Vela Technologies (VELA)

Sector:

Media

Index:

FTSE AIM All-Share

 0.014p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.031
  • 52 Week Low: 0.013
  • Currency: UK Pounds
  • Shares Issued: 16,252m
  • Volume: 41,422,317
  • Market Cap: £2.28m

Vela Technologies puts another £66k into fintech firm Mode

By Josh White

Date: Tuesday 02 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Vela Technologies has invested £66,000 in London-listed financial technology company Mode Global Holdings, it announced on Tuesday, as part of Mode's oversubscribed placing to raise £6m, to support the continuing growth of its financial products and services.
The AIM-traded firm said Mode would use the proceeds of the placing to provide it with strong cash reserves, to push forward its stated near-term strategic objectives.

Those objectives include launching a "revolutionary" payments solution powered by Open Banking, eliminating the need for cards.

It was also developing a loyalty and rewards engine that would allow merchants to provide personalised offers and rewards, including Bitcoin rewards, to customers.

Mode's objectives also included the integration of its new payment and reward capabilities into the Mode app, and relaunching it as the 'Mode Super App', which it described as a "next-generation financial super-app" with unique payments, investments, loyalty and digital asset features.

The funds would also be used to continue to expand Mode's business client base using global payment and marketing services, such as WeChat and Alipay, connecting more UK and European businesses with a growing consumer base from China and beyond.

Finally, Mode would invest further into Bitcoin to maintain its Bitcoin treasury position at 10% of its total cash reserves.

As it announced on 5 October, Vela originally invested £0.25m in Mode as part of its initial public offering, which raised £7.5m.

"Vela has entered into a subscription agreement with Mode, by which it has invested £66,319.55, funded from the company's existing cash resources," the Vela board said in its statement.

"Vela has subscribed for 120,581 new ordinary shares at a price of 55p per ordinary share."

Following admission, Vela said it would hold 620,581 ordinary shares in Mode, representing 0.68% of Mode's issued share capital as enlarged by the placing.

At 1429 GMT, shares in Vela Technologies were down 2% at 0.08p.

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VELA Market Data

Currency UK Pounds
Share Price 0.014p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.031
52 Week Low 0.013
Volume 41,422,317
Shares Issued 16,252m
Market Cap £2.28m

VELA Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
69.23% above the market average69.23% above the market average69.23% above the market average69.23% above the market average69.23% above the market average
40.91% above the sector average40.91% above the sector average40.91% above the sector average40.91% above the sector average40.91% above the sector average
Price Trend
52.23% below the market average52.23% below the market average52.23% below the market average52.23% below the market average52.23% below the market average
40.43% below the sector average40.43% below the sector average40.43% below the sector average40.43% below the sector average40.43% below the sector average
Income Not Available
Growth Not Available

VELA Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
15:37 666 @ 0.015p
15:37 666 @ 0.015p
15:27 6,194,970 @ 0.014p
15:16 2,000,000 @ 0.013p
12:34 666 @ 0.015p

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