Fintech Mode Global Holdings PLC (LON:MODE) raised £6mln in an oversubscribed placing of shares at a premium to October’s IPO price.
The funds will be used to launch its new payments solution powered by Open Banking reforms that eliminate the need for cards.
Also planned is a loyalty and rewards ‘engine’ that allows merchants to provide personalised offers, including Bitcoin, to customers.
This functionality along with enhanced payment capabilities will be integrated into the soon-to-be-launched Mode Super App.
Cash will be deployed to expand its business client base using its global payment and marketing services such as WeChat and Alipay.
It will be used to connect more UK and European businesses with a growing consumer base from “China and beyond”.
The company said it will invest further in Bitcoin to maintain its treasury position at 10% of cash reserves.
"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,” said chairman Jonathan Rowland.
“Mode is in the right place, at the right time, and shareholders can confidently now look forward to exciting news in the near future."