LSE-listed financial technology group, Mode Global Holdings released its financial results for 2021 today. The company witnessed a substantial rise in trading volume as the number jumped by 732%, compared to the previous year. Revenue for the reported period came in at £1,313k, compared to £450k in 2020.
Users in 2021 spiked by 261%. The clients of Mode had an average Bitcoin balance of £1,330 in the recent period. In 2022, the fintech company is planning to increase its app users.
“2021 was a big year for Mode. Our aim was to grow our user base and give them the products they want. Put simply, we achieved what we set out to do. Mode is a rarity on the LSE: a crypto-driven fintech that has obtained regulatory oversight via EMI and FCA registration. These accreditations demonstrate that we are leading the way in the UK's digital asset industry,” Rita Liu, the CEO of Mode, commented.
“The prudent and sustainable approach we have adopted from day one will also help the firm navigate current market volatility, thanks to our strong risk management framework. Clearly, 2021 has been a year of innovation, development and growth, and we will continue to build on this momentum in 2022,” Liu added.
Growth in 2022
In an official press release, Mode noted that the company aims to increase its revenue in 2022. Jonathan Rowland, the Chairman of Mode Global Holdings, believes that the firm is well-positioned to take advantage of the next wave of crypto adoption.
“These results are very pleasing. The focus in 2021 was on product development and growth. The delivery of these ambitious growth plans did see operating costs increase in 2021. A combination of hiring more talent and costs associated with advertising and the listing saw these go up as we anticipated they would. However, the revenue increases we are reporting are a clear indicator that our proposition is a compelling one,” Rowland said.
