Synchrony Financial

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Public company
Traded as NYSESYF
S&P 500 Component
Industry Financial services
Founded September 12, 2003; 16 years ago (2003-09-12)[1]
Key people
Products Credit cards
Payment systems
Revenue Increase US$14.8 billion (2018)[4]
Increase US$2.79 billion (2018)[4]
Total assets Increase US$106.792 billion (2018)[4]
Total equity Increase US$14.678 billion (2018)[4]
Number of employees
16,500 (2018)[4][5][6]

Synchrony is a consumer financial services company headquartered in Stamford, Connecticut, United States.[2] The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products through Synchrony Bank, its wholly owned online bank subsidiary.[4][7]


Synchrony traces its roots to 1932.[5] [8] GE Capital Retail Bank was started during the Great Depression, providing customers a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until being spun off from its parent company in June 2014.[5][9][10] GE filed with the Securities and Exchange Commission on March 13, 2014 announcing its intention to spin-off the portion of its GE Capital business dedicated to retail credit cards. GE’s SEC filing indicated that the new company would be called Synchrony Financial.[9] On July 31, 2014 Synchrony Financial raised $2.88 billion in its initial public offering.[10]

Recent corporate history[edit]

In 2017, Synchrony acquired GP Shopper.[11][12]

In 2018, Synchrony acquired Loop Commerce, which provides a patented platform for digital and in-store gifting services called GiftNow.[13] [14]In 2018, Synchrony’s largest program was the acquisition of PayPal’s $7.6 billion credit receivables portfolio.[4][15] PayPal also chose Synchrony Bank to be its exclusive issuer for the PayPal Credit point of sale financing program in the United States through 2028. Additionally, PayPal agreed to extend its existing co-brand credit card relationship with Synchrony through the same 10-year term. These transactions (collectively, the “PayPal transaction”) officially closed in July 2018.[16]

In 2019, Synchrony announced the acquisition of Pets Best, which offers pet insurance and wellness plans for dogs and cats. Pets Best will operate under Synchrony's CareCredit platform.[17]

GIC Private Limited, the sovereign wealth fund of Singapore, owns 7.72% of Synchrony's stock/.[18]

Products and technology[edit]

Synchrony is the largest provider of private label credit cards in the U.S. The company provides private label credit cards for such brands as Amazon, Cathay Pacific, CheapOAir, OneTravel,[19] Lowe’s,[20] Guitar Center,[21] Gap,[22] BP,[23] Ashley HomeStores,[24] Discount Tire,[24] J.C. Penney, and P. C. Richard & Son.[24]

In 2019, Synchrony expanded its auto and home acceptance locations and value propositions.[25] Working with the Discover Network, the Synchrony HOME Credit Card can be used by consumers to finance their home needs at more than a million large, medium, and small retail locations nationwide. [26] Synchrony also increased its Car Care acceptance network to more than 500,000 locations across 25 categories including gas, auto parts and service, car washes, parking, and ride sharing. [27]

Synchrony has four Innovation Stations, which are located in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio;[28] and Hyderabad, India. [29]The in-house, cross-functional teams use agile methodology to test new ideas/technologies, solve client problems, and improve speed to market.[30]

Synchrony’s corporate ventures arm, Synchrony Ventures, invests in early-stage companies that provide emerging technology and products.[31]

In 2016, Synchrony Financial launched Digital Apply, a credit application site, and SyPi (Synchrony plug-in), an integrated plug-in credit solution for retailers’ mobile apps, through which customers can access their credit card information.[32] As of 2019, more than 20 retailers had adopted SyPi, and nearly $2 billion in credit card payments had been made through the technology. [33]

In 2018, Synchrony created the Alexa Store Card skill for customers to manage their Amazon Store Cards via voice technology.[34]

A majority of Synchrony’s retail partners have deployed Synchrony’s AI-enabled virtual assistant Sydney for cardholders. [35][36]

Public-private partnerships[edit]

In 2016, the University of Connecticut’s School of Engineering announced the launch of Synchrony’s Center of Excellence in Cybersecurity. [37]

In 2018, Synchrony opened an emerging tech center at the University of Illinois. [38]


In June 2014, shortly before Synchrony’s New York Stock Exchange debut, the U.S. Consumer Financial Protection Bureau and the Department of Justice reached a $225 million settlement with the company after it entered into a consent decree with the Consumer Financial Protection Bureau. The settlement stated that while operating as GE Capital Bank, the company had engaged in deceptive and discriminatory credit card practices.[39] According to USA Today, “The bank said it discontinued such sales practices in 2012 and has already refunded more than $11 million in fees as a result of its own review.” [40]


