Synchrony Ventures

Ensuring the right people access the right resources at the right time

Identity & Access Management

Prove is the modern way for businesses to enable their customers to prove their identities with just a phone. Prove offers phone-centric solutions that enable its customers to acquire new consumers and engage with their existing consumers by removing friction while bolstering security, and enhancing consumer privacy and consumer choice.Prove's solutions are used by more than 1,000 businesses across diversified industries, including banks, financial services, healthcare, insurance, and e-commerce. Prove has two main solutions + MFA: • Prove Pre-fill™ for Onboarding &amp; Digital Acquisition, which helps companies increase signups and mitigate account opening fraud by authenticating consumer identities, and auto-filling verified data in any channel. • Fonebook™ for Digital Servicing, which helps companies: - Access a single identity authentication platform that reduces complexity and total cost of ownership to create a holistic view of your customer across their entire channels - Manage, add, and update customer phone numbers to ensure you always have the right number for your customer Multi-factor Authentication: - Standard SMS &amp; Voice OTPs - Instant Link™ (authenticate through SMS link without needing OTP) - Mobile Auth™ (authentication via cellular networks; passive method for passwordless login) - Voice Biometrics – Match against a consumer’s voice for authentication - Push Authentication – App-based method to prove Possession, can also pull in behavioral biometrics, device (PKI), and environmental (Wi-Fi, Bluetooth, network) signals - Secure transactions across multiple digital servicing use cases, including login, high-risk transactions, call center, and passwordless login.

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 Socure provides digital identity verification and fraud prevention solutions. The company has developed an AI-powered platform that leverages predictive analytics and machine learning techniques to verify identities in real time. Socure's platform uses over 17,000 features and 8 billion rows of data from diverse sources, including online and offline data intelligence, to deliver highly accurate identity assessments.
 
 
 Socure's proprietary identity verification graph analyzes and correlates every aspect of a digital identity, enabling the company to automate the verification process. The company offers several other products, including Sigma Identity Fraud for detecting synthetic fraud, DocV for automated document verification, and an accurate and inclusive KYC solution. Socure has also expanded its offerings globally, with services now available in Canada, the UK, and Europe.
 
 
 Key customers and partnerships
 
 
 As of May 2024, Socure served more than 2,300 customers across various sectors, including finance, gaming, healthcare, telecom, and ecommerce. Key customers include Chime, SoFi, Robinhood, Gusto, Public, Stash, and DraftKings, Poshmark, and Capital One.
 
 
 Funding and financials
 
 
 In March 2023, the company received a USD 95 million credit facility with J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets to strengthen its financial position.
 
 
 In 2021, it raised USD 100 million in a Series D funding round and USD 450 million in a Series E round. Its valuation for the Series E round was USD 4.5 billion.
 
 
 
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Providing a seamless consumer experience is one hope for bringing back brick and mortar retail, automated stores are being built to do just that.

Automated Stores

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 Grabango provides computer vision-powered, grab-and-go-styled fully automated checkout solutions for retailers. Grabango utilizes in-store overhead rails powered by machine-learning algorithms to detect items picked up by customers. The customers can pick up items in the store and complete their purchase by scanning a code generated in the Grabango mobile app.&nbsp;
 
 
 The technology can be deployed locally and on the cloud. Grabango is designed for stores with more than 100,000 sq ft of floor space. The company claims its solution can recognize objects at an accuracy rate of 99.9% and as of 2020 holds over 30 patents for its technology. Grabango&