Mode Banking, the London-based FinTech backed by the co-founder of Twitter Biz Stone, is rolling out new banking capabilities including individual sort code and account numbers for all its users, as part of its long-term commitment to delivering a truly digital banking app.
Powered by Modulr’s resilient and reliable payments platform, users who sign up to Mode’s app will receive their own unique sort code and account number, adding an essential feature that Mode users, and the growing community of people interested in holding digital assets, can use to receive their salaries or pay their mortgage or rent. To limit fraud and make online payments safer, Mode has also rolled out various Strong Customer Authentication (SCA) measures compliant with the EU Revised Directive on Payment Services (PSD2).
In the next few weeks, customers will also be given access to a Euro denominated account with SEPA access*, instant and free peer-to-peer payments to other Mode users globally, the ability to receive and make third party payments, and the ability to connect all bank accounts to Mode and top up seamlessly.
Since its launch in January this year, Mode has been operating the first and only banking app in the UK offering its users fully functioning Bitcoin accounts, where assets are securely stored with leading digital asset custodian BitGo, and also high-yielding and flexible interest-generating accounts for Bitcoin. Now thanks to its partnership with Modulr, Mode is able to continue to deliver banking features for its users, streamline existing services and scale more efficiently. Modulr powers the GBP payments and accounts infrastructure of neo-banking app Revolut which has helped them scale to 10 million customers worldwide.
Janis Legler, Chief Product Officer at Mode, said: “While demand for exposure to Bitcoin is at an all-time high, most crypto wallets do not meet the regulatory standards to offer the banking capabilities that users are increasingly after. Banks, on the other hand, do not want to serve their customers’ needs to provide cheap access, safe custody and other services around Bitcoin.
“We are delighted to be working with Modulr as a key part of our infrastructure to offer the best of both worlds to our users. Built for businesses that need a faster, easier and more reliable way to move money, their API-integrated core platform has helped other large challengers scale with a large number of users and volumes and will support us in our mission to become the number one truly digital banking app, the one that finally also offers products and services catering to digital-asset holders.
“We cannot wait to show our users what capabilities we will roll out for them in the next weeks.”
Myles Stephenson, CEO of Modulr said: “In our mission to offer Payments as a Service as the leading alternative to wholesale and commercial transaction banking, we are pleased to provide the underlying payments infrastructure to Mode Banking’s innovative offering. Modulr is proud to support Mode’s strong growth as it disrupts the digital asset market.”