FINANCE - FINTECH

Fintech

Novi (Facebook) gets a director in Luxembourg



Italian national Clementi Sardi will head the Facebook subsidiary Novi in Luxembourg and for Europe. Photo: Giftable

Italian national Clementi Sardi will head the Facebook subsidiary Novi in Luxembourg and for Europe. Photo: Giftable

Clementi Sardi announced this Monday morning that he has become the general manager of Novi Financial Luxembourg, a subsidiary of Facebook.

Facebook is accelerating the rollout of its Novi digital portfolio. After announcing the launch of operations in the USA and Guatemala last week, its Luxembourg subsidiary, Novi Financial Luxembourg, has acquired a managing director.

Arriving in Luxembourg in 2019 with Italian fintech company Satispay, Italian lawyer Clemente Sardi had become co-founder and chief operating officer of Mich Hoffmann's start-up Giftable last year. Giftable is an app that allows users to send gifts to their contacts such as a coffee from a bakery or a meal from a Luxembourg restaurant. 

"It's time for a new challenge after an incredible time at Giftable. It was an honour to be part of the initial journey of this company, to start and close this cycle, to develop the product in Luxembourg and to secure European expansion. In particular, I would like to thank Michel Hoffmann, Vafa Moayed, Jorge Arce and all the investors in the company. I am proud of what we have achieved together at Giftable," he said in a Linkedin comment on his profile.

"I am thrilled to share that I have just joined Facebook as Managing Director, Novi Lux Operations. I am grateful for this incredible opportunity and look forward to working with inspiring and talented people from around the world. Let this new adventure at Facebook begin!"

Novi, for "new" and "travel", wants to make financial exchanges between individuals more fluid. Last week, for example, Facebook's digital wallet services, originally for its Calibra cryptocurrency, were launched in the USA and Guatemala, making it possible to transfer money without any commission or exchange fees.

This story was first published in French on Paperjam. It has been translated and edited for Delano.