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Finance

Bitcoin Banking App Mode Eyes £40M UK Listing

Mode is expected to announce plans for a £40 million stock market listing sometime in the next month.

By Paddy Baker
AccessTimeIconSep 7, 2020 at 12:50 p.m. UTC
Updated May 9, 2023 at 3:11 a.m. UTC
(Mode Banking)
(Mode Banking)

A new app that allows users to buy bitcoin, as well as earn interest on holdings, is reportedly looking at going public in the U.K.

  • The Daily Telegraph reported Sunday that Mode Banking is expected to announce plans for a £40 million stock market listing sometime in the next month.
  • The firm, which was officially incorporated as Mode Global Holdings PLC in August, is also looking to raise £7.5 million ($9.87 million) from investors ahead of the flotation, according to the report.
  • CoinDesk understands that Mode has already raised £4 million ($5.26 million) and is hoping to list on the London Stock Exchange.
  • An announcement of the final venue may be on the cards in as little as a month.
  • Mode's founder is Jonathan Rowland, who founded online investment company Jellyworks at the height of the dot-com boom in 2000.
  • Jellyworks' value soared to over £300 million on its first day of trading on the London Stock Exchange, but had fallen back down to roughly $67 million at the time it was acquired by Shore Capital.
  • In August, Mode announced it had hired former Alipay exec Rita Liu to lead company strategy and commercial partnerships.
  • Customer assets are held with custodial provider BitGo, which has insurance coverage "for up to $100 million" through Lloyds of London.
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    • See also: NYSE Can Allow Firms to Raise Funding Through Direct Listings, Says SEC

    UPDATE (Sept. 7, 13:50 UTC): This article has been updated to clarify that Mode Banking uses custodial provider BitGo to hold customer assets.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.