Skrill will be the consumer-facing brand before 2011 ends, is said to provide “ease and functionality of the company’s online payment suite”. Skrill was derived from the slang word “skrilla” which means money according to the Urban Dictionary. The new name is just fitting and much more attention-grabbing. The decision to change the company’s name is due to the rapid growth of the company.
Moneybooker Limited, a company that is more than a decade old is the first e-money issuer to receive electronic money license from FSA. Today, the company oversees around 15 million account holders and 70,000 business owners worldwide. The company was also voted by The Sunday Times and Deliotte as UK’s fastest ever growing private-equity funded company.
Martin Ott, CEO of Skrill Holdings, aims to make their brand a verb. This is a risky move for a growing company but companies are known to rebrand from time to time. Some companies do it because of decreasing number of customers but not for Skrill. They want to follow in the footsteps of billion-dollar companies which became a staple word in every household today, namely Google and Skype. Google and Skype became verbs in no time and why Skrill.
Companies such as this and Paypal won’t die down anytime soon. Since almost everything today can be done online. Paying bills and other transactions have save us plenty of time and provides us with hassle-free transactions.