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Synchrony Financial

February 16, 2024

Synchrony Financial is an American consumer financial services company with its headquarters 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][8]

Synchrony Financial
Company typePublic
IndustryFinancial services
FoundedSeptember 12, 2003; 20 years ago (2003-09-12)[1]
Headquarters
Stamford, Connecticut, U.S.[2]
Key people
[3]
ProductsCredit cards
Payment systems
Revenue US$14.8 billion (2018)[4]
US$4.21 billion (2021)[5]
Total assets US$95.748 billion (2021)[5]
Total equity US$13.655 billion (2021)[5]
Number of employees
16,500 (2018)[4][6][7]
Websitesynchrony.com

History edit

Synchrony traces its roots to 1932.[9] GE Capital Retail Bank was started during the Great Depression, providing customers with a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until it was spun off from its parent company in June 2014.[10][11] 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.[10] On July 31, 2014, Synchrony Financial raised $2.88 billion in its initial public offering.[11]

Recent corporate history edit

In 2017, Synchrony acquired GP Shopper.[12][13]

In 2018, Synchrony acquired Loop Commerce, which provides a patented digital gifting platform called GiftNow.[14][15] In 2018, Synchrony's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio.[4][16] 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.[17]

GIC Private Limited, the sovereign wealth fund of Singapore, owned 7.72% of Synchrony's stock in 2019. [18] However, GIC exited its position by 2023. [19]

Products and technology edit

Synchrony is the largest provider of private-label credit cards in the U.S.[20] Brands partnered with Synchrony include Amazon,[21] Lowe's,[22] Guitar Center,[23] Cathay Pacific, Rakuten, Verizon, Sleep Number, Walgreens, and Sam's Club.[24]

Synchrony 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.[25]

Synchrony has four "Innovation Stations," which are located in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio;[26] and Hyderabad, India.[27]

In 2016, Synchrony Financial launched Digital Apply, a credit application site, and SyPI (Synchrony plug-in), a feature for retailers' mobile apps, through which customers can access their credit card information.[28] As of 2019, more than 20 retailers had adopted SyPI and nearly $2 billion in credit card payments had been made through the technology.[29]

In 2018, Synchrony created the Alexa Store Card skill for customers to manage their Amazon Store Cards via voice technology.[30]

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.[31]

In 2018, Synchrony opened an emerging tech center at the University of Illinois.[32]

In 2019, Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut's Stamford campus.[33] During the dedication of the center, the company announced a $1 million donation to the "Connecticut Commitment" – an initiative aimed at helping lower-income Connecticut students attend the university, tuition-free.[33]

Settlements edit

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, primarily surrounding nefarious enrollment practices for add-on programs such as financial hardship relief.[34] 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," however the CFPB ordered many millions more in redress.[35]

