Financial trade mark applications hit record high thanks to fintech
THE GROWTH of fintech has propelled the number of trade marks registered by financial services firms to a record high, new research claims.
Intellectual Property Office data cited by professional services firm RPC shows that trade mark activity in the sector has jumped 35 per cent in five years from 3,141 in 2011 to 4,228 in 2016.
RPC says that investment in fintech, both from established institutions and start-ups, has led to a sharp rise in new services protected by trade marks in the sector over the period.
Read more: Record-breaking year for fintech investment
“Financial services businesses collectively are pouring hundreds of millions into promoting new products and services,” said Paul Joseph, partner at RPC.
“That investment needs to be protected through registering trade marks.”
RPC says that firms are increasingly registering their products to prevent the launch of ‘me too’ products by their competitors.
“Without registering trade marks it becomes a lot easier to rivals to launch similar products confusing customers,” said Ben Mark, trade marks legal director at RPC.
Examples of fintech trade marks registered last year include peer-to-peer lender Bondora, which trademarked the phrase: ‘Bondora just takes a minute to beat your bank’ in September 2016.
Automated cash payments service Numus Cash trademarked ‘Numus: cash as a service’ in August 2016, while digital banking platform Zentity registered ‘Zentity: A touch of innovation’, in February 2016.