Company Announcements

Mode now live with THG, putting Bitcoin in the hands of millions of UK customers

-    Mode rolls out first-of-its-kind payments and Bitcoin rewards solution with THG

-    All 30+ THG-owned brands have Mode listed as a payments option at checkout, ahead of schedule

-    Through Mode's Bitcoin rewards solution, Mode aims to put Bitcoin in the hands of millions of customers in the UK

London, 12 October 2021 - Mode Global Holdings Plc ("Mode"), the LSE-listed fintech group, has launched its revolutionary Open Banking payments and Bitcoin rewards solution with THG Plc ("THG"), the proprietary technology platform specialising in taking brands direct to consumers globally.

Originally scheduled for roll-out over the course of 12 months starting from the end of Q3 2021, Mode's integration into THG has been heavily accelerated and Mode can now be found on all 30+ THG brands at checkout, months ahead of schedule. THG brands include Lookfantastic, Myprotein and The-Hut.com.

UK customers will be given the opportunity to build up a holding in Bitcoin through Mode's cardless QR code based payments method that allows shoppers to make instant payments and rewards them with Bitcoin Cashback - immediately after purchase - via the Mode app. The solution counters traditional loyalty and cashback programmes, which often entail rewards that are hard to withdraw or slow to redeem.

Mode, a first-of-its-kind in the UK, has also launched a checkout feature for shoppers who do not have the app, which leverages Open Banking technology to allow them to also make seamless payments via their bank account, and earn instant Bitcoin Cashback at THG brands. THG shoppers checking out with Mode for the first time will receive 10% Bitcoin Cashback. Existing customers will receive 5% for new and repeat purchases. T&Cs apply.

For THG merchants, Mode's payments and loyalty solution can be a cheaper, safer and smarter alternative to card payments that caters to the needs of today's digitally-native consumers, and boosts loyalty by enabling these customers to passively accrue Bitcoin over time.

Ryan Moore, CEO of Mode, said: "We're delighted to bring about the next generation of retail payments and loyalty, in partnership with THG's globally renowned tech platform, THG Ingenuity. Consumers can pay via Mode, and accrue instant Bitcoin rewards which they can safely store via our trusted, FCA registered app. This marks a step forward in delivering on our aim to make Bitcoin accessible to all and put it in the hands of as many people as possible. Those who pay via Mode will gain passive exposure to the revolutionary store of value asset without taking on the individual risk of investing, which we anticipate will significantly widen our market to reach those who are new to Bitcoin."

Rita Liu, CCO of Mode, said: "Our solution addresses chronic inefficiencies in the global payment system, for consumers and businesses alike. Not only are we reducing costly card processing fees and enabling businesses to access a younger, higher value demographic, but we're also incentivising loyalty by offering highly relevant, instant and tangible rewards with no additional effort from the customer."

John Gallemore, CEO of THG Ingenuity, said: "We are constantly innovating and providing

new solutions to THG brands and THG Ingenuity partners. Mode's payments solution will provide our customers with additional payment opportunities to suit their needs and is another step in the platform's evolution."

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How Mode works

Customers opting to pay with Mode simply have to scan the Mode QR code or click the "Pay with Mode" button at the checkout page to pay with their UK bank account, and the payment is instantly processed through Open Banking.

Payments are authorised in real-time through Strong Customer Authentication (SCA) including biometric security. Customers will receive their Bitcoin Cashback after purchase, in their Mode app.

The launch of Mode's payment method on THG's platform comes after the rollout of its QR code based donation solution amongst UK Charities. 

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About THG:

​​THG (www.thg.com) is a vertically integrated, digital-first consumer brands group, retailing its own brands predominantly in beauty and nutrition, plus third-party brands, via its proprietary, end-to-end, e-commerce technology, infrastructure and brand-building platform (THG Ingenuity) to an online and global customer base.

THG Ingenuity: Ingenuity Commerce provides an end-to-end direct-to-consumer e-commerce solution for consumer brand owners under 'Software as a Service' (SaaS) licences. The wider THG Ingenuity division provides standalone digital services, including hosting, studio content, translation services and beauty product development and manufacturing.

About Mode:

Mode is an LSE-listed fintech company on a mission to build the world's most disruptive ecosystem where exchanging value and growing wealth is seamless for all. Mode is leveraging the power of Bitcoin and Open Banking to deliver on this mission and offer customers in the UK a one-stop app to shop, earn and grow their Bitcoin, all in one place. For businesses, Mode provides a cheaper, safer and smarter alternative to card payments that rewards shoppers with Bitcoin Cashback.

To learn more, visit our customer/business site at www.modeapp.com or our investor site at www.modeplc.com.

Contact:

Maitland/AMO (PR): Kate Pledger mode@maitland.co.uk