References edit

  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 (Press release). Synchrony. Retrieved 21 May 2019.
  4. ^ a b c d "SYNCHRONY 2018 Form 10K Annual Report". www.sec.gov. Retrieved 16 April 2019.
  5. ^ a b c "CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA List". SEC. Retrieved 2022-03-24.
  6. ^ Synchrony Financial Fact Sheet
  7. ^ "Working at Synchrony Explore out Products, People and Principles". Synchrony.
  8. ^ "Factsheet". Sychrony. Retrieved 16 April 2019.
  9. ^ Shah, Aman (13 March 2014). "GE files to spin off credit card unit". Reuters. Retrieved 17 June 2019.
  10. ^ a b De La Merced, Michael (March 13, 2014). "G.E. Files to Spin Off Retail Finance Unit". New York Times.
  11. ^ a b "GE credit card unit Synchrony Financial prices IPO at $23 per share". Reuters. July 30, 2014.
  12. ^ "BRIEF-Synchrony Financial to buy GPShopper". Reuters. March 20, 2017.
  13. ^ Rogers, Bruce. "Maya Mikhailov's Journey From Russia To Co-Founder Of GPShopper". Forbes. Retrieved 2020-03-23.
  14. ^ "Synchrony To Acquire Loop Commerce". PARTNERSHIPS / ACQUISITIONS. PYMNTS. 10 May 2018. Retrieved 17 June 2019.
  15. ^ Zacks. "Synchrony Financial Braces Portfolio With Loop Commerce Buy". www.nasdaq.com. Retrieved 2020-03-23.
  16. ^ PayPal (July 3, 2018). "PayPal and Synchrony Complete Consumer Credit Receivables Sale". PayPal.
  17. ^ Perez, Sarah (July 3, 2018). "PayPal sells its consumer credit portfolio to Synchrony for $7 billion". TechCrunch.
  18. ^ "Synchrony proxy statement". sec.gov. Securities and Exchange Commission.
  19. ^ https://investors.synchrony.com/filings-regulatory/sec-filings/all-sec-filings/content/0001193125-23-090318/0001193125-23-090318.pdf
  20. ^ "Synchrony Financial SEC Registration". sec.report. Retrieved 2020-04-24.
  21. ^ GuruFocus. "Warren Buffett And Seth Klarman Agree On One Stock – Synchrony Financial". Forbes. Retrieved 2020-04-24.
  22. ^ 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.
  23. ^ 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.
  24. ^ "Synchrony Credit Cards".
  25. ^ Zacks, Publisher. "Synchrony Financial's Credit Card Expands Acceptance Network". www.nasdaq.com. Retrieved 2020-04-24.
  26. ^ "Innovation". Synchrony.com.
  27. ^ "synchrony-financial-to-invest-12-m-in-hyderabad-facility". The Hindu. 29 April 2016.
  28. ^ "Synchrony Financial Plug-in Easily Integrates Credit into Retailers' Mobile Apps". Business Wire. 24 October 2016. Retrieved 20 May 2019.
  29. ^ "Synchrony Financial Q4 2018 Results – Earnings Call Transcript". Seeking Alpha. 23 January 2019. p. 8. Retrieved 20 May 2019.
  30. ^ Ward, Nicole (2 May 2018). "Synchrony Teams with Amazon to Introduce New Alexa Skill for Amazon Store Card". Business Wire. Retrieved 20 May 2019.
  31. ^ Mahoney, Sara (12 Oct 2016). "UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity". UConn Today. Retrieved 20 May 2019.
  32. ^ 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.
  33. ^ a b "Synchrony Digital Technology Center Dedicated; Gift to Connecticut Commitment Announced". UConn Today. 2019-12-16. Retrieved 2020-05-19.
  34. ^ "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.
  35. ^ Schneier, Cogan (14 June 2019). "GE Capital arm to pay record credit card settlement". USA Today.

External links edit

  • Official website
  • Business data for Synchrony:
    • Google
    • SEC filings
    • Yahoo!

