Facebook Inc. has launched a new subsidiary group to promote “payments and commerce opportunities” with David Marcus, Libra’s co-creator, in charge of the division.
The subsidiary, called Facebook Financial or “F2” will run its payments projects, including a planned Facebook Pay, Bloomberg reported on Monday.
The division appears to be incorporating Facebook’s previous adventures in FinTech under a single umbrella, with Marcus reportedly being in charge of both Novi, the wallet for Libra previously known as Calibra, as well as recent attempts to bring payments to the WhatsApp messenger.
The launch of a dedicated division suggests that the company intends to fully commit to the payments industry, in the continuation of several years of efforts to integrate payments into Facebook’s apps.
Former CEO of Upwork, Stephane Kasriel, will be payments vice president under Marcus.