Libra Co-Founder To Lead Facebook's New Payments Division
David Marcus, who is one of the founders of the Libra project, will become the head of a new department at Facebook, which will focus on payment services and solutions.
Who is David Marcus?
Marcus is an experienced fintech specialist and has been working with Zuckerberg for several years. Joining Facebook in 2014 after a leading position at PayPal, David ran Facebook Messenger until 2018 and then began work on Libra.
Integration of payments into company products
Facebook Financial (F2) will design and develop fintech projects, including Facebook Pay, to further integrate payments into the company's various services.
“We have a lot of commerce stuff going on across Facebook. It felt like it was the right thing to do to rationalise the strategy at a company level around all things payments.” - shared the head of the new division.
Facebook executives hope that integrating payment services into Instagram, Messenger, and WhatsApp apps will increase ad revenue and improve the user experience.