Synchrony Financial is expanding its distribution network through acquisition and additional product offerings in 2024. 

The Stamford, Conn.-based company “continued to diversify our programs in 2023, broadening the utility of our offerings and extending our reach,” President and Chief Executive Brian Doubles said today during Synchrony’s fourth-quarter 2023 earnings call. Synchrony is working toward providing its partners the ability to “engage in person and digitally across a full suite of everyday financing options,” he said. 

Doubles reported the following digital moves:

• Synchrony acquired Ally Lending’s $2.2 billion point-of-sale financing business, which includes 2,500 merchant locations and more than 450,000 active borrowers; 
• The financial institution is adding digital wallet provisioning capabilities to PayPal, Venmo, Verizon, TJX and Belk; 
• During 2023, Synchrony rolled out its marketplace on synchrony.com and on its native app. The marketplace had more than 220 million visitors in 2023; and 
• Synchrony launched multiproduct prequalification in 2023.  

“These enhancements empower customers to weigh the benefits of various options in real time and make decisions that best suit their financing needs,” Doubles said. 

BY THE NUMBERS: During Q4, Synchrony reported:  

• Information processing expenses increased 14.2% year over year to $190 million; 
• Digital loan volume increased 13% YoY to $28.9 billion; and 
• Digital purchase volume grew 5% YoY to $15.5 billion.  

“Synchrony is increasingly anywhere our customer is looking to make a purchase or a payment, large or small, in person or digitally, and across an ever-expanding range of markets and industries,” Doubles said. 

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