Synchrony, a consumer financial services firm, has announced a strategic investment in Skipify – a digital payments firm that allows merchants to provide an instant, one-tap checkout solution.
In addition to the investment made via Synchrony Ventures, Synchrony will team up with Skipify on “commercializing Skipify’s capabilities across Synchrony’s expansive merchant network and financial ecosystem.”
Customers are looking for speed and ease while merchants want to “simplify the transaction process and customer experience.” Synchrony’s partnership with Skipify will “bring one-tap checkout across emails, ads, and texts, in addition to websites,” the update noted.
Synchrony’s merchant partners will be able to “embed the enhanced checkout solution offering consumers the ability to complete their purchase with one of their Synchrony-issued credit cards in one-tap and automatically apply any applicable card rewards and discounts,” the announcement explained.
Merchants using Skipify’s solutions have seen a 30% increase in sales conversions, according to the company.
This collaboration deepens Synchrony’s partner ecosystem and “reinforces the company’s growth strategy to expand and accelerate innovative product offerings through additional distribution channels,” according to a release.
Trish Mosconi, EVP, Chief Strategy and Corporate Development Officer at Synchrony.
“Synchrony is committed to continuously evolving the shopping journey for customers which means helping our merchant partners digitally transform, reduce friction and increase conversion rates. With approximately 60 million cardholders, this partnership has the power to transform digital commerce as we know it.”
Ryth Martin, CEO and Co-Founder of Skipify, remarked:
“The products and capabilities Synchrony has, plus the ability to scale them – and their expertise in loyalty, analytics, and email marketing, makes this partnership a key growth driver for us. We are on a mission to redefine frictionless commerce and look forward to co-creating the future.”
Synchrony Ventures invests in early-stage firms with innovative solutions and capabilities in the financial services, commerce, and healthcare sectors. The announcement also mentioned that the team provides access to Synchrony’s financial ecosystem – “committing money, time, and resources to its partners to enable growth and success.”
With a portfolio of over 15 firms, Synchrony works with with founders to “shape the future of financial services.”