Facebook formed a new payments group called “Facebook Financial” on Monday and put Novi wallet executive David Marcus at the helm.
- Marcus, who co-created the Libra stablecoin, said via tweet that he will continue running Facebook's Novi digital wallet subsidiary.
- The restructuring will allow the social media giant to better integrate its Messenger, Instagram and WhatsApp payments operations, Bloomberg reported.
- “It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments," Marcus told Bloomberg.
- Former Upwork CEO Stephane Kasriel will serve under Marcus as Facebook's new payments vice president.