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Mode looks to reset with launch of bitcoin cashback

·2-min read
In November, Mode’s shares plummeted 20% after the company’s claims of partnerships with a number of High Street retailers were rebuffed,  (PA Archive)
In November, Mode’s shares plummeted 20% after the company’s claims of partnerships with a number of High Street retailers were rebuffed, (PA Archive)

Crypto fintech business Mode has sought to reset its business with the launch of a new bitcoin cashback scheme, months after an embarrassing climbdown that led to the exit of its CEO.

The company today officially launched its new bitcoin cashback product, the genisis of which was at the heart of an embarrassing issue that knocked the company’s shares last year.

In November, Mode plummeted 20% after the company’s claims of partnerships with a number of High Street retailers were rebuffed. Boots and Ocado, who Mode said were part of the scheme, said they had no involvement.

Mode subsequently issued a “clarification statement” saying its scheme involved partnerships with affiliate programmes, rather than direct relationships with retailers.

“As with all affiliate programmes of this nature, it is at the discretion of the retailer as to how long they wish to remain involved in the programme,” Mode said at the time. “Some of those specified brands have since withdrawn Mode as an affiliate.”

CEO Ryan Moore later quit the company after just nine months in charge. Founder Jonathan Rowland said on Twitter he had “cleared the decks to take control of the business.”

New CEO Rita Liu, a former Alipay executive, said today: “We now have an attractive suite of crypto products as we look to build on our unique position as an LSE-listed and FCA-registered crypto fintech firm.”

The “Bitcoin Cashback” affiliate programme lets shoppers earn cashback in Bitcoin when they shop online at certain stores.

Founded in 2019, Mode was launched as an all-in-one crypto payments app, allowing customers to buy, earn and store Bitcoin. The company also offers a Bitcoin payroll scheme, allowing employers to pay staff monthly using cryptocurrencies.

Rowland, who chairs Mode, is the son of the Duke of York’s close friend and advisor David ‘Spotty’ Rowland.

Shares climbed 3.6% in early trading.

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