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Paypal hands control of receivables business to Synchrony

PayPal has handed over its consumer credit receivables to Synchrony, with the latter gaining to a portfolio worth up to $7.6 billion.

Since 2004, PayPal and Synchrony Bank have partnered to offer PayPal-branded consumer credit cards to consumers.

The two firms have extended their existing co-brand consumer credit card program agreement.

Synchrony is now the exclusive issuer of the PayPal Credit online consumer financing program in the US until 2028.

“Our agreement with Synchrony accomplishes every goal we set out for our asset light strategy. We look forward to working with Synchrony to double down on our innovative consumer credit experiences for our customers and profitably grow the portfolio over time,” said Dan Schulman, president and CEO of PayPal.

Margaret Keane, president and CEO of Synchrony, added: “This collaboration plays to both companies’ strengths in providing seamless digital payments and innovating for partners, merchants, and consumers.
“Together we can provide an enhanced customer experience for thousands of merchants and consumers.”

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