Synchrony Financial is a consumer financial services company headquartered in Stamford, Connecticut, United States. The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products through Synchrony Bank, its wholly owned online bank subsidiary. History Synchrony traces its roots to 1932. GE Capital Retail Bank was started during the Great Depression, providing customers a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until being spun off from its parent company in June 2014. GE filed with the Securities and Exchange Commission on March 13, 2014, announcing its intention to spin-off the portion of its GE Capital business dedicated to retail credit cards. GE's SEC filing indicated that the new company would be called Synchrony Financial. On July 31, 2014, Synchrony Financial raised $2.88 billion in its initial public offering. Recent corporate history In 2017, Synchrony acquired GP Shopper. In 2018, Synchrony acquired Loop Commerce, which provides a patented digital gifting platform called GiftNow. In 2018, Synchrony's largest program was the acquisition of PayPal's $7.6 billion credit receivables portfolio. PayPal also chose Synchrony Bank to be its exclusive issuer for the PayPal Credit point of sale financing program in the United States through 2028. Additionally, PayPal agreed to extend its existing co-brand credit card relationship with Synchrony through the same 10-year term. These transactions (collectively, the "PayPal transaction") officially closed in July 2018. In 2019, Synchrony announced the acquisition of Pets Best, which offers pet insurance and wellness plans for dogs and cats. Pets Best will operate under Synchrony's CareCredit platform. GIC Private Limited, the sovereign wealth fund of Singapore, owns 7.72% of Synchrony's stock. Products and technology Synchrony is the largest provider of private label credit cards in the U.S. Brands partnered with Synchrony include Amazon, Lowe's, Guitar Center, Gap, Cathay Pacific, Rakuten, Verizon, Sleep Number, and Sam's Club. In 2019, Synchrony expanded its auto and home acceptance locations and value propositions. Synchrony partnered with Discover Financial, and launched the Synchrony HOME Credit Card, which can be used by consumers to finance their home needs at more than a million retail locations nationwide. Synchrony also increased its Car Care acceptance network to more than 500,000 locations across 25 categories including gas, auto parts and service, car washes, parking, and ride sharing. Synchrony has four "Innovation Stations," which are located in Stamford, Connecticut;