diff --git a/homeassistant/components/velbus/__init__.py b/homeassistant/components/velbus/__init__.py
index d8f9dae13de..b4fe49a88e7 100644
--- a/homeassistant/components/velbus/__init__.py
+++ b/homeassistant/components/velbus/__init__.py
@@ -140,11 +140,11 @@ class VelbusEntity(Entity):
             "identifiers": {
                 (DOMAIN, self._module.get_module_address(), self._module.serial)
             },
-            "name": "{} {}".format(
-                self._module.get_module_address(), self._module.get_module_name()
+            "name": "{} ({})".format(
+                self._module.get_module_name(), self._module.get_module_address()
             ),
             "manufacturer": "Velleman",
-            "model": self._module.get_module_name(),
+            "model": self._module.get_module_type_name(),
             "sw_version": "{}.{}-{}".format(
                 self._module.memory_map_version,
                 self._module.build_year,
diff --git a/homeassistant/components/velbus/manifest.json b/homeassistant/components/velbus/manifest.json
index 258b367fa5b..f74f1b9b784 100644
--- a/homeassistant/components/velbus/manifest.json
+++ b/homeassistant/components/velbus/manifest.json
@@ -2,7 +2,7 @@
   "domain": "velbus",
   "name": "Velbus",
   "documentation": "https://www.home-assistant.io/integrations/velbus",
-  "requirements": ["python-velbus==2.0.36"],
+  "requirements": ["python-velbus==2.0.40"],
   "config_flow": true,
   "dependencies": [],
   "codeowners": ["@Cereal2nd", "@brefra"]
diff --git a/requirements_all.txt b/requirements_all.txt
index 3a46e3514e4..0421344be0a 100644
--- a/requirements_all.txt
+++ b/requirements_all.txt
@@ -1636,7 +1636,7 @@ python-telnet-vlc==1.0.4
 python-twitch-client==0.6.0
 
 # homeassistant.components.velbus
-python-velbus==2.0.36
+python-velbus==2.0.40
 
 # homeassistant.components.vlc
 python-vlc==1.1.2
diff --git a/requirements_test_all.txt b/requirements_test_all.txt
index e4fa6515bab..85022c10dc2 100644
--- a/requirements_test_all.txt
+++ b/requirements_test_all.txt
@@ -562,7 +562,7 @@ python-miio==0.4.8
 python-nest==4.1.0
 
 # homeassistant.components.velbus
-python-velbus==2.0.36
+python-velbus==2.0.40
 
 # homeassistant.components.awair
 python_awair==0.0.4