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• Meta Platforms confirmed it acquired Meta Financials’ trademark through its affiliated firm Beige Key
• A Facebook spokesperson said the company engaged in discussions with Meta Financial before the announcement of its name change
Meta Platforms Inc, the parent company of social media networks Facebook, Instagram, and WhatsApp, acquired the trademark assets of U.S. regional bank Meta Financial Group Inc for $60 million, spokespersons for the companies told Reuters.
The deal emphasizes how valuable the Meta name has become for the social media giant, which is betting its focus on the metaverse, a shared centralized virtual world parallel to the physical world.
In a regulatory filing published on Monday, Meta Financial has said that Beige Key LLC, a Delaware-based company, agreed to acquire the worldwide rights of the name for $60 million in cash.
The bank, which offers products through its MetaBank subsidiary, including consumer savings, loans and credit cards, and commercial lending, did not disclose who owns Beige Key in the fillings.
“Beige Key is affiliated with us, and we have acquired these trademark assets,” a Meta Platforms spokesperson told Reuters.
A spokesperson from Meta Financials also confirmed Meta Platforms’ involvement.
Facebook’s Meta bet
In October, Facebook announced that it changed its corporate name to Meta Platforms which will oversee Facebook, Instagram, WhatsApp, and Oculus.
The social media giant, which has invested heavily in VR and AR, sees the metaverse as the successor of the current form of the internet.
Last week, Meta Platforms opened up its Horizon Worlds app to users over-18 in the U.S. and Canada to play games and interact as avatars to users, which previously was an invite-only program.
In the filing, Meta Financial said it had embarked on a brand strategy review earlier this year.
Moreover, Meta Platforms spokesperson also told Reuters that the company engaged in discussions with Meta Financial before Facebook announced its name change.
Meta Financial’s shares were trading 2.3% lower in mid-afternoon trading, giving it a market valuation of around $1.72 billion.
Meta Platforms was up nearly 3.5%, valuing it at $948 billion.
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