Strong Business Results, Top Global Employer
Recognition, and Leading Portfolio of Partner Brands Reflect
Synchrony's Central Role in Driving Economic Growth a Decade After
IPO
Celebrates with Additional $1 Million in Grants to Nonprofits Globally
through Employee-Directed Program
STAMFORD, Conn., July 31,
2024 /PRNewswire/ -- Synchrony (NYSE: SYF), a
leading financing partner for many of America's most iconic brands,
is celebrating 10 years as a publicly traded company. From health
to home, retail to wholesale, savings and spending, Synchrony plays
a central role in driving economic growth for hundreds of thousands
of businesses and Americans through credit access.
Synchrony serves tens of millions of customers in the United States who rely on Synchrony to
finance everyday purchases with credit cards, which for many are
their starter cards, and to achieve savings goals with high-yield
savings and CDs. With more than 20,000 employees globally, the
company holds its values- and people-centric culture as the winning
components of its success; prioritizing initiatives co-designed
with employees, driving it to be recognized as one of the nation's
Best Companies to Work For®.
"This is a story nearly 100 years in the making. Becoming a
standalone public company ten years ago allowed us to invest in
growth for the long-term," said Brian Doubles, president
and CEO of Synchrony. "From our products to our partnerships,
every decision we've made comes from the understanding that with
access to the right financing, people and American businesses
thrive."
As an employee-recognized top employer, Synchrony continues to
support its people and communities inside and outside of the
workplace. In celebration of the 10-year milestone, Synchrony is
giving 100 employees the chance to donate a $10,000 grant to a charity close to their heart
in the U.S., India and
the Philippines. Through the
company's philanthropic program, Synchrony employees can drive
positive change while supporting nonprofits across the globe.
During the past 10 years, the company has achieved key
milestones:
KEY FINANCIAL HIGHLIGHTS SINCE IPO
- Annual purchase volume grew 80% to $185
billion in 2023
- Loan receivables up over 85% to $102
billion today
- Bank deposits more than quadrupled to over $70 billion
- Returned over $20 billion to
shareholders and more than tripled tangible book value per
share
INCREASING ACCESS TO CONSUMER FINANCING TO SUPPORT
CARDHOLDERS AND BUSINESSES
- Created and extended world-class partner programs with hundreds
of thousands of merchants and providers.
- Expanded the company's reach and scale in home improvement, pet
care and health and wellness financing with acquisition
of Ally Lending and a strategic partnership with
Independence Pet Holdings while finding new ways to get more
Americans financed through Allegro Credit acquisition and
other partnerships.
- Working with a bank regulator on a public-private partnership
(Project REACh) to provide a path for many credit-challenged
Americans to obtain their first credit card.
BOLSTERING INNOVATION TO DELIVER RESULTS
- Developed industry-leading credit decisioning system,
PRISM, and a large network of proprietary and partner data that
allow us to assess creditworthiness beyond the credit score and
responsibly finance people who might be overlooked by traditional
banks and fintech lenders.
- Invested more than $5 billion in
modern digital technology since IPO to drive speed and scale of
operations.
- Secured 72 U.S. patents and filed 117 additional patent
applications to drive seamless customer experiences in areas such
as machine learning, frictionless payments and data analytics.
- Committed $100 million
to Ariel Alternatives' Project Black fund to scale
minority-owned businesses in the U.S. and position them as leading
Fortune 500 suppliers. Committed $45
million to funds led by Black, Latinx and female
entrepreneurs and 19 active investments via Synchrony Ventures, the
company's venture arm that invests in early-stage start-ups shaping
the future of fintech, e-commerce, healthcare, and financial
inclusion.
A GREAT PLACE TO DO GREAT WORK
- Recognized by Fortune and Great Place to Work® as a
Top 5 Best Company to Work For in 2024 in the U.S., and ranked
#1 on the Philippines Best Large Workplaces 2024 list and #2
on India's Best Companies to Work
For 2024 list.
- Pioneered a people-centric culture within the financial
services industry, offering hybrid work options, purposeful
connections and robust total well-being and progressive benefits.
- Synchrony's commitment to promoting equity and inclusion is
unwavering. In the most recent Great Place to Work employee survey,
95% of Synchrony employees globally say that Synchrony is a great
place to work and 94% say they are treated as a full member
regardless of role, with the employee experience consistent across
gender and race and across hourly employees and caregivers.
SUPPORTING OUR COMMUNITIES
- More than $70 million donated to
nonprofit and community organizations since 2014.
- Employee volunteer hours totaled 120,000 through 2023; employee
matched contributions totaled approximately $25 million.
- More than $19 million grants
donated and more than 1,400 scholarships provided since 2021 to
increase access to education, skills training and financial
literacy to underserved communities and our workforce through
Synchrony's global philanthropic program, Education as an
Equalizer.
- Recognized by JUST Capital in America's Most JUST
Companies and PEOPLE's Companies that Care lists.
To explore the many ways Synchrony is making a positive impact,
visit the Synchrony Newsroom here.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial
services company delivering one of the industry's most complete
digitally-enabled product suites. Our experience, expertise and
scale encompass a broad spectrum of industries including digital,
health and wellness, retail, telecommunications, home, auto,
outdoor, pet and more. We have an established and diverse group of
national and regional retailers, local merchants, manufacturers,
buying groups, industry associations and healthcare service
providers, which we refer to as our "partners." We connect
our partners and consumers through our dynamic financial ecosystem
and provide them with a diverse set of financing solutions and
innovative digital capabilities to address their specific needs and
deliver seamless, omnichannel experiences. We offer the right
financing products to the right customers in their channel of
choice. For more information, visit www.synchrony.com.
Media Contact
Synchrony
Lisa.Lanspery@syf.com
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