WELENDUS has trademarked the terms ‘AutoMatch’ and ‘AutoDiversify’ for use on its platform after it receives full regulatory approval.
The peer-to-peer payday lender, which wants to shake up the payday lending market by offering more reasonable interest rates, said that the trademarked names would set it apart from its competitors.
AutoMatch will be used to describe the process of automatically deploying investors’ funds, while the AutoDiversify feature will be used to spread investors’ money across a variety of loans.
“We applied for the trademarks a long time ago, as these are the functions we wanted to use from day one,” Nadeem Siam, founder and chief executive of Welendus, told Peer2Peer Finance News.
“I think they will give us an edge in the market as no-one else has trademarked these names. Anybody who’s using these terms will have to stop.”
Siam added that the platform had received the trademark approvals around one month ago, but will not be using them until it receives full authorisation from the Financial Conduct Authority. Like many P2P platforms, Welendus is still on interim permission from the City watchdog.
As Peer2Peer Finance News previously reported, Welendus raised more than £100,000 through crowdfunding platform Seedrs in March. Siam said at the time that the money would go towards recruiting new staff, marketing, technology and initial funding for a guarantee account.