February 16, 2024
synchrony, financial, american, consumer, financial, services, company, with, headquarters, stamford, connecticut, united, states, company, offers, consumer, financing, products, including, credit, promotional, financing, loyalty, programs, installment, lendin. Synchrony Financial is an American consumer financial services company with its headquarters 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 8 Synchrony FinancialCompany typePublicTraded asNYSE SYFS amp P 500 componentIndustryFinancial servicesFoundedSeptember 12 2003 20 years ago 2003 09 12 1 HeadquartersStamford Connecticut U S 2 Key peopleMargaret M Keane Executive Chairman Brian Doubles CEO 3 ProductsCredit cards Payment systemsRevenueUS 14 8 billion 2018 4 Net incomeUS 4 21 billion 2021 5 Total assetsUS 95 748 billion 2021 5 Total equityUS 13 655 billion 2021 5 Number of employees16 500 2018 4 6 7 Websitesynchrony wbr com Contents 1 History 2 Recent corporate history 3 Products and technology 4 Public private partnerships 5 Settlements 6 References 7 External linksHistory editSynchrony traces its roots to 1932 9 GE Capital Retail Bank was started during the Great Depression providing customers with a line of credit to purchase GE appliances The lending arm remained GE Capital Retail Bank until it was spun off from its parent company in June 2014 10 11 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 10 On July 31 2014 Synchrony Financial raised 2 88 billion in its initial public offering 11 Recent corporate history editIn 2017 Synchrony acquired GP Shopper 12 13 In 2018 Synchrony acquired Loop Commerce which provides a patented digital gifting platform called GiftNow 14 15 In 2018 Synchrony s largest program was the acquisition of PayPal s 7 6 billion credit receivables portfolio 4 16 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 17 GIC Private Limited the sovereign wealth fund of Singapore owned 7 72 of Synchrony s stock in 2019 18 However GIC exited its position by 2023 19 Products and technology editSynchrony is the largest provider of private label credit cards in the U S 20 Brands partnered with Synchrony include Amazon 21 Lowe s 22 Guitar Center 23 Cathay Pacific Rakuten Verizon Sleep Number Walgreens and Sam s Club 24 Synchrony 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 25 Synchrony has four Innovation Stations which are located in Stamford Connecticut Chicago Illinois Kettering Ohio 26 and Hyderabad India 27 In 2016 Synchrony Financial launched Digital Apply a credit application site and SyPI Synchrony plug in a feature for retailers mobile apps through which customers can access their credit card information 28 As of 2019 more than 20 retailers had adopted SyPI and nearly 2 billion in credit card payments had been made through the technology 29 In 2018 Synchrony created the Alexa Store Card skill for customers to manage their Amazon Store Cards via voice technology 30 Public private partnerships editIn 2016 the University of Connecticut s School of Engineering announced the launch of Synchrony s Center of Excellence in Cybersecurity 31 In 2018 Synchrony opened an emerging tech center at the University of Illinois 32 In 2019 Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut s Stamford campus 33 During the dedication of the center the company announced a 1 million donation to the Connecticut Commitment an initiative aimed at helping lower income Connecticut students attend the university tuition free 33 Settlements editIn 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 primarily surrounding nefarious enrollment practices for add on programs such as financial hardship relief 34 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 however the CFPB ordered many millions more in redress 35 References edit Synchrony Financial on the Forbes Global 2000 List Forbes Retrieved 2016 10 04 a b SYNCHRONY FINANCIAL 2016 Form 10 K Annual Report Bishop Sue Synchrony Promotes Brian Doubles To President PR Newswire Press release Synchrony Retrieved 21 May 2019 a b c d SYNCHRONY 2018 Form 10K Annual Report www sec gov Retrieved 16 April 2019 a b c CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA List SEC Retrieved 2022 03 24 Synchrony Financial Fact Sheet Working at Synchrony Explore out Products People and Principles Synchrony Factsheet Sychrony Retrieved 16 April 2019 Shah Aman 13 March 2014 GE files to spin off credit card unit Reuters Retrieved 17 June 2019 a b De La Merced Michael March 13 2014 G E Files to Spin Off Retail Finance Unit New York Times a b GE credit card unit Synchrony Financial prices IPO at 23 per share Reuters July 30 2014 BRIEF Synchrony Financial to buy GPShopper Reuters March 20 2017 Rogers Bruce Maya Mikhailov s Journey From Russia To Co Founder Of GPShopper Forbes Retrieved 2020 03 23 Synchrony To Acquire Loop Commerce PARTNERSHIPS ACQUISITIONS PYMNTS 10 May 2018 Retrieved 17 June 2019 Zacks Synchrony Financial Braces Portfolio With Loop Commerce Buy www nasdaq com Retrieved 2020 03 23 PayPal July 3 2018 PayPal and Synchrony Complete Consumer Credit Receivables Sale PayPal Perez Sarah July 3 2018 PayPal sells its consumer credit portfolio to Synchrony for 7 billion TechCrunch Synchrony proxy statement sec gov Securities and Exchange Commission https investors synchrony com filings regulatory sec filings all sec filings content 0001193125 23 090318 0001193125 23 090318 pdf Synchrony Financial SEC Registration sec report Retrieved 2020 04 24 GuruFocus Warren Buffett And Seth Klarman Agree On One Stock Synchrony Financial Forbes Retrieved 2020 04 24 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 amp Company Inc Retrieved June 3 2015 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 Synchrony Credit Cards Zacks Publisher Synchrony Financial s Credit Card Expands Acceptance Network www nasdaq com Retrieved 2020 04 24 Innovation Synchrony com synchrony financial to invest 12 m in hyderabad facility The Hindu 29 April 2016 Synchrony Financial Plug in Easily Integrates Credit into Retailers Mobile Apps Business Wire 24 October 2016 Retrieved 20 May 2019 Synchrony Financial Q4 2018 Results Earnings Call Transcript Seeking Alpha 23 January 2019 p 8 Retrieved 20 May 2019 Ward Nicole 2 May 2018 Synchrony Teams with Amazon to Introduce New Alexa Skill for Amazon Store Card Business Wire Retrieved 20 May 2019 Mahoney Sara 12 Oct 2016 UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity UConn Today Retrieved 20 May 2019 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 a b Synchrony Digital Technology Center Dedicated Gift to Connecticut Commitment Announced UConn Today 2019 12 16 Retrieved 2020 05 19 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 Schneier Cogan 14 June 2019 GE Capital arm to pay record credit card settlement USA Today External links editOfficial websiteBusiness data for Synchrony GoogleSEC filingsYahoo Retrieved from https en wikipedia org w index php title Synchrony Financial amp oldid 1197520793, wikipedia, wiki, book, books, library,

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