Synchrony Financial

Previously named GE Capital Retail Finance Corporation, Synchrony was incorporated in Delaware in 2003. The company was inactive until 2013.{{Cite web |title=All SEC Filings |url=https://investors.synchrony.com/filings-regulatory/sec-filings/all-sec-filings?page=186##document-63-0001193125-14-096671-2 |access-date=2025-02-13 |website=Synchrony Financial |language=en}}{{cite news |url=https://www.reuters.com/article/us-general-electric-ipo/ge-files-to-spin-off-credit-card-unit-idUSBREA2C0RZ20140313 |title=GE files to spin off credit card unit |last=Shah |first=Aman |date=13 March 2014 |work=Reuters |access-date=17 June 2019}}{{cite news |url=https://dealbook.nytimes.com/2014/03/13/g-e-files-to-spin-off-retail-finance-unit/ |title=G.E. Files to Spin Off Retail Finance Unit |last=De La Merced |first=Michael |newspaper=New York Times |date=March 13, 2014}}{{cite news |url=https://www.reuters.com/article/us-synchronyfinancial-ipo-idUSKBN0G000O20140731 |title=GE credit card unit Synchrony Financial prices IPO at $23 per share |work=Reuters |date=July 30, 2014}} Centered on co-branded credit products, Synchrony went public in July 2014 and raised $2.88 billion in its initial public offering.

In 2017, Synchrony acquired GPShopper.{{cite web |url=https://www.reuters.com/article/brief-synchrony-financial-to-buy-gpshopp-idUSASB0B65O |title=BRIEF-Synchrony Financial to buy GPShopper |publisher=Reuters |date=March 20, 2017}}{{cite web |url=https://www.forbes.com/sites/brucerogers/2019/01/08/maya-mikhailovs-journey-from-russia-to-co-founder-and-cmo-of-gpshopper/ |title=Maya Mikhailov's Journey From Russia To Co-Founder Of GPShopper |last=Rogers |first=Bruce |website=Forbes |language=en |access-date=2020-03-23}}

In 2018, Synchrony acquired Loop Commerce, which provides a patented digital gifting platform called GiftNow.{{cite web |url=https://www.pymnts.com/news/partnerships-acquisitions/2018/synchrony-loop-commerce-gift-shopping/ |title=Synchrony To Acquire Loop Commerce |date=10 May 2018 |website=PARTNERSHIPS / ACQUISITIONS |publisher=PYMNTS |access-date=17 June 2019}}{{cite web |url=https://www.nasdaq.com/articles/synchrony-financial-braces-portfolio-loop-commerce-buy-2018-06-11 |title=Synchrony Financial Braces Portfolio With Loop Commerce Buy |last=Zacks|website=www.nasdaq.com |language=en |access-date=2020-03-23}} In 2018, Synchrony's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio.{{cite web |title=SYNCHRONY 2018 Form 10K Annual Report |url=https://www.sec.gov/Archives/edgar/data/1601712/000160171219000053/synchrony1231201810k.htm |website=www.sec.gov |access-date=16 April 2019}}{{cite web |url=https://www.paypal.com/stories/us/paypal-and-synchrony-complete-consumer-credit-receivables-sale |title=PayPal and Synchrony Complete Consumer Credit Receivables Sale |last=PayPal |date=July 3, 2018 |website=PayPal}} Synchrony Bank also became the 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.{{cite web |url=https://techcrunch.com/2018/07/03/paypal-sells-its-consumer-credit-portfolio-to-synchrony-for-7-billion/ |title=PayPal sells its consumer credit portfolio to Synchrony for $7 billion |last=Perez |first=Sarah |author-link=@sarahintampa |date=July 3, 2018 |website=TechCrunch}}

In 2020, consumer advocacy groups urged the Consumer Financial Protection Bureau and Comptroller of the Currency to investigate the use of PayPal Credit to pay tuition at for-profit schools, where students are generally ineligible for lower-cost federal loans.{{Cite news |last=Carrns |first=Ann |date=2020-08-21 |title=Consumer Groups Take PayPal to Task Over Student Loan Credit Line |url=https://www.nytimes.com/2020/08/21/business/paypal-student-loans-synchrony.html |access-date=2025-02-13 |work=The New York Times |language=en-US |issn=0362-4331}} The advocacy groups classified the 24% interest rates, $40 late fees, and aggressive collection practices as "predatory."{{Cite web |last=Douglas-Gabrielle |first=Danielle |date=August 21, 2020 |title=Consumer groups alarmed by PayPal’s role in education finance want regulators to investigate |url=https://www.washingtonpost.com/education/2020/08/21/consumer-groups-alarmed-by-paypals-role-education-finance-want-regulators-investigate/ |access-date=February 12, 2025 |website=The Washington Post}}

Synchrony owns CareCredit, the largest provider of medical credit cards in the United States. In May 2024, a class action suit was filed in New York alleging that the card's interest rates of 32.99%% violate state usury laws. {{Cite web |last=Semuels |first=Alana |date=2025-01-14 |title=How Doctors Are Pushing Medical Credit Cards on Patients |url=https://time.com/7206759/medical-credit-cards/ |access-date=2025-03-21 |website=TIME |language=en}}

