Facebook created a new group to handle opportunities in payments and commerce, Facebook Financial.
The group will run all payments projects, including Facebook Pay, and it will be led by David Marcus, who will also continue to lead the Novi digital wallet for the Libra cryptocurrency collective being spearheaded by Facebook.
Stephane Kasriel, former CEO of freelancing website Upwork, joined Facebook as vice president of payments, reporting to Marcus.
A Facebook spokesperson said the company had nothing to share, but that apparently didn’t apply to Kurt Wagner of Bloomberg, as Marcus told him in an interview, “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. It’s helpful to have specific expertise in financial services regulation to build things the right way from the get-go. In the financial services world, it’s very different than traditional technology companies that are not regulated.”