin app, Mode, has announced the completion of an over-subscribed placing arranged by Peterhouse Capital Limited, raising a total of £6 million.
Mode plans to use the capital to expand its offerings to the Asian market while also adding to its Bitcoin holdings.
In October, Mode revealed that its strategy was to put 10% of its treasury holdings into Bitcoin, which at the time was around $1 million.
Jonathan Rowland, Executive Chairman, commented: “As with the Mode offering at the time of our IPO last October, this placing was significantly oversubscribed.
We are pleased to announce the successful completion of a materially over-subscribed placing arranged by @peterhousecap to raise GBP6,000,000 to support the continuing rapid growth of Mode's new-breed financial products and services: https://t.co/oHcp3bNHXN pic.twitter.com/7EsKdMBpF8
— Mode (@modeapp_) February 26, 2021
“We are especially gratified that we have now attracted, as a result of this placing, a range of new institutional shareholders. These additional funds will also provide the Company with strong cash reserves to push forward our stated near-term strategic objectives.”
The objectives include launching a payments solution powered by Open Banking, developing a loyalty and reward engine, integrating new payment capabilities and expanding the business to Asia.
“The Company has been extremely busy since our October IPO, but shareholders can expect with these additional funds that we will now accelerate these ambitious and exciting development plans. Mode is in the right place, at the right time, and shareholders can confidently now look forward to exciting news in the near future.” Rowland added.
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