(Alliance News) – Vela Technologies PLC on Monday said it has invested GP250,000 in Mode Global Holdings PLC as part of a GBP7.5 million initial public offering funding round.

Shares in tech investor Vela Technologies were up 25% at 0.078 pence in London in midday trading.

Mode is UK-based financial technology firm and its business includes a digital banking app as well as Bitcoin Jar, an interest-generating account for Bitcoin. Other business areas includes business payments, and business marketing services.

Mode’s shares have been admitted to trading on the standard listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange.

In 2019, Mode’s pro forma revenue was GBP2,000 and its pretax loss pro forma was GBP3.2 million. It had pro forma net assets of GBP8.9 million at the end of 2019.

Vela Executive Director James Normand said: “We believe Mode has an exciting future as a listed company. We are pleased to participate in this over-subscribed fundraise. The board continues to assess a number of other investment opportunities with a view to growing the company’s investment portfolio in the near future.”

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.