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· Posted on
February 21, 2024

Big tech takes 'New year, new me' to the nek level as Square rebrands to Block 

Square is the payments platform that created that little white square at cafes for payments.

What's the key learning?

  • Square's revealed it's rebranding to 'Block'.‍
  • The name change is supposed to reflect the company's new focus on technologies like blockchain
  • Square is attempting proactive rebranding: i.e. when a company recognises there's opportunity to grow and tap into a new customer base.

Background: Square is the payments platform that created that little white square at cafes for payments.

What happened:  It was founded by Twitter co-founder Jack Dorsey back in 2009...and it acquired Afterpay back in August. And now, Square's revealed it's rebranding to 'Block'.

What else: The name change is supposed to reflect the company's new focus on technologies like blockchain. It's also rebranding its crypto biz Square Crypto to Spiral. So many name changes hurting my brain.

So what's the key learning?

💡Rebranding ain't just about changing the name of an organisation...but its image too.

💡There are two ways a company rebrands:

  1. Proactive rebranding: i.e. when a company recognises there's opportunity to grow and tap into a new customer base
  2. Reactive rebranding: i.e. the existing brand has been discontinued due to a merger or acquisition...or there's been negative press.

💡When Facebook rebranded to Meta, ya could say that was reactive branding, because it followed years of bad press for the Big, Bad, Zuck. But Square is attempting the ol' proactive rebranding, to show it's ready for its next phase: bitcoin, baby. 

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