Britain's fintech boom is pushing the number of finance trademarks to a record high

Oscar Williams-Grut
Monzo Mastercard 1MonzoStartup bank Monzo was forced to change its name from Mondo following a trademark dispute last year.
  • Trademarks registered by finance firms rise by 35% in 5 years to 4,228.
  • Growth fuelled by rise of fintech — financial technology — startups in Britain.
LONDON — The number of trademarks registered by financial services companies hit a record-high of 4,228 in 2016, according to professional services firm RPC.

Financial trademarks have risen by 35% over the last five years, figures from the Intellectual Property Office show. RPC, which compiled the data, puts the spike down to Britain’s booming fintech — financial technology — startup sector.

Image001 (2)RPCFinancial services trade marks are booming.

Names trademarked last year include digital banking platform Zentity, automated cash payment service Numus Cash, and peer-to-peer lender Bondora, RPC says.

Paul Joseph, a partner at RPC, said in a statement: “Financial services businesses collectively are pouring hundreds of millions into promoting new products and services. That investment needs to be protected through registering trade marks.”

Fintech startup Monzo was forced to change its name last year after its original name, Mondo, was subject to a trademark challenge.

Ben Mark, RPC’s trademarks legal director, said in a statement: “Without registering trademarks it becomes a lot easier for rivals to launch similar products, confusing customers.”

Fintech has emerged as one of the UK’s fastest growing business sectors in the year’s since the financial crisis. The Treasury said earlier this year that the sector is worth £7 billion to the UK economy and now employs 60,000 people.

Learn more:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.