Mode Global Holdings PLC (LSE:MODE, FRA:MOC) said its interim results marked a 'significant milestone' as the Bitcoin and open banking fintech firm turned a profit after hitting key milestones.
The group moved to a gross profit margin of 19% and ended the period with a strong balance sheet including £5.7mln of cash.
Referring to regulatory highlights, the company was granted an Electronic Money Institution licence from the Financial Conduct Authority and was also recognised by the regulator as a Registered Cryptoasset Firm under Money Laundering Regulations.
“Our half-year results mark a significant milestone for Mode,” said chief executive Ryan Moore.
“2021 has been a transformational year and after a successful period of investing in our people and products, we are now moving at pace.
“We have successfully built a strong platform of regulated and innovative products to drive growth.
“I continue to be impressed by our team at Mode and their ability to deliver a disruptive financial ecosystem where exchanging value can be seamless for all.”
Separately, Mode entered a partnership with e-commerce group THG PLC (LSE:THG) for a payments and loyalty solution and across the business it grew user numbers and transaction volumes 575% and 3,200% respectively.
In the ‘post-period’ highlights Mode noted that it has seen an influx of new customers using Mode's regulated GBP crypto ‘on-ramp’ amidst a global regulatory clampdown on digital assets.