Synchrony has acquired Versatile Credit for an undisclosed amount. This strategic acquisition expands Synchrony’s capabilities within the consumer financing sector.
Versatile Credit is a financial technology provider that delivers high-impact solutions for consumer financing. Its omnichannel platform offers innovative financing options both in-store and online, designed to help retailers achieve increased revenue and higher average ticket sizes. The company’s deep customization and integration capabilities are key to solving unique business problems for its merchant partners.
Versatile’s technology simplifies the financing process for retailers and their customers by providing a single application that connects to over 35 prime, near-prime, and no-credit-needed lenders. This multi-lender network allows more customers to gain approvals, reducing lost sales and optimizing the overall credit strategy for businesses across various industries.
For Synchrony, this acquisition is aimed at enhancing its comprehensive suite of consumer financing products and services. By integrating Versatile Credit’s robust technology and extensive lender network, Synchrony can offer its merchant partners a broader spectrum of financing solutions, ranging from traditional credit to near-prime and lease-to-own options. This move is expected to streamline the financing journey for both retailers and consumers, fostering greater choice and flexibility.
The combined entity is poised to deliver a more powerful and adaptable financing ecosystem. Merchants can anticipate an even more robust platform to optimize sales and customer approvals, while consumers will benefit from a wider array of accessible and convenient financing choices, leading to improved purchasing experiences.