Synchrony, ServiceTitan announce partnership

Synchrony and ServiceTitan last week announced a partnership, enabling contractors to offer Synchrony’s financing options directly through ServiceTitan’s platform.  

What’s happening: “Synchrony currently serves tens of thousands of businesses in the home improvement sector, many of which already use ServiceTitan,” the press release said.  

The big picture: ServiceTitan, like many software companies, is building a win-win setup: Expanding its ecosystem with more partners means more revenue and, for contractors, less time switching between apps.

The announcement follows Synchrony’s Q1 earnings, where the company reported a 12% increase in loan defaults since the last quarter of 2023.

• However, it did highlight continued spending growth across different categories.

• “These… adjustments in consumer spending behavior generally reflect a financially healthy consumer who is continuing to become more selective in their purchases,” said CEO Brian Doubles.

Of note: Synchrony also finalized its acquisition of Ally Financial’s consumer financing business, Ally Lending, in March.

Looking ahead: “Contractors will be able to use their existing Synchrony account in ServiceTitan at no additional cost and can still take advantage of all incentives tied to that program or account,” Curtis Howse, CEO of Home & Auto at Synchrony, told Homepros.