London fintech completes oversubscribed £6m placing for expansion

A London fintech group has announced that it has completed an oversubscribed placing to raise £6m.

Mode Global Holdings, which offers an app-based payments solution, raised £6m from a placement of nearly 11 million ordinary shares.

The company is aiming to invest in bitcoin, launch a new ‘Super App’, and continue to expand its business client base.

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 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 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.”