Joel Muckett 23 Oct 2017 04:02pm

Fintech drives 35% increase in trademark applications

A boost in the investment of fintech products has resulted in a record number of trademarks being registered by financial services companies

Figures from the Intellectual Property Office show that financial trademarks rose 35% in five years, from 3,141 in 2011 to 4,228 in 2016.

City law firm RPC, who compiled the data, said investment in fintech from established institutions and start-ups led to the spike in trademarks for new services being filed.

“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 trademarks.”

Companies who compete with each other in the fintech space hope to set themselves apart by creating trademarks for individual products or suites of products, according to the professional services firm.

Without trademarking, competitors could copy new products which would “confuse customers”, said RPC trademarks legal director Ben Marks.

Companies that have recently registered a number of trademarks include banks such as Atom Bank, Monzo and Redwood Bank.