PayPal Holdings Inc. agreed to sell $6.8 billion in loans and receivables to Synchrony Financial as the payments technology company seeks to use that capital to pursue more profitable businesses.
PayPal sold the portfolio -- which includes $5.8 billion in loans and about $1 billion in receivables that other lenders originated -- at face value, Chief Financial Officer John Rainey said Nov. 16 on a conference call with analysts. Synchrony will also continue as the exclusive issuer of PayPal’s online consumer-financing program for 10 years, the two companies said in a statement.
“Our expanded relationship with Synchrony Financial will free ...
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