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Facebook Rolls Out A New Subsidiary Group With Libra’s Co-Founder David Marcus

Summary: Facebook launches a new subsidiary group called “Facebook Financial” (F2) to pursue its payment plan with Libra’s co-creator David Marcus, as reported by Bloomberg on Monday. The new division aims to promote payment and business opportunities in applications owned by Facebook, including Instagram, Messenger, and WhatsApp. David Marcus will be in charge of Novi—the wallet ...

Facebook launches a new subsidiary group called “Facebook Financial” (F2) to pursue its payment plan with Libra’s co-creator David Marcus, as reported by Bloomberg on Monday.

The new division aims to promote payment and business opportunities in applications owned by Facebook, including Instagram, Messenger, and WhatsApp.

David Marcus will be in charge of Novi—the wallet for Libra—and WhatsApp messenger’s payment features in India and Brazil. 

After testing the water in the FinTech industry, launching an exclusive division to promote payment and commerce could mean Facebook's dedication to the industry.

By Lily Yang

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