Synchrony Financial (NYSE: SYF) announced its first-quarter 2024 financial results, reporting strong performance across key business drivers. The company saw a rise in revenue, driven by growth in its digital and retail segments. Synchrony also announced a quarterly cash dividend and an incremental share repurchase program of up to $1 billion, signaling its commitment to returning value to shareholders.
Affirm, a leading fintech lender, has quietly expanded its offerings to include ‘buy now, pay later’ (BNPL) loans for elective medical procedures. The company has more than doubled the number of elective medical merchants on its network in the past year, reaching around 130 at the end of 2023. Affirm’s installment product charges between 0 percent and 36 percent, depending on the purchase price and a borrower’s credit profile. The move into medical highlights how lenders in the space are trying to expand beyond e-commerce, but it could also fuel concerns among regulators and advocacy groups that BNPL lending is leading consumers to borrow more than they can afford.
