By Samuel Indyk
Investing.com – London-listed fintech group Mode Global (LON:MODE) said revenue increased more than twenty-fold in the first half of the financial year, reflecting 3,200% growth in trading volumes and increased payment volumes of global services. The company added that it moved into a gross profit margin of 19% following a gross loss in H1 2020.
Profit in the first half totalled £0.2 million after recording a loss of £0.04 million in the same period last year.
The company also announced its Bitcoin under management increased by 327%. During the first half of the year, the company managed to increase its total onboarded users by 575%
“Our half-year results mark a significant milestone for Mode,” said Mode Global Chief Executive Officer 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.”
Outlook
Post the end of the period, Mode has reported an “influx” of new customers due to its regulated GBP crypto on-ramp following the global regulatory clampdown. Previously, the company announced it had been granted an Electronic Money Institution licence from UK’s Financial Conduct Authority (FCA).
The focus will now be on the rollout of Mode Global’s payment option on all of THG's (LON:THG) brands. The rollout is expected to begin from the end of the third quarter, enabling shoppers to make instant payments using QR codes and earn Bitcoin rewards when doing so.
At 09:12BST shares in Mode Global were trading lower by 2.7% at 36.00 pence per share.