Mode Global Holdings is working to optimise its cost structure while continuing to build on core products in the face of a challenging macro environment, according to the London-listed fintech company’s interim results.
“The challenges the market has faced have impacted our numbers,” noted chief executive officer Rita Liu. “However, our conviction in creating value by leveraging cutting-edge technology such as crypto and open banking has never been stronger.”
Revenues fell 34% to £500,000 driven by a significant reduction in trading activity, while gross profit margins remained relatively flat at 12%.
Cash at the bank was £2.3mln as of 30 June.
Post period, Mode Global issued convertible loan notes to new and existing investors, raising £2mln