PayPal and Synchrony Team Upon Building a Payment Card for Venmo


  • PayPal and Synchrony –company specialising in customised financing programmes for different industries– recently announced they are furthering their cooperation for another 15 years. 
  • Synchrony will act as the main issuer for a Venmo co-branded card in the US. This product would be set to launch in H2 2020.
  • Details haven’t been provided on how the card should work, but some elements have been provided. This card will enable cardholders to spread payments, split them relatives as with the Venmo app and pay for their monthly instalments in-app


  • Strengthening a strategic partnership. For years, Synchrony has been providing PayPal with credit cards and loyalty programmes. PayPal bets on their flagship brand Venmo to provide their customers with different purchasing experiences. Venmo claims 40 million users and would reach 20% of customers ages 20 to 24 in the US. Despite this success image-wise and increasing customer bases, Venmo still isn’t profitable. If successful, this card could provide them with a new source of revenue.
  • Changing the payment experience. PayPal and Synchrony are choosing to address Millennials especially. These targets lead the way when it comes to innovative features (alerts, dedicated mobile apps, innovative loyalty programmes, etc.). Venmo and Synchrony intend to combine their skills so customers can be provided with API-based customised and transparent customer experiences.


  • Synchrony focuses on markets such as the health sector, car industry, tourism or even financial services. They report roughly $140B in sales via their cards, and 80.3 active accounts.
  • In partnership with American Express, Venmo and PayPal introduced two features: First, AmEx cardholders can make purchases through the dedicated app, second, they may rely on their Membership Rewards points to pay at PayPal affiliated merchants.


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