Neteller becomes Neovia Financial
October 15, 2008 by mbates
The popular Isle of Man based online payment processor is due to change its name on 17th November 2008 from Neteller to Neovia Financial and be listed on the Stock Exchange as NEO (meaning new way) as part of a major rebranding exercise. The change is subject to the passing of a special resolution which will be held at an Extraordinary General Meeting (EGM) of the company’s shareholders which is on Tuesday 11th November 2008.
Neteller currently process online payments for companies such as Ladbrokes and was famously one of the major victims of the US law change on Internet gambling in 2006, the Unlawful Internet Gambling Enforcement Act (UIGEA) saw Neteller handed a fine of $136 million dollars. This US act made a 90% reduction in Neteller’s revenue stream and the firm then targeted Asian and European vendors in attempt to recover the lost revenue. It is the aim of Neteller that the new identity will distinguish the parent firm from its individual Neteller, NetBanx and Net+ brands.
