Neteller looks ahead

Neteller plc has just announced that they will change their name, in order to divorce the company from the dispute with the US Department of Justice, where they made a settlement and paid $185.7 millions. The pre-tax loss happened back in 2007, but the company still suffers from this loss.

The online payment processor listed in London, will from November 17 be known as Neovia Financial, according to the news agency Reuters.

The new brand will still consist of the three names of their main products; Neteller, Netbanx and Net+. CEO Ron Martin says that the new brand-move is made to regain the lost credibility with merchants, business partners, customers and regulators.

Martin commented on the change by saying that the “The strategy of the new brand is to move beyond the situation in the US and strengthen Neteller in different markets”.

Neteller is now focusing on the European and Asian markets due to their exit of the American market years ago. It has been crucial for Neteller to end its dependency of the online gambling market and diversify its business, by launching new e-wallet products and new e-wallet operations.

The last reported profit from the company showed an impressive $1.15 million. The company is performing very well at the moment and is 18.5% ahead of the current budget of non gaming revenues. The company goal at the moment is to increase this number to 30% by 2010.

“We have created a system where we are able to handle all kinds of transactions. The current situation is that a large part of our business is from online gambling. It is our goal to make that part even smaller than it is now in the years ahead.” Martin claimed.

Neteller is also affected by the financial crisis in the market and customers tend to sit a little tighter on their money, but the company remains optimistic. Martin revealed that the company is continuing their three-year strategy which, so far, has been unaffected by the current situation in the financial markets throughout the world.