Facebook Taps David Marcus to Lead Payments Initiatives

Marcus will continue running Libra's Novi digital wallet as he takes on Facebook Financial.

Aug 10, 2020 at 8:02 p.m. UTC
Updated Sep 14, 2021 at 9:42 a.m. UTC

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.

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