By Samuel Indyk
Investing.com – London-listed Mode Global (LON:MODE) confirms it has formally signed a deal with THG (LON:THG) to bring its payment option to THG sites and brands.
The UK fintech company said it will be available an option when paying at THG brands starting from the end of Q3 2021, enabling shoppers to make instant payments using QR codes or the “Pay with Mode” button.
When paying with Mode, users have the option to earn rewards in cryptocurrency, such as Bitcoin.
The signing of the formal contract confirms a deal that was previously announced on 14th June.
“We're pleased to announce that we have now officially signed with THG, embarking on an exciting new partnership,” said Mode Global CEO Ryan Moore. “Our innovative payments system provides additional choice to customers, which helps to bring cost savings and increase payment efficiency. The Mode team are now busy at work onboarding THG's brands onto our payments platform; there are exciting times ahead and we look forward to welcoming THG's customers.”
THG currently sells goods via its digital offering in 169 countries and in 39 currencies. The group focuses on beauty and nutrition as well as lifestyle and fashion offerings and its brands include MyProtein, ESPA and Illamasqua.
At 09:10BST, shares in Mode were trading higher by 0.6% at 43.74 pence per share. THG shares were trading lower by 0.4% at 619.00 pence per share.