Tech entrepreneur Jonathan Rowland makes comeback as bitcoin banking app Mode set for London IPO

Tech entrepreneur Jonathan Rowland is set to make his stock market return after the fintech behind digital banking app Mode unveiled plans for a London listing.

Mode Global Holdings, which allows customers to manage sterling, euro and bitcoin in one place, is likely to be valued at around £40 million in the float.

Chief executive and founder Rowland was 24 when his internet investment company Jellyworks joined the London market during the dotcom boom in 2000. Its shares soared from 5p to 50p on the first day of trading, with the business bought six months later.

Rowland, who is co-founder and director of UK challenger bank Redwood, believes Mode can tap into the transition to online and mobile payments in the wake of Covid-19.

He said today: “Mode’s mission is to eliminate the fragmentation and friction that plague today’s banking, payment, investment and loyalty industries.”

As well as the digital banking app, the fintech business operates Bitcoin Jar and payment processing services for UK and European businesses to tap into the Chinese market.

The offer of new shares is expected to raise £7.5 million, which Mode will use to cover technology costs and build awareness of its operations. It is also planning to launch a new payments solution powered by open banking that eliminates the need for cards.

The company is targeting a free float of at least 25% of the issued share capital, with major shareholders including Rowland subject to lock-up arrangements.

Dealings in the shares are expected to commence early next month.