Isle of Man-based online payment processor Neteller has announced that it will be changing its name next month as part of a rebranding exercise designed to differentiate it from its operating brands.
From November 17, the popular e-wallet will be known as Neovia Financial with the new share symbol ‘NEO’ on the London Stock Exchange subject to approval from shareholders at an extraordinary general meeting due to be held six days before that date.
Neteller processes payments for companies such as Ladbrokes and was famous for being the first to fall victim of the US clampdown on Internet gambling in 2006 under the Unlawful Internet Gambling Enforcement Act (UIGEA). This saw it handed a USD 136 million fine while the legislation choked its largest revenue stream resulting in a loss of some 90 % of revenue stream.
The British firm subsequently targeted European and Asian vendors in an attempt to make up the difference and stated that the new identity will distinguish the parent firm from its individual Neteller, Netbanx and Net+ brands.