Nov 19, 2021
Mode clarifies crypto cashback offer after push back from retailers
London-listed fintech group Mode has been forced to back pedal on claims it would provide cashback in bitcoin to shoppers at retailers, including Boots, Homebase and Ocado, after the companies denied their involvement. Mode said it still planned to launch its crypto cashback product in the second quarter of 2022 and stated that it had more than 40 online retailers on board. The company said on Friday that "Certain specific brands were referenced who, at that time, had approved Mode to be part of their affiliate programmes . . . [but] some of those specified brands have since withdrawn Mode as an affiliate". Mode announced a bitcoin cashback programme with THG on October 12, the same day a botched investor day presentation sent THG shares tumbling by a third. At the time of the initial announcement, Mode chief executive Ryan Moore said: "This marks a major step in making the asset class more accessible to consumers of all demographics, ultimately bringing bitcoin into the hands of millions of customers across the UK.".
Related companies
Make a complaint about Boots or Ocado by viewing their customer service contacts.
