Facebook’s Calibra wallet subsidiary rebrands as Novi

Today Facebook announced its Libra wallet subsidiary Calibra is rebranding as Novi Financial. Novi Financial’s first product will be the Novi digital wallet designed for Libra, and will be available as a standalone app, as well as an embedded app within Facebook’s Messenger and WhatsApp. According to the press release, the app will feature government-issued ID verification and fraud protection systems, and Novi plans to roll out an early version of the wallet when the Libra network launches. At launch the wallet will be available in “an initial set of countries, with features that will make cross-border money transfers instant, secure, and with no hidden fees.”

Why it matters:

• Since announcing it’s revised plan in April, the Libra project has been announcing new developments at a rapid pace. In the past few weeks Libra has announced five new members, and appointed new leadership including its CEO, Stuart Levey.
• The rebrand is an interesting development given the new name is not as obviously associated with Libra and likely clears up any confusion people may have had over Facebook’s role in the Libra project.
• With integrations in WhatsApp and Messenger, at launch Novi could potentially reach as much as 2 billion users.