Facebook is reportedly expanding its banking ambitions with a new division that will run all of the tech giant’s payment projects, including Facebook Pay
Facebook is launching a new division to expand its payments and commerce ambitions, per a Bloomberg report.
Facebook Financial – or F2 – will oversee all of the tech giant’s payments projects, including Facebook Pay, the service launched in 2019 that allows users to send and receive money on Facebook, WhatsApp, Instagram, and Messenger.
F2 will be run by David Marcus, an exec who led Facebook’s Messenger unit for four years before co-creating Facebook’s Libra cryptocurrency project.
“We have a lot of commerce stuff going on across Facebook,” Marcus told Bloomberg. “It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.”
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