Synchrony expands point-of-sale financing with acquisition of Versatile Credit
Synchrony has acquired Versatile Credit, a leading provider of consumer-financing software that connects merchants, lenders, and consumers at the point of sale. The move, according to reporting from OPE-plus.com, strengthens Synchrony’s technology capabilities and expands its reach across retail and service industries that rely on flexible credit solutions — including powersports.
Versatile’s multi-lender platform provides dealers and retailers with access to a broader range of financing options, enabling customers to qualify for credit more easily and driving sales conversions. The company’s tools integrate with dealer systems and provide real-time reporting to track financing performance.
“As a trusted partner to many of the country’s top brands and small businesses, we’re committed to helping them grow through technology and access to credit,” says Maran Nalluswami, executive vice president and chief strategy and business development officer at Synchrony. “Versatile’s platform sits at the forefront of consumer financing, driving more sales for merchants and expanded access to credit for customers.”
Versatile currently supports merchants in industries such as furniture, home improvement, automotive, jewelry, and healthcare. Synchrony plans to maintain Versatile’s business strategy, management team, and relationships with other lending partners, while accelerating development of new financing technologies.
Ed O’Donnell, CEO of Versatile Credit, adds, “We’ve worked closely with Synchrony for more than 15 years and share the same goal—helping merchants provide more ways for customers to finance their purchases. Joining Synchrony allows us to expand that reach and continue improving the user experience.”
The acquisition is not expected to have a material impact on Synchrony’s earnings but positions the company to deliver more integrated and flexible financing options to dealers and their customers across multiple retail sectors, including powersports.
