Bitcoin banking app Mode, a UK company that announced a month ago it would file a £40 million IPO to float on the London Stock Exchange, is today officially listed on the Main Market with the ticker “MODE”.
In a press release, the company says it raised the sought £7.5 million (before expenses) by placing 15 million new ‘Ordinary Shares’ with institutional and other investors at a price of 50 pence per (the “Placing Price”). Mode’s market capitalisation at the Placing Price on admission will be £40.3 million.
The cryptocurrency banking app is “one of the first publicly listed financial services companies with a consumer focused-digital asset offering” on the LSE Main Market, according to Mode’s Executive Chairman Jonathan Rowland, a born multimillionaire who was thoroughly profiled by FT Alphaville in early September.
The fintech service aims to reduce fragmentation and inefficiencies across the banking, payments, investment and loyalty sectors, and supports not only Bitcoin but the British pound and US dollar as well.