Mode Group has consolidated its position by completing a buy-out of the 45 per cent minority interest in its payment subsidiary JGOO from Pure NZ Gateway.

As part of its Mode for Business offering, JGOO operates a payment processing, marketing and advertising business for UK merchants aiming to access overseas markets such as China.

The technology - which Mode now has full rights and access to - provides a payment gateway solution for UK merchants allowing them to accept payments from WeChat Pay and Alipay.

The purchase provides complete ownership of JGOO and means the group will have full control of all of its operating subsidiaries as well as a direct relationship with its preferred partners, technology giants Tencent and Alipay. As part of the transaction, Mode has also acquired the payment-system technology by way of an irrevocable, perpetual royalty free licence for the use of the technology and associated rights, including the ability to sub-licence the technology.

Jonathan Rowland, executive chairman at Mode, commented: "This development is an important milestone towards building a modern financial services business to support an increasingly digitised economy and financial system, that combines the best of banking, payments, investment, loyalty and digital assets.

"By securing our technology and taking back full control of the business, we are underpinning our future strategy and supporting our long-term vision."

In August, R8 rebranded as Mode to bring together the group’s separate businesses under one common identity.

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