London, 26th August 2020 - UK fintech R8 is rebranding as Mode in order to bring together the Group’s separate businesses under one common identity. Mode has also announced the appointment of ex-Alipay executive, Rita Liu, to the leadership team. Rita will help advance the Group’s vision of transitioning the world to a truly digital financial system that reduces frictions and costs for consumers and merchants, and that gives digital assets the place they deserve in today’s modern economy.
R8 previously operated several ventures including the Mode app - a new-breed digital banking app that enables users to manage their Sterling, Euro and Bitcoin from a single platform, as well as next-generation payments and marketing provider, JGOO. The group-wide rebrand will create a common identity and unifying corporate brand for all of the companies in the group, highlighting the synergies they offer for consumers and merchants alike.
Mode Chairman, Jonathan Rowland, said: ‘Our rebrand signals the evolution of the Group, which will deliver enhanced financial services tailored to a new post- COVID norm where the transition to online and mobile interactions is accelerating. We have ambitious plans for Mode as we seek to leverage the opportunities that faster digitalisation will bring for society and our economy, and today’s relaunch will help us meet our objectives”.
As part of this move, Mode has announced the appointment of ex-Alipay executive Rita Liu as Chief Commercial Officer and serving as a director on the board of the group. Rita will be responsible for the business’ strategy and commercial partnerships. She was one of the pioneers of Alipay’s international business and has held roles responsible for business development and partnerships in Asia, the US and Europe.
She served as Head of EMEA for Alipay, where she built the firm’s business and strategy in Europe, before transitioning to Head of Canada. She later returned to London to become a leading member of Alipay’s global partnership with UEFA, and was also appointed as CEO of Alipay (UK) Limited.
Rita Liu, Chief Commercial Officer, Mode commented: “I am excited to be a part of this game-changing project and its pursuit to disrupt the current financial system. As a team, we believe that the global banking, payment and loyalty industries are characterised by fragmentation, legacy infrastructure and technology stacks, which result in pain-points for consumers and merchants alike. We also believe that today’s digital banking apps neglect cryptocurrencies even as research shows increasing demand for digital assets. We want to change that by helping users unlock and monetise their digital asset holdings for use in our everyday economy. We’re here to disrupt the industry and I’m excited to be a part of Mode’s plans for the future.”
A new payment solution
In addition to its existing services, Mode is seeking to expand its proposition by developing a novel payment solution that integrates loyalty into the user payment experience. This feature would give Mode app users the ability to make payments and engage with their favourite brands using both their traditional and digital currencies. Merchants would be able to directly engage with consumers, through a smarter and more integrated alternative to traditional payments.
* FCA research dated 30 June 2020 shows that 2.6 million UK consumers have bought cryptocurrencies at some point, a 73% increase on a similar report last year