May 20, 2022

The CEO of online bank Current has accused Facebook of plagiarism.

The social networking giant has this week announced plans to launch a cryptocurrency called Libra, accompanied by a subsidiary called Calibra which will provide digital wallets for storing the currency. And it is the logo for Calibra that is at the center of the controversy.

Current yesterday tweeted a side by side comparison of the Calibra logo and their own company logo – which they have been using since 2016.

Stuart Sopp is CEO of Current, which describes itself as ‘the bank for modern life’. He told CNBC that he used San Francisco graphic design firm Character to create a logo for his company in 2016. Linkedin posts from company employees suggest that Character is also the firm hired by Facebook for the design of the Calibra logo.

“We put six months of hard work into this with that design firm, which they basically reused for Facebook without changing much,” Sopp said. “Facebook is a big company that should have done their due diligence on this.

“This is a funny way to try and create trust in a new global financial system – by ripping off another fintech firm.

“Facebook has all the money and resources in the world. If they truly wanted to make banking more inclusive and fair, they should’ve come up with their own ideas and branding, like we have.”

Current have engaged law firm Goodwin Procter to assess if they have a case for trademark or patent infringement against Facebook.