Synchrony acquires Versatile Credit, terms not disclosed

Synchrony (SYF) acquired Versatile Credit, a consumer-financing software provider connecting merchants, lenders, and consumers through point-of-sale solutions. Versatile’s multi-source financing platform empowers its partners by delivering increased access to credit in a seamless manner, Synchrony said. “As a trusted partner to some of the country’s most respected brands, as well as hundreds of thousands of small- and mid-sized businesses and health & wellness providers, Synchrony is committed to bringing innovative technology and capabilities to help them grow. Versatile’s platform sits at the forefront of consumer financing, ultimately driving more sales for merchants and expanded access to credit for consumers,” said Maran Nalluswami, Executive Vice President, Chief Strategy and Business Development Officer, at Synchrony. Synchrony intends to maintain Versatile’s business strategy, management structure, and data integrity, serving numerous other lenders as well as their merchants and providers. Versatile will collaborate with Synchrony to accelerate the technology roadmap for consumer financing solutions. The acquisition is expected to be immaterial to the Company’s earnings per share.