REG - Mode Global Holdings - Mode partners with PayEscape

R8 Capital InvestmentsAnnouncement

11/11/2021 07:00

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RNS Number : 0095S  Mode Global Holdings PLC  11 November 2021

Mode Global Holdings PLC

("Mode" or "the Company" or "the Group")

 

Mode partners with PayEscape to launch pilot of UK's first Bitcoin Payroll
product

 

●    Mode to partner with payroll provider PayEscape to enable a portion
of employees' pay to be paid in Bitcoin

●    The Company becomes the first in the UK to offer this service in
partnership with a payroll provider

●    Internal test pilot underway with significant uptake

 

Mode Global Holdings PLC (LSE:MODE), the LSE-listed Fintech Group, is
delighted to announce its partnership with PayEscape, one of the UK's
fastest-growing payroll providers, to pilot the first-ever Bitcoin Payroll
product in the UK in conjunction with a supplier.

 

Bitcoin Payroll is a monthly deduction of net pay that is converted into
Bitcoin and deposited directly into a user's Mode Bitcoin wallet. By
partnering with Mode, payroll providers can leverage the Company's FCA
registered platform to seamlessly distribute a portion of an employee's
paycheck in Bitcoin, each month.

 

Integrating Bitcoin into the payroll process allows providers to attract and
retain customers by offering them more flexibility and value with every
payslip. It also stands to differentiate PayEscape as one of the most
innovative providers on the market.

 

Bitcoin Payroll automates the process of buying an investment that has
traditionally been associated with a number of barriers to entry, including
lack of accessibility, convenience and perceived lack of knowledge. By
automatically converting a monthly pay deduction into Bitcoin, employees
benefit from convenient and passive exposure to the best performing asset of
the decade.

 

The initial pilots will be run within Mode and PayEscape during the remainder
of 2021 and the beginning of 2022.

 

 

Ryan Moore, CEO of Mode, commented: "Bitcoin Payroll is another step towards
breaking down the barriers to mainstream Bitcoin adoption. By automating the
process of converting monthly pay deductions into Bitcoin, Mode aims to make
it easy, convenient and accessible for people in the UK to gain exposure to
the asset class. I am delighted to be able to leverage our regulated, trusted
environment to deliver these benefits and build on the already strong wealth
that is stored within the Mode ecosystem."

 

John Borland, Managing Director of PayEscape, commented: "PayEscape have
always been comfortable pioneering innovation within the payroll process and
with Bitcoin Payroll we can offer our clients this latest payment medium. We
wish Mode every success in this pilot project."

 

 End

 

 

About PayEscape:

 

PayEscape is one of the UK's fastest-growing payroll providers that combine
superior cloud based technology with world-class customer service. Their
revolutionary payroll and HR solution enables companies to focus on their core
strengths whilst their CIPP trained staff offer a complete back-office
solution, making processing your payroll hassle free.

 

To learn more about PayEscape visit their website at www.payescape.com
(http://www.payescape.com)

 

 

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
(http://www.modeapp.com/) or our investor site at www.modeplc.com
(http://www.modeplc.com/) .

 

 

Contact

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

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