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Marcus to lead new Facebook Financial unit

Marcus to lead new Facebook Financial unit

Facebook has created a new group, led by David Marcus, to house all of its payments and commerce work, according to Bloomberg.

Called F2, or Facebook Financial, the group will bring together all of Facebook's payments projects, from Facebook Pay to the WhatsApp plans in India and Brazil, to the Libra-linked wallet Novi.

Former Upwork CEO Stephane Kasriel has been brought in as a payments VP to help ex-PayPal president Marcus run the team, says Bloomberg.

The move is consistent with last year's decision to consolidate payments services across the main Facebook app, Messenger, Instagram and WhatsApp.

"We have a lot of commerce stuff going on across Facebook. It felt like it was the right thing to do to rationalize the strategy at a company level around all things payments," Marcus tells Bloomberg.

Marcus, who has been a central player in the emergence of Libra, will also continue to lead Novi. The Libra Association has faced huge blow-back from watchdogs around the world since it was first unveiled last year but has recently hired a host of industry heavyweights to help it get off the ground.

The WhatsApp payment service has also faced regulatory problems. It was suspended in Brazil days after launching and has still not been given the green light in India despite two years of testing.

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