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Synchrony Invests in Skipify to Transform Digital Commerce

Synchrony, a leading consumer financial services company, announced a strategic investment in Skipify – a digital payments company that enables merchants to offer an instant, one-tap checkout solution.  In addition to the strategic investment made through Synchrony Ventures, Synchrony will partner with Skipify on commercializing Skipify’s capabilities across Synchrony’s expansive merchant network and financial ecosystem.

Today, customers seek 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. 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. Merchants using Skipify’s solutions have seen a 30 percent increase in sales conversions, according to the company.

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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.

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“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,” said Trish Mosconi, EVP, Chief Strategy and Corporate Development Officer at Synchrony. “With approximately 60 million cardholders, this partnership has the power to transform digital commerce as we know it.”

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“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,” said Ryth Martin, CEO and Co-Founder of Skipify.

Synchrony Ventures invests in early-stage companies with uniquely innovative solutions and capabilities in the financial services, commerce, and healthcare sectors. The team provides access to Synchrony’s leading financial ecosystem – committing money, time, and resources to its partners to enable growth and success. With a portfolio of more than 15 companies, Synchrony collaborates with founders to shape the future of financial services.

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[To share your insights with us, please write to sghosh@martechseries.com]

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