How these fintech entrepreneurs knew when it was time to rebrand
Daniel Kniaz
When Daniel Kniaz and Russell Martin founded the fintech startup five years ago, they thought they had found the perfect name. The company’s service was designed to help people split payments—to literally “split” a bill—and so DiviPay seemed a perfect fit.
As often happens with startups, the opportunities that unfolded for DiviPay quickly began to take the company in new directions. What began as a tool for consumers soon evolved into a corporate card management and spending platform for small and medium-sized businesses.
“We had a number of ‘pivot or persevere’ moments over the five years before we landed on what we do today,” says Kniaz CMO. “But we never saw the name change as the biggest problem to solve, so it kind of just stuck. As our product evolved and the customers we were targeting really changed, it made sense to shed that legacy.”
This need became even greater when Kniaz realized that his company was inappropriately categorized among buy-now-pay-later services and that the name failed to convey the premium position he sought for it.
“We have a very premium product and we also sell to quite sophisticated buyers – CFOs of small and now more mid-sized companies – so we wanted to have a brand that was a bit more mature than what we had in the past,” says Kniaz.
With the decision to change the brand now locked in, the next decision was what to replace it with.
“We wanted something that fit into the ‘more daring’ category,” says Kniaz. “You can look at SaaS products and fintech companies all over the world and if you remove the name, they all look very, very similar.
“We really saw creating a strong brand as an opportunity to create a competitive advantage, so we wanted something that was a bit more distinctive and didn’t just look like the countless other fintechs. And then we wanted a color palette and a design framework that we could really own and that would be a little more timeless.”
Recognizing the need for help, the company engaged the services of M&C Saatchi-owned creative agency, Re Design, who previously worked with Optus and the Commonwealth Bank, to create a brand new brand and visual identity. In addition to his brand ambitions, Kniaz says practical considerations played a strong role in the brand’s development, especially given the company’s global ambitions.
“We needed a name that, from a practical point of view, could be trademarked and used worldwide, and then something that was easy to understand,” says Kniaz.
Numerous concepts and names were considered before the company settled on Weel, with a logo constructed of short-shaped objects arranged in a wheel and presented in a bold green. While Kniaz says the company has chosen a name that is more abstract than functional, it is in line with the brand values of “collective responsibility” and “moving money forward”.
“The logo itself is made up of a bunch of cards, and from there we come out with the different functions and features that we offer,” says Kniaz.
Employee buy-in
Just as important as the rebrand is how it has been communicated to the Weel team. “You can have a great product, but the first thing people make a judgment on is their first interaction,” says Kniaz. “If you look like a premium product, you have to back it up.
“We worked with Re on this in quite a lot of detail, on ‘what are we saying’ and more importantly, ‘what are we not saying’. So it was about aligning the team with the brand guidelines and making them really, really clear, and having a very solid process.”
With the new brand in place, Kniaz hopes it will provide the scale the company needs to support expansion and development, which includes ambitions for Southeast Asia. He also believes it will help ensure the company remains aligned with its mission as it moves through its next phase of growth.
“The things that helped us succeed when we were 10 people aren’t necessarily the things that are going to help us succeed with 50 or 60 people,” Kniaz says. “We have a more diverse group, so we have to make sure we create a set of values that resonates with everyone and with the stage we’re at.
“Doing the rebranding was a big compelling feature for us to look at those values.”
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