GIC Private Limited, the sovereign wealth fund of Singapore, owned 7.72% of Synchrony's stock in 2019.{{cite web |title=Synchrony proxy statement |url=https://www.sec.gov/Archives/edgar/data/1601712/000119312519099228/d718975ddef14a.htm#tx718975_24 |website=sec.gov |publisher=Securities and Exchange Commission}} However, GIC exited its position by 2023.{{Cite web | url=https://investors.synchrony.com/filings-regulatory/sec-filings/all-sec-filings/content/0001193125-23-090318/0001193125-23-090318.pdf | title=SCHEDULE 14A - Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | website=investors.synchrony.com}}

Synchrony is the largest provider of private-label credit cards in the U.S.{{cite web |url=https://sec.report/CIK/0001601712 |title=Synchrony Financial SEC Registration |website=sec.report |access-date=2020-04-24}} Brands partnered with Synchrony include Amazon,{{cite web |url=https://www.forbes.com/sites/gurufocus/2018/07/10/the-one-stock-warren-buffett-and-seth-klarman-agree-on-and-are-buying/ |title=Warren Buffett And Seth Klarman Agree On One Stock – Synchrony Financial |last=GuruFocus |website=Forbes |language=en |access-date=2020-04-24}} Lowe's,{{cite news |last=Johnson |first=Andrew |title=GE Plans Credit-Card IPO as Plastic Gets Popular; New Company to Be Called Synchrony Financial |newspaper=The Wall Street Journal |publisher=Dow Jones & Company Inc. |date=March 13, 2014 |url=https://www.wsj.com/articles/SB10001424052702303546204579436793107211978 |access-date=June 3, 2015}} Guitar Center,{{cite news |last=Passeri |first=James |title=GE Spinoff Synchrony Financial Is Still Trying to Stand on Its Own |newspaper=The Street |publisher=TheStreet, Inc. |date=April 17, 2015 |url=http://www.thestreet.com/story/13116855/1/ge-spinoff-synchrony-financial-is-still-trying-to-stand-on-its-own.html |access-date=June 3, 2015}} Cathay Pacific, Rakuten, Verizon, Sleep Number, Walgreens, and Sam's Club.{{Cite web|url=https://www.synchrony.com/financing/credit-cards|title=Synchrony Credit Cards: Prequalify or Apply Online|website=www.synchrony.com}}

Synchrony has four "Innovation Stations," which are located in Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio and Hyderabad, India.{{cite news |newspaper=The Hindu |url=http://www.thehindu.com/news/cities/Hyderabad/synchrony-financial-to-invest-12-m-in-hyderabad-facility/article8534972.ece |title=synchrony-financial-to-invest-12-m-in-hyderabad-facility |date=29 April 2016}}

In 2016, the University of Connecticut's School of Engineering announced the launch of Synchrony's Center of Excellence in Cybersecurity.{{cite news |url=https://today.uconn.edu/2016/10/uconn-establishes-synchrony-financial-center-excellence-cybersecurity/ |title=UConn Establishes Synchrony Financial Center of Excellence in Cybersecurity |last=Mahoney |first=Sara |date=12 Oct 2016 |work=UConn Today |access-date=20 May 2019}}

In 2018, Synchrony opened an emerging tech center at the University of Illinois.{{cite web |url=https://www.synchrony.com/synchrony-opens-emerging-tech-center-at-the-university.html |title=Synchrony Opens Emerging Tech Center at the University of Illinois to Develop Artificial Intelligence Solutions |last=Bliell |first=Laura |date=12 April 2018 |website=Synchrony Financial |access-date=20 May 2019}}

In 2019, Synchrony opened the Synchrony Digital Technology Center at the University of Connecticut's Stamford campus.{{cite web |title=Synchrony Digital Technology Center Dedicated; Gift to Connecticut Commitment Announced |url=https://today.uconn.edu/2019/12/synchrony-digital-technology-center-dedicated-gift-connecticut-commitment-announced/ |date=2019-12-16 |website=UConn Today |language=en-US |access-date=2020-05-19}} 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.

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.{{cite press release |url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-ge-capital-to-pay-225-million-in-consumer-relief-for-deceptive-and-discriminatory-credit-card-practices/ |title=CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices |publisher=Consumer Financial Protection Bureau |date=June 19, 2014}}{{cite news |url=https://www.usatoday.com/story/money/business/2014/06/19/ge-capital-bank-synchrony-credit-card-discrimination/10886795/ |title=GE Capital arm to pay record credit card settlement |last=Schneier |first=Cogan |date=14 June 2019 |work=USA Today}}

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• {{official website|https://www.synchrony.com/}}

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Category:American companies established in 2003

Category:Financial services companies established in 2003

Category:Former General Electric subsidiaries

Category:Credit cards in the United States

Category:Companies based in Stamford, Connecticut

Category:Companies listed on the New York Stock Exchange

Category:Financial services companies of the United States

Category:2014 initial public offerings