Skrill formerly MoneyBookers

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Online payment methods have become much more beneficial and popular in recent years. With these formats, it is possible to electronically send money to different individuals, companies and services without ever having to physically handle the money.

This keeps the money more secure and makes it possible to send money internationally without much of a problem at all. One of the leading electronic payment and money transfer companies is Skrill. Owned by the larger company Skrill Limited, it is based out of the United Kingdom and is previously known as Money Service Business. It is also licensed inside of the European Union, which is why it is the go-to method for electronic payments throughout Europe and growing into different regions around the world.

The idea of Skrill first started back in 2001 when the website Moneybookers.com was purchased in June of the year. Just over a month later, the name MonekBookers Limited became incorporated inside of the United Kingdom (chances are, the name itself was filed before the actual website was purchased, but it takes time for the processing on the paperwork to be approved, which is why the incorporated name is later than the website purchase. By spring of 2002, the service went love and allowed individuals to start electronically depositing and transferring money over the Internet.

In the first 18 months, nearly 2 million individual users opened an account for this exact service. By the fourth quarter of 2008, the company stated it had well over 5.5 million accounts. The business even started to spread out into the United States, as in 2014, it was officially approved by the New Jersey Division of Gaming Enforcement to become the only sanctioned electronic wallet method of payment throughout the entire state regarding Internet gambling. New Jersey was one of the first states in the country to approve and legalize gambling in order to monetize it (just like the state revenue generated casinos and lottery).

Now, Moneybookers did go through some different changes over the years, In 2007, it was purchased by the Investcorp Technology Partners for around 105 million pounds and then it was sold for 365 million euros. Now, with the popularity of the company, it has become an electronic payment method for many of the top Internet companies, including eBay and Facebook. In 2013, CVC Capital Partners purchased the brand, this time for 600 million pounds.

Officially, the online payment and transfer service was known as Moneybookers from its inception in 2001 up until 2011. At the one decade anniversary, the company changed its name to Skrill. Now, with such a large brand, the branding change does not happen overnight. The company believed some individuals, including many in the United States, confused the name Moneybookers for a gambling service, such as a sports booker who takes down bets. In order to change this ideology, the company decided to go with the Skrill name. When converting a nearly $1 billion company over, it is something that cannot happen overnight, as it needs to not only change all of its names around, but also make sure people are aware of the change. Due to this, the complete rebranding did not finish until the third quarter of 2013.

Skill remains one of the largest and most profitable companies in regards to electronic financial transfers and other similar services. It is still available throughout Europe and in the United States as well. It also sponsors the Conference football league in England with a three year contract. This is why there were different league names that included Skrill Premier, Skrill North and Skrill South.