As the recently appointed Chief Executive Officer of Mode, I wanted to review where we are as a business, outline our vision for the future and our specific intentions for the coming months.
At Mode we aim to be the UK’s first crypto super-app.
To achieve that, we are consolidating the identity of the business into the digital assets or crypto space. Ultimately, we want to help Mode users to pay, earn, save and get paid in crypto all in one place.
2022 will be a year of execution and delivery. High-quality delivery is our day-to-day motto. We already have a strong foundation to work from. Mode is in a leading position among crypto players in terms of our regulatory status in the UK. We have payment and reward products on our platform, and are looking to build on that to become a leading enabler in the burgeoning area of "crypto commerce” for the dynamic and fast-growing crypto community.
In addition to that, we have built a digital wallet that combines Open Banking payment and Bitcoin rewards. Since the app went live in 2020, we have been pioneering in pushing Open Banking based account to account payment into the retail payment space that gives cashback style rewards in Bitcoin, and we launched one of the first QR code-based digital wallets in the UK that powers Omni-channel customer experience. All of this has happened alongside various innovative Bitcoin-related products.
The new product pipeline is extremely healthy too. As everyone already knows we are launching an affiliate program based on Bitcoin cashback offers. We are in the final stage of development work there and the teams have been very busy. We are excited to launch this soon as it enables our users to earn Bitcoin cashback from more brands. It’s a key extension of our existing instant Bitcoin cashback offers, and it further strengthens our Bitcoin reward proposition. With this extension, we are one step closer to enabling our users to earn Bitcoin in all kinds of different ways in their daily lives. Our shoppers will be able to shop from 150 brands and earn Bitcoin rewards, and the brand pool is growing. We are also looking to partner directly with brands on co-marketing for this proposition.
Besides that, there are other exciting projects in our roadmap. We will be launching a brand-new version of our app, adding extra crypto tokens to our offering, enabling crypto payment to our payment proposition and announcing many more developments in due course.
None of this would be possible of course without great people making it happen. Mode has a strong and experienced board and senior management team. We are drawn from the financial services and technology sectors and have worked for the likes of AliPay, Mastercard and American Express to name just a few. This allows us to draw on a degree of experience and credibility unusual in a small plc.
That doesn’t mean there haven’t been challenges both on a macro and micro level in recent months. There have been some obvious economic headwinds that have impacted markets across the board and therefore the share price.
We have also hit some operational bumps in the road in the past year where we know we should have done better. I won’t shy away from that fact. But we are a young business and young companies do make mistakes. We have learned from them, which will make us stronger as a team.
Despite those bumps, Mode has delivered everything we outlined in our October, 2020 prospectus and we hit our target in 2021. We also had a very successful February with new installs hitting a new high of 60,000. There will be more details to follow on that in our annual report which will be published in June 2022.
Finally, we fully recognise our fiduciary duty to shareholders, that’s why we will produce two reports per year: an interim set of results and a full year annual report. We will also endeavour to provide quarterly updates to the market too, to update on progress where possible. Delivering shareholder value is key for us as a public company and this is a long term opportunity for investors. Delivering that long term opportunity is a vital part of our mission.
We are excited for the future here at Mode, and firmly believe that as a publicly listed firm, which is FCA-licensed and registered, we are able to drive change through our route into both the regulators and the market. Ultimately, we are still a start-up and we are very early in our journey. Crypto is a nascent sector too but I firmly believe my team of experienced industry leaders and I will help Mode innovate, grow and deliver value to our customers and investors.