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Synchrony will update the financial impact of the transaction in its second quarter 2018 earnings call. We look forward to working with Synchrony to double down on our innovative consumer credit experiences for our customers and profitably grow the portfolio over time.” “Our agreement with Synchrony accomplishes every goal we set out for our asset light strategy. consumer credit receivables portfolio,” said Dan Schulman, president and CEO of PayPal, in a statement. “We’re pleased that we’ve completed the sale of our U.S. It could use the cash to make acquisitions, for example - something it’s already done, in fact, with the $2.2 billion all-cash acquisition of iZettle in May, and the $400 million in cash acquisition of Hyperwallet in June.

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While the sale means PayPal loses the interest the loans could generate, it was part of the company’s strategy to free up billions in cash it could use in other ways to grow the business, including in ways that could produce higher returns. In addition, Synchrony will now be the exclusive issuer of the PayPal Credit online consumer financing program in the U.S, also through 2028. As part of the deal to sell the consumer credit receivables business, the companies have extended through 2028 their credit card program agreement involving the PayPal Extras Mastercard and the PayPal Cashback Mastercard. The two companies have been partners since 2004 to offer PayPal-branded credit cards that allow PayPal users to shop online and in stores. PayPal received approximately $6.9 billion in total consideration at the time of closing.īoth companies’ stocks were up this morning in pre-market trading as a result of the news, with PayPal up 0.7 percent and Synchrony up. consumer credit portfolio, totaling $6.8 billion at the close, as well as around $0.8 billion in participation interests held by unaffiliated third parties. That deal has now closed, with Synchrony actually acquiring $7.6 billion in receivables, including PayPal’s U.S. Mastercard, Tap & Go and the circles design are registered trademarks of Mastercard International Incorporated.In November 2017, PayPal announced it had agreed to sell $5.8 billion in consumer credit receivables to Synchrony Financial as a part of an expanded relationship between the two companies.

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The PayPal Cashback Mastercard is issued by Synchrony Bank pursuant to a license by Mastercard International Incorporated. The Contactless Indicator mark, consisting of four graduating arcs, is a trademark owned by and used with permission of EMVCo, LLC. PayPal and Synchrony Bank do not endorse, recommend, warrant or take responsibility for these offered benefits. The benefits and services as further described in the Mastercard Guide to Benefits are provided solely by Mastercard International Incorporated. If you do not have that account, you can only transfer your Cash Rewards to your bank account or debit card linked to your account with PayPal. You must be at least 18 years old and reside in the US or its territories to apply.ģ Important information on redeeming Cash Rewards: You need to have a PayPal Balance account to use your redeemed rewards in your balance. †Applications are subject to credit approval.

See Rewards Program Terms for details and restrictions. Estimated cash back rewards amounts are for illustrative purposes.ġ Purchases are subject to credit approval, and the PayPal Cashback Mastercard must be used for payment.