Synchrony Financial (NYSE: SYF), a premier consumer financial services company, has announced a strategic investment in Payfone, a provider of identity authentication for digital channels, the company said.
The investment is one of several made recently in the mobile and authentication space by the venture capital team of Synchrony, Synchrony Ventures.
Synchrony will leverage this investment to help deliver seamless and effective digital identity authentication solutions to improve customer experience, drive acquisition and reduce fraud.
Terms of the transaction were not disclosed, and it is not expected to have a material impact on Synchrony´s Financial results. The Synchrony investment is part of Payfone´s latest funding round of USD 23 million.
Payfone is the digital identity authentication network for the connected world. We are trusted by the world´s largest banks, insurers, brokerages and technology companies to enable effortless, omni-channel user experiences.
Synchrony is one of the nation´s premier consumer financial services companies. More information can be found at www.synchronyfinancial.com, www.facebook.com/SynchronyFinancial, www.linkedin.com/company/synchrony-financial and www.twitter.com/SYFNews.