Synchrony Acquires Pets Best to Expand CareCredit Platform in Rapidly Growing Pet Market
Pets Best provides CareCredit with an immediate entry point into the rapidly growing pet insurance market, building upon CareCredit's decades of expertise in the veterinary market. As the cost of pet care increases, pet owners are increasingly seeking better access to care. Overall pet spend in
"More people are including pets as part of their family," said
Based in
"CareCredit has unmatched expertise with consumer financing in the veterinary industry, and their digital first, customer-focused culture perfectly complements our priorities. Joining forces with CareCredit, we can more quickly scale our offerings and provide a full-suite of financing options to our customers, benefiting veterinarians, pet parents and ultimately pets for the long term," said
As a result of this acquisition, consumers will have access to both pet health insurance policies along with CareCredit financing solutions. CareCredit will leverage Pets Best's leading technology and strong experience in the growing pet health insurance market. Pets Best will have access to CareCredit's deep healthcare market penetration and access to veterinary practices and veterinary industry associations.
CareCredit will also enhance Pets Best's offering by utilizing its domain expertise in digital marketing, loyalty, mobile, and data. In the future, CareCredit will offer consumers access to comprehensive care for their pets by combining financing and insurance options, providing a seamless customer experience.
Pets Best will continue to operate as a wholly-owned subsidiary of CareCredit based in
Financial terms were not disclosed; the deal is not expected to have material impact on Synchrony's financial results.
About CareCredit
CareCredit, a Synchrony solution, is a health, wellness and personal care credit card dedicated to helping people get the care they want and need -- including veterinary care. For more than 30 years, CareCredit has helped millions of people by offering special financing options with convenient monthly payments. CareCredit is accepted at more than 210,000 locations for a wide variety of health and wellness procedures, treatments, products and services.
About Pets Best
Pets Best was founded in 2005 by
Pet insurance offered and administered by
About Synchrony
[1]
[2] Packaged Facts, "
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SOURCE Synchrony
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