According to The Independent a boom in FinTech saw a record number of trademark applications in 2016.
Companies in the sector registered a massive 4,228 trademarks, up by over a quarter compared with 2011.
The use of trademarks in the UK financial sector is standard practice due to the ease with which competitors can reproduce financial products, meaning they become commoditised, or indistinguishable, from competitors offerings, altering only though pricing structures.
Historically, the innovative financial services sector in the UK have been active in the trademark arena however, investment in FinTech is driving the number of trademarks to an all-time high with companies such as Atom Bank, Monzo and Redwood Bank all registering trademarks recently according to the article.
FinTech companies and start-ups, hoping to stay ahead of their competitors, need to create individual products or services which then require registration for trademarks so they cannot be re-branded by competitors.
This differentiates them from the competition and ensures their position in the industry.
Trademarks registered within the last year by FinTech companies include the digital banking platform Zenity, which secured the trademark “Zenity: A touch of innovation” and another by Bondora who also protected a slogan for their services.
These new slogans and trademarks highlight the vast investment that is being made into the UK FinTech sector and show that, despite fears over Brexit, London is still the leading centre for financial services, technology & start-ups in Europe.
Investors have ploughed over £825m into UK FinTech companies so far throughout 2017, and London is ranked only fourth behind San Francisco, Beijing and New York for FinTech capital investment over the past five years.
UK firms have raised £2.4bn in early-stage funding which is five times greater than Stockholm, its closest rival.
All this is good news for a post-Brexit UK hoping to secure its position within the fast-paced FinTech services industry and ever-changing global economies.