The fintech firm, which listed in October of last year, said the EMI will enable Mode to offer a range of innovative financial services to both businesses and consumers in the UK, the company said.
The AMLD5 registration, meanwhile, is a requirement for businesses conducting crypto asset activities in the UK that fall within the scope of the money laundering regulations.
Mode is the fifth company to have received this AMDL5 registration to date (out of 80+ companies that currently have temporary registration).
The granting of the EMI licence and AMLD5 has prompted a change of priorities for Mode. The company is to decommission its investment product, the Bitcoin Jar, from August 31 to focus on building a best-in-class payment solution with a Bitcoin cashback offering.
"We've spent the last year building our business around security and compliance, and today we can say our ecosystem is powered by a portfolio of FCA licences, hard-earned by building trust with the regulator,” said Jonathan Rowland, the chairman of Mode.
Ryan Moore, the chief executive of Mode, said the company now has the ability to scale its operations.
“Both the EMI licence and the AMLD5 registration ensure business transparency, strong oversight and give our customers confidence in our offering. It's a testament to our strong growth ambitions and the dedication of our team; there are exciting times ahead," Moore declared.