David Marcus quits Facebook

David Marcus quits Facebook

David Marcus has quit as the boss of Facebook parent Meta's fintech unit after leading a frustrating effort to launch the Novi digital wallet and its associated stablecoin Diem.

Marcus joined Facebook in 2014 from PayPal and has spent the last three years as head of Novi, which finally launched a pilot in October.

However, that pilot does not involve Diem, the stablecoin which, although now run independently, has been central to Facebook's plans but has faced a series of setbacks and stiff opposition from financial regulators since it was first unveiled two years ago under the Libra name.

In posts on social media revealing his departure, Marcus says that "while there’s still so much to do right on the heels of hitting an important milestone with Novi launching" his "entrepreneurial DNA has been nudging me" to move on.

He will leave at the end of the year, replaced by Stephane Kasriel, another PayPal alum.

Recently, Marcus was at the centre of a reshuffle at Meta's financial services business, with all fintech products - from WhatsApp P2P payments to Instagram shopping - coming under the Novi brand.

Marcus has made no secret of his frustration at the difficulty in getting Novi and Diem up and running.

In August he posted a 2500 word blog making an impassioned case for Novi, Diem and their ability to change payments, particularly for the unbanked, while also railing against regulators and defending Facebook as a force for good and a payments sector underdog.

Today, Marcus concluded his message on leaving the company, saying: "I now look forward to having more free time in the months to come before I start building something new and exciting again. Onward!"

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