Synchrony Financial

Synchrony Financial
Company typePublic
IndustryFinancial services
FoundedSeptember 12, 2003; 21 years ago (2003-09-12)[1]
Headquarters
Stamford, Connecticut, U.S.[2]
Key people
[3]
ProductsCredit cards
Payment systems
Revenue Increase US$14.8 billion (2018)[4]
Increase US$4.21 billion (2021)[5]
Total assets Decrease US$95.748 billion (2021)[5]
Total equity Increase US$13.655 billion (2021)[5]
Number of employees
16,500 (2018)[4][6][7]
Websitesynchrony.com

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]

History

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

In 2017, Synchrony acquired GPShopper.[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

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

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

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

  1. ^ "Synchrony Financial on the Forbes Global 2000 List". Forbes. Retrieved 2016-10-04.
  2. ^ a b "Document". www.sec.gov.
  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. ^ "SCHEDULE 14A - Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934" (PDF). investors.synchrony.com.
  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: Prequalify or Apply Online". www.synchrony.com.
  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.
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