Mode Global payments to be made available on THG brands

Mode Global has announced it has partnered with THG, otherwise known as the Hut Group, to be a payment option on THG (LON:THG) brands’ websites at their online checkout.

Through the partnership, UK fintech company Mode (LON:MODE) will allow customers to make payments using their GBP wallets, but customers will be able to earn rewards in Bitcoin when making the payments.

Mode and THG plan to integrate Mode’s payments option on over 30 THG brands over the next 12 months, starting from the end of Q3 this year. THG owns a number of popular brands in the UK, including, Myprotein, Lookfantastic and Thehut.com.

“Partnering with THG marks a major milestone for Mode,” said Mode’s CEO Ryan Moore. “Today’s announcement signifies the beginning of long-lasting partnership that will see Mode’s growth and market penetration trajectory accelerate, and will allow us to bring our disruptive payments and loyalty solution into the hands of millions of UK customers.”

Customers opting to use the Mode option will have their payments authorised in real time and allow customers to be rewarded with Bitcoin for eligible purchases, enabling customers to own cryptocurrencies without the risk of investing.

THG Ingenuity CEO John Gallemore said: “THG Ingenuity, our proprietary, end-to-end technology and operating platform, is constantly innovating to improve the customer experience.”

“In addition to more than 50 global payment methods currently offered, Mode will provide our customers with additional payment opportunities to suit their needs and is another step in the platform’s evolution.”

At 10:42BST, shares in Mode Global were trading higher by 5% at 51.45 pence per share. THG shares were trading flat at 614.50 pence per share.