As part of Facebookâ€™s rebrand to Meta, it has also changed the name of its FinTech services from Facebook Financial to Novi.
As part of this move, Meta has consolidated all its financial services, including Facebook Pay, operations under this new banner.
Announcing the news via Twitter, Noviâ€™s head David Marcus stated the business has facilitated payments across the Meta apps for over a decade. These services include person-to-person payments through apps like Messenger and WhatsApp. It has also enabled donations, checkouts for merchants, add buying and cross border payments through Novi.
In the past 12 months, it has processed more than $100bn in transactions.
He added, â€œOur mission remains to empower everyone, everywhere to access the worldâ€™s financial system to accelerate financial inclusion and economic empowerment.
â€œI’m excited about the future ahead, and the role Novi will play in enabling people and businesses to move money in more and cheaper ways and innovate in the Metaverse for creators and consumers alike. Onward!â€
Prior to the rebrand, Novi was the name of Metaâ€™s digital cryptocurrency wallet. The mobile app also enables users to send money across borders and monitor their expenses.
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