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UK-based fintech group Mode Global Holdings has purchased the remaining 45% minority stake in its payments subsidiary JGOO.

Mode bought the stake from Pure NZ Gateway, thereby consolidating its position in the payments space.

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Mode now has full control of its associated partnerships with China-based technology giants Tencent and Alipay.

The transaction includes the purchase of JGOO’s payment-system technology and associated rights, including the ability to sub-licence the technology.

The technology provides the UK merchants with a payment gateway solution.

This solution allows them to engage with Chinese shoppers by accepting payments from payments platforms WeChat Pay and Alipay.

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Mode executive chairman Jonathan Rowland said: “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.”

JGOO operates as part of the ‘Mode for Business’ offering, which brings an open banking-powered payments and loyalty platform to the UK payments landscape.

It offers payment processing, marketing and advertising to the UK merchants looking to expand in markets like China.

The UK payments space has seen several major deals lately.

Among them is Paynetics UK’s acquisition of the corporate card portfolio of Wirecard UK & Ireland. The deal was announced last month.

In August 2020, UK-based cross-border payments company WorldRemit entered into an agreement to acquire Africa-focused, app-based remittance company Sendwave.

Besides, this April, Banco Santander acquired a 50.1% stake in UK-based payments platform Ebury.