Facebook financial formed to pursue company’s payments plans
Facebook Inc. unveiled a new group to pursue payments and commerce opportunities and put David Marcus, co-creator of its Libra cryptocurrency project, in charge of the initiative.
Called F2 internally, short for Facebook Financial, the team will run all payments projects, including Facebook Pay, the company’s universal payments feature that it plans to build inside all of its apps.
“We have a lot of commerce stuff going on across Facebook,” Marcus said. “It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments.”