Facebook shocked the world when it announced its name change to ‘Meta Platforms’ in October 2021, or just ‘Meta’.
We know the name is inspired by the company’s desire to be a leader in the metaverse, but how did it acquire the name?
It’s all in a name…
Unsurprisingly, Facebook wasn’t the first company to want to use the ‘Meta’ name.
The ‘Meta Financial Group’ is a South Dakota-based financial holding company. This established business is geared to ‘disrupt traditional banking norms by developing partnerships with fintechs, affinity groups, government agencies, and other banks to make a range of quality financial products and services available to the communities we serve nationally.‘
Naturally, this could have been a major stumbling block in Facebook’s renaming ambitions. One cannot simply steal the name of another company…
Name your price
So, how did Facebook secure its new name? With a $60million payout.
It was announced in December 2021 that the company had reached an agreement with Meta Financial Group to purchase the name in the eye-watering transaction. This grants Meta Platforms full, exclusive rights to use the name moving forwards.
So, what of Meta Financial Group, I hear you cry. The company has announced the renaming of their banking subsidiary from ‘Metabank’ to ‘Pathward’. They say the new name is born out of the company’s purpose ‘to power financial inclusion for all®’.