Pets Best Insurance Services
2022
Why
Acquisition of leading US pet health insurance agency.
Outcome
Built a rapidly growing pet healthcare financing and insurance ecosystem.
Synchrony Bank
Consumer Financial ServicesFounded 1932- HQ today: Stamford, Connecticut, United States
Reviewed by Swet Parvadiya
Company data updated: November 2026
Acquisitions
Synchrony Bank Acquisitions
3
Major Deals Covered
What are Synchrony Bank's biggest acquisitions?
This page covers 3 major deals from 2018 to 2022, each with its price where disclosed and the reason behind it.
- Major deals covered
- 3
- First deal
- 2018
- Most recent
- 2022
| Company | Year | Price | Purpose |
|---|---|---|---|
| Pets Best Insurance Services | 2022 | Undisclosed | — |
| Allegro Credit | 2021 | Undisclosed | — |
| LoopPay & Mobile Technology Assets | 2018 | Undisclosed | — |
- What companies has Synchrony Bank bought?
- Major acquisitions by Synchrony Bank documented here include Pets Best Insurance Services (2022), Allegro Credit (2021) and LoopPay & Mobile Technology Assets (2018).
- What is Synchrony Bank's most recent acquisition?
- The most recent Synchrony Bank acquisition documented here is Pets Best Insurance Services, in 2022.
Allegro Credit
2021
Why
Acquisition of specialized point-of-sale financing company.
Outcome
Broadened specialty merchant network and point-of-sale installment volume.
LoopPay & Mobile Technology Assets
2018
Why
Acquisition of digital payment and mobile wallet intellectual property.
Outcome
Accelerated digital wallet integration across partner merchant mobile apps.
Synchrony Bank's Growth & Acquisition Strategy
Synchrony is executing three strategic vectors under CEO Brian Doubles: (1) Scaling digital wallet and point-of-sale installment financing (Buy Now, Pay Later / Pay in 4) across major digital commerce ecosystems, seamlessly integrating Synchrony financing into mobile wallets; (2) Expanding the CareCredit healthcare network into routine primary healthcare, pet insurance, and specialty veterinary hospitals, capitalizing on the rising pet humanization and out-of-pocket medical expense trends; and (3) Growing Synchrony Bank's direct-to-consumer digital deposit platform, leveraging competitive high-yield savings rates to gather low-cost, sticky consumer deposits to fund loan growth.
How Synchrony Bank Makes Money
Synchrony operates an exceptionally profitable, high-return consumer finance and retail partnership business model organized into five core sales platforms: (1) Home & Auto (~35% of receivables), financing home improvement (Lowe's), furniture, and automotive repairs; (2) Digital (~25%), powering co-branded credit cards and store cards for digital commerce giants (Amazon, PayPal, Venmo); (3) Diversified & Value (~20%), serving mass-merchandise and discount retailers (Sam's Club, TJX/TJ Maxx); (4) Health & Wellness (~15%), operating the CareCredit network accepted at over 260,000 healthcare, dental, and veterinary provider locations; and (5) Lifestyle (~5%), financing outdoor sports, music, and luxury jewelry. Synchrony monetizes its platform through three primary streams: high-yield interest income earned on revolving card balances, retailer merchant discount fees, and fee income from debt cancellation and card services. A vital structural component of Synchrony's model is its Retailer Share Arrangements (RSAs)—contractual profit-sharing agreements where Synchrony shares card profits with retail partners while sharing credit loss risks, strongly aligning merchant incentives.
Synchrony Bank Acquisitions FAQ
What was Synchrony's acquisition of Ally Lending in 2024?
In 2024, Synchrony acquired Ally Financial's point-of-sale installment financing business, adding $2.2 billion in loan receivables and 2,500 merchant partners in home improvement and health.
When did Synchrony acquire CareCredit?
CareCredit was acquired in 2003 by GE Consumer Finance and built into Synchrony's Health & Wellness segment, now accepted at over 250,000 healthcare and veterinary locations.
What was the purpose of the Loop Commerce acquisition?
Synchrony acquired Loop Commerce in 2018 to leverage its patented GiftNow digital gifting platform, enabling retail partners to offer seamless e-commerce gifting at checkout.
Why did Synchrony acquire Pets Best pet insurance in 2022?
Veterinary medicine is one of CareCredit's fastest-growing segments; acquiring Pets Best allowed Synchrony to bundle monthly pet insurance with CareCredit veterinary financing, capturing the pet healthcare boom.
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