Bowen Pan, a product manager at Facebook, tweeted the launch on Saturday, and added it was available only in the US for now.
Equipped with video-editing tools, the app allows users to add text as well as music to their videos. It is available for both Android and iOS.
"Lasso is a new standalone app for short-form, entertaining videos. We're excited about the potential here, and we'll be gathering feedback from people and creators," CNET quoted a Facebook spokesperson as saying in an email on Friday
All profiles and videos on the app would be public.
Lasso has been made available to US users first as Facebook tries to compete with the likes of other similar platforms like Snapchat and YouTube.