Mode, a UK fintech startup established by Jonathan Rowland, co-founder and director of UK challenger Redwood Bank, is looking to raise £7.5 million through a float on the London Stock Exchange.
The company's ambition is to transform the Mode app, that enables users to manage their sterling, euro and bitcoin from a single platform, into a super app, offering banking, payment, investment, loyalty and digital asset features, all in one.
The company also intends to leverage existing partnership with Alipay and Tencent to provide a bridge for UK and European businesses to the Chinese consumer market. Last month, the firm appointed appointed former Alipay Emea chief Rita Liu as chief commercial officer.
The prospectus states: "The net proceeds from the issue of the Shares will be used to cover technology costs to develop the intellectual property of the platforms and marketing costs to build awareness amongst businesses and consumers, placing fees (including brokerage and placement agent fees), corporate and legal fees, licence costs to cover our European roll-out, regulatory capital for the E-Money Institution (EMI) licence and other working capital."
Says Rowland: "Mode is set to become one the first financial services companies on the LSE Main Market with a consumer focused-digital offering. This is a major milestone for Mode, and a vital step in bringing credibility and transparency to both the fintech and digital asset industries."