Payments platform giant PayPal (NASDAQ: PYPL) announced on Thursday it has extended its strategic consumer credit partnership with Synchrony (NYSE: SYF). PayPal reported that through the collaboration, Synchrony will become the exclusive issuer of a Venmo co-branded consumer credit card in the U.S., which is expected to launch in the second half of 2020.
“The new Venmo credit card program will combine Venmo’s expertise in mobile design and social user experience with Synchrony’s industry-leading technology, program management capabilities and data analytics to create personalized shopping and payment experiences for the Venmo user base.”
While sharing more details about the partnership, Dan Schulman, CEO of PayPal, stated:
“For 15 years, Synchrony has been a strategic partner in offering credit cards that enable greater purchasing power and rewards for PayPal consumers. We are pleased to deepen our relationship with Synchrony to bring groundbreaking new credit experiences to the Venmo community through a desirable credit card and a seamless in-app experience.”
Margaret Keane, CEO of Synchrony, also commented:
“PayPal and Venmo continue to transform the payment experience for consumers, and we are proud to be their partner-of-choice. Synchrony’s digital technology and expertise will enable Venmo and PayPal to further grow their business by creating new innovative consumer experiences.”
The duo added that with Venmo, Synchrony’s open banking APIs will offer a payment and credit experience for users. Users will be able to easily apply, buy, and manage their accounts natively in the Venmo app.
