Synchrony reported a record-breaking third quarter with purchase volume reaching $49.7 billion, marking an 8% year-over-year increase. Growth was observed across all five of the company's sales platforms, with the Diversified & Value segment leading at a 13% rise, followed by Home & Auto at 9%, Lifestyle at 6%, Digital at 5%, and Health & Wellness at 3%.
The company expanded its partner network by adding or renewing 10 agreements, including collaborations with La-Z-Boy and Fender. Synchrony also integrated its CareCredit financing into the Vetspire platform and partnered with Stripe to streamline online checkout options for health retailers. Additionally, the firm introduced the CareCredit Pay Later installment loan product.
Technological initiatives remain a priority for Synchrony, as evidenced by its partnership with OpenAI for agentic commerce and enterprise AI access. The company also joined the Personal Agent Protocol initiative to help establish open standards for agentic commerce. Furthermore, Synchrony updated the Venmo credit card to enhance cash-back rewards for split purchases.