  1. ^ "Synchrony Financial on the Forbes Global 2000 List". Forbes. Retrieved 2016-10-04.
  2. ^ a b SYNCHRONY FINANCIAL 2016 Form 10-K Annual Report
  3. ^ Bishop, Sue. "Synchrony Promotes Brian Doubles To President". PR Newswire. Synchrony. Retrieved 21 May 2019.
  4. ^ a b c d e f g "SYNCHRONY 2018 Form 10K Annual Report". Retrieved 16 April 2019.
  5. ^ a b c Synchrony Financial Fact Sheet
  6. ^ "Working at Synchrony Explore out Products, People and Principles". Synchrony.
  7. ^ "Factsheet". Sychrony. Retrieved 16 April 2019.
  8. ^ Shah, Aman (13 March 2014). "GE files to spin off credit card unit". Reuters. Retrieved 17 June 2019.
  9. ^ a b De La Merced, Michael (March 13, 2014). "G.E. Files to Spin Off Retail Finance Unit". New York Times.
  10. ^ a b "GE credit card unit Synchrony Financial prices IPO at $23 per share". Reuters. July 30, 2014.
  11. ^ "BRIEF-Synchrony Financial to buy GPShopper". Reuters. March 20, 2017.
  12. ^ "Synchrony Financial to Broaden Cutting Edge Mobile Commerce Solutions for Retailers Through its Acquisition of GPShoppe" (Press release). Business Wire. March 20, 2017.
  13. ^ Kessler, India (June 6, 2019). "Synchrony Completes Acquisition of Loop Commerce". Synchrony.
  14. ^ "Synchrony To Acquire Loop Commerce". PARTNERSHIPS / ACQUISITIONS. PYMNTS. 10 May 2018. Retrieved 17 June 2019.
  15. ^ PayPal (July 3, 2018). "PayPal and Synchrony Complete Consumer Credit Receivables Sale". PayPal.
  16. ^ Perez, Sarah (July 3, 2018). "PayPal sells its consumer credit portfolio to Synchrony for $7 billion". TechCrunch.
  17. ^ Synchrony (March 3, 2019). "Synchrony Acquires Pets Best to Expand CareCredit Platform in Rapidly Growing Pet Market". PRnewswire.
  18. ^ Synchrony proxy statement
  19. ^ Kapadia, Milanee (November 24, 2014). "Credit card issuer says the "consumer is back"". Yahoo Finance. Yahoo. Retrieved June 3, 2015.
  20. ^ Johnson, Andrew (March 13, 2014). "GE Plans Credit-Card IPO as Plastic Gets Popular; New Company to Be Called Synchrony Financial". The Wall Street Journal. Dow Jones & Company Inc. Retrieved June 3, 2015.
  21. ^ Passeri, James (April 17, 2015). "GE Spinoff Synchrony Financial Is Still Trying to Stand on Its Own". The Street. TheStreet, Inc. Retrieved June 3, 2015.
  22. ^ Nash, Kim (May 14, 2015). "GE Spin-Off Synchrony Financial Builds Tech to Support Growth Plans". The Wall Street Journal. NewsCorp. Retrieved June 3, 2015.
  23. ^ Tierney, Jim (March 3, 2015). "BP Upgrades Loyalty Program for Greater Value Proposition". Loyalty 360. Loyalty 360. Retrieved June 8, 2015.
  24. ^ a b c Walston, Chuck (March 31, 2014). "GE: How The Upcoming Spin-Off Will Prove Profitable". Seeking Alpha. Seeking Alpha. Retrieved August 19, 2015.
  25. ^ "Annual Report" (PDF). Synchrony Financial. April 2, 2019.
  26. ^ Hu, Angie (4 February 2019). "Synchrony HOME™ Credit Card Launches, Offers 2% Cash Back and Promotional Financing on Home-Related Purchases". PR Newswire. Retrieved 20 May 2019.
  27. ^ Hu, Angie (18 March 2019). "Synchrony Car Care Credit Card Expands Acceptance Categories to Cover Even More Auto-Related Needs". PR Newswire. Retrieved 20 May 2019.
  28. ^ "Innovation".
  29. ^ "synchrony-financial-to-invest-12-m-in-hyderabad-facility".
  30. ^ Wastson, Brian (18 May 2018). "Innovation pays off for Synchrony Financial". CIO. Retrieved 20 May 2019.
  31. ^ "Annual Report" (PDF). Synchrony Financial. April 2, 2019.
  32. ^ "Synchrony Financial Plug-in Easily Integrates Credit into Retailers' Mobile Apps". Business Wire. 24 October 2016. Retrieved 20 May 2019.
  33. ^ "Synchrony Financial Q4 2018 Results - Earnings Call Transcript". Seeking Alpha. 23 January 2019. p. 8. Retrieved 20 May 2019.
  34. ^ Ward, Nicole (2 May 2018). "Synchrony Teams with Amazon to Introduce New Alexa Skill for Amazon Store Card". Business Wire. Retrieved 20 May 2019.
  35. ^ Korolov, Maria (28 March 2019). "How AI is revolutionizing financial services". CIO. Retrieved 20 May 2019.
  36. ^ Hu, Angue (22 Oct 2018). "Synchrony Harnesses AI to Transform Customer Experience". Synchrony Financial. Retrieved 20 May 2019.
  37. ^ Mahoney, Sara (12 Oct 2016). "UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity". UConn Today. Retrieved 20 May 2019.
  38. ^ Bliell, Laura (12 April 2018). "Synchrony Opens Emerging Tech Center at the University of Illinois to Develop Artificial Intelligence Solutions". Synchrony Financial. Retrieved 20 May 2019.
  39. ^ "CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices" (Press release). Consumer Financial Protection Bureau. June 19, 2014.
  40. ^ Schneier, Cogan (14 June 2019). "GE Capital arm to pay record credit card settlement". USA Today.

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