Vela invests £66,000 in Mode Global Holdings

Tue, 2nd Mar 2021

Vela Technologeis has invested £66,319.55 in Mode Global Holdings as part of of Mode's over-subscribed placing to raise £6 million to support its 'rapid growth' of new-breed financial products and services. The proceeds of the placing will provide the company with strong cash reserves to push forward its stated near-term strategic objectives, which will include launching a 'revolutionary payments solution' powered by Open Banking that eliminates the need for cards. It is also developing a loyalty and rewards engine that allows merchants to provide personalised offers and rewards, including Bitcoin rewards, to customers and working towards integrating the new payment and reward capabilities into the Mode app to then relaunch it as the Mode Super App - a next-generation financial super-app with unique payments, investments, loyalty and digital asset features, all in one. Mode will continue to expand its business client base using global payment and marketing services, such as WeChat and Alipay, connecting more UK and European businesses with a growing consumer base from China and beyond and invest further into Bitcoin to maintain Mode's Bitcoin treasury position at 10% of its total cash reserves. Vela's investment was funded from the company's existing cash resources. At 1:32pm: (LON:VELA) Vela Technologies share price was 0p at 0.08p Story provided by StockMarketWire.com

FTSE 100 Latest
Value7,000.08
Change-19.45