STAMFORD, Conn.--(BUSINESS WIRE)--Synchrony Financial (NYSE: SYF), today announced a strategic investment in GPShopper, an innovative developer of mobile apps with a focus on the retail industry.
The investment enables Synchrony Financial, a premier consumer financial services company with 80 years of retail heritage, to complement its proprietary mobile offerings, which currently include account acquisition, management and reward redemption. An expanded suite of solutions for retailers will integrate credit more easily into the shopping experience with personalized offers, mobile payment capabilities, loyalty programs and other key features.
“We’re making strategic investments that align with the needs of retail partners and consumers. Partnering with GPShopper builds on our existing mobile platforms for credit applications and account servicing with easy account management functionality and new ways to engage with shoppers and enhance value for them,” said Margaret Keane, president and CEO of Synchrony Financial.
Synchrony Financial research* confirms consumers are increasingly using their mobile device to research and apply for credit and manage their accounts. In fact, more than 40 percent of shoppers surveyed report using a mobile device while they are in-store. At the same time, Synchrony Financial continues to see rise in mobile credit applications, which more than doubled year-over-year, while mobile service grew by more than 50 percent. GPShopper’s platform can connect credit and loyalty with in-store and mobile shopping, to create a branded and seamless customer experience.
Terms of the investment were not made available.
About GPShopper®
GPShopper is the leading integrated mobile platform with retail clients, spanning apparel, cosmetics, appliances and electronics, and many other segments. GPShopper’s solutions empower retailers to garner customer engagement and loyalty by bridging the online and in-store shopping experience with the use of mobile technologies. GPShopper’s apps and mobile platform have been recognized as best-in-class by retail and technology leaders, winning awards from the National Retail Foundation (NRF), Direct Marketing Association (DMA), eTail, AT&T and Intel for excellence in mobile innovation. Forbes named GPShopper one of “Ten Companies Disrupting Their Industries with Technology in 2014”. More information can be found at www.gpshopper.com, twitter.com/GPShopper or LinkedIn.com/company/gpshopper.
About Synchrony Financial
Synchrony Financial (NYSE: SYF), formerly GE Capital Retail Finance, is one of the premier consumer financial services companies in the United States. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables. We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ more than 300,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Our offerings include private label and co-branded credit cards, promotional financing and installment lending, loyalty programs and Optimizer+plus branded FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com and twitter.com/SYFNews.
*Synchrony Financial’s fourth annual 2014 Mobile Shopping and Payments Study
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