SpendSmart Payments Co. is changing its name to SpendSmart Networks. This is the fourth time the prepaid provider has rebranded in five years.
The company launched with the name IdeaEdge Inc., which it changed to SocialWise Inc. after launching the BillMyParents alternative payment product. The company later changed its name to BillMyParents Inc. to align with this product. It soon shifted its focus to the SpendSmart prepaid card, which promotes financial responsibility. A year ago, to better fit its new offering, the company became SpendSmart Payments Co.
"This change from SpendSmart Payments Company to SpendSmart Networks comes at a defining moment in our company's future, kicking off our new initiatives and goals, to become a world leader in digital customer loyalty," says Alex Minicucci, CEO of SpendSmart, in a June 19 press release.
Minicucci became CEO in February after SpendSmart acquired his mobile loyalty company, SMS Masterminds. Through the acquisition, SpendSmart will offer a digital loyalty and rewards program.
SMS Masterminds recently expanded into Mexico and Canada.
"The ongoing strength of the brand has opened doors in new and emerging markets, as SpendSmart Networks now represents a company with a clearer global brand and cohesive global marketing approach," says Bill Hernandez, president of SpendSmart, in the release. The name change "grants us access into additional business verticals that are a logical extension."
SpendSmart is also known for having Justin Bieber as its promoter. Back when the deal was struck in early 2013, Bieber had a less rambunctious streak than he does now.