Business
Investment of £250,000 in Mode Global Holdings plc
Investment of £250,000 in Mode Global Holdings plc.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \n \n \n RNS Number : 0803B\n Vela Technologies PLC\n 05 October 2020\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n 5 October 2020\n \n \n \n \n \n Vela Technologies plc\n \n \n (\"Vela\" or \"the Company\")\n \n \n \n \n \n Investment of £250,000 in Mode Global Holdings plc\n \n \n \n \n \n The Board of Vela (AIM: VELA) is pleased to announce its first investment since the restructuring completed on 26 August 2020. Vela has invested £250,000 in Mode Global Holdings plc (\"Mode\"), as part of an IPO funding round by Mode which has raised £7,500,000 (the \"Fundraise\"). \n \n \n \n \n \n Further information on Mode\n \n \n \n \n \n Mode is a UK-based fintech group, building a modern financial services business to support an increasingly digitised economy and financial system, combining banking, payments, investment, customer loyalty and digital assets. Its business today comprises: \n \n \n \n \n \n · \n Mode app - a digital banking app that allows users to manage their traditional and digital assets all in one place.\n \n \n · \n Bitcoin Jar - one of the highest-yielding and most flexible interest-generating accounts for Bitcoin in the market (accessible through the Mode app).\n \n \n · \n Business payments (WeChat and Alipay) - payment processing services for UK and European businesses to tap into the Chinese market. Mode has secured key partnerships with Tencent (owner of WeChat) and Alipay.\n \n \n · \n Business marketing services (WeChat) - marketing and social media services for UK and European businesses on one of China's most popular communication apps.\n \n \n \n \n \n Mode's ordinary shares were today admitted to trading on the standard listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.\n \n \n \n \n \n For the year ended 31 December 2019, Mode's pro forma revenue was £2,000 and its pro forma loss before taxation was £3.15 million. Mode's pro forma net assets as at 31 December 20...