Corporate Finance News

Jeudi 21 Mai 2020

Mode launches new banking capabilities, powered by Modulr

Launch of unique individual sort codes and account numbers for all Mode users. In the upcoming weeks, Mode will roll out EUR accounts, instant and free peer-to-peer payments, unlimited third-party payments, and the ability to connect all bank accounts to Mode and top up seamlessly.

Mode Banking, the London-based FinTech backed by the co-founder of Twitter Biz Stone, is rolling out new banking capabilities including individual sort code and account numbers for all its users, as part of its long-term commitment to delivering a truly digital banking app.

Powered by Modulr’s resilient and reliable payments platform, users who sign up to Mode’s app will receive their own unique sort code and account number, adding an essential feature that Mode users, and the growing community of people interested in holding digital assets, can use to receive their salaries or pay their mortgage or rent. To limit fraud and make online payments safer, Mode has also rolled out various Strong Customer Authentication (SCA) measures compliant with the EU Revised Directive on Payment Services (PSD2).

In the next few weeks, customers will also be given access to a Euro denominated account with SEPA access*, instant and free peer-to-peer payments to other Mode users globally, the ability to receive and make third party payments, and the ability to connect all bank accounts to Mode and top up seamlessly.

Since its launch in January this year, Mode has been operating the first and only banking app in the UK offering its users fully functioning Bitcoin accounts, where assets are securely stored with leading digital asset custodian BitGo, and also high-yielding and flexible interest-generating accounts for Bitcoin. Now thanks to its partnership with Modulr, Mode is able to continue to deliver banking features for its users, streamline existing services and scale more efficiently. Modulr powers the GBP payments and accounts infrastructure of neo-banking app Revolut which has helped them scale to 10 million customers worldwide.

Janis Legler, Chief Product Officer at Mode, said: “While demand for exposure to Bitcoin is at an all-time high, most crypto wallets do not meet the regulatory standards to offer the banking capabilities that users are increasingly after. Banks, on the other hand, do not want to serve their customers’ needs to provide cheap access, safe custody and other services around Bitcoin.

“We are delighted to be working with Modulr as a key part of our infrastructure to offer the best of both worlds to our users. Built for businesses that need a faster, easier and more reliable way to move money, their API-integrated core platform has helped other large challengers scale with a large number of users and volumes and will support us in our mission to become the number one truly digital banking app, the one that finally also offers products and services catering to digital-asset holders.

“We cannot wait to show our users what capabilities we will roll out for them in the next weeks.”

Myles Stephenson, CEO of Modulr said: “In our mission to offer Payments as a Service as the leading alternative to wholesale and commercial transaction banking, we are pleased to provide the underlying payments infrastructure to Mode Banking’s innovative offering. Modulr is proud to support Mode’s strong growth as it disrupts the digital asset market.”

About Mode
Part of the R8 Group, Mode Banking is the UK’s first and only fintech to have launched a consumer-facing banking app that provides everyday investors with access to global blockchain-based financial products in a secure, user-friendly and compliant way.
Launched in January 2020, Mode is the first app to blur the lines between traditional and digital finance by seamlessly bringing together fully-functioning GBP, EUR and Bitcoin (BTC) accounts into one single app, and also offering a novel high-yielding feature - The Bitcoin Jar - which turns idle Bitcoin investments into high-interest generating holdings.
Mode’s modern and intuitive design was recently nominated for ‘Best UX/UI’ by CityAM’s CryptoAM Awards 2020.

About Modulr
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.

No Offer, Solicitation, Investment Advice, or Recommendations

This website is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by FINYEAR.
No reference to any specific security constitutes a recommendation to buy, sell or hold that security or any other security.
Nothing on this website shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.
Nothing contained on the website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this website, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor.
This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed on this website by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.
All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.