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March 4, 2024

Stamford-based Synchrony acquires point-of-sale lending company

CoStar Synchrony's headquarters at 777 Long Ridge Road in Stamford.

Stamford-based financial services company Synchrony announced Monday that it has acquired a point-of-sale financing business, Ally Lending.

Synchrony purchased the business from Detroit-based Ally Financial Inc.

Ally Lending provides revolving credit and installment loans at point-of-sale locations in the home improvement and healthcare industries.

The acquisition deepens Synchrony’s “presence and reach” in those industries, including in “high-growth specialty areas” such as roofing, HVAC and windows, along with cosmetic care, audiology and dentistry. 

"We are pleased to welcome the Ally Lending team to our Synchrony family,” said Curtis Howse, CEO of home and auto at Synchrony. “The combination of their industry knowledge, flexible financing solutions and customer-focused mindset paired with Synchrony's multi-product strategy will provide more choice to our consumers and help our merchants grow.”

Ally’s portfolio includes relationships with nearly 2,500 merchants. It also has more than 450,000 active borrowers.

Synchrony expects the acquisition to be accretive to full year 2024 earnings per share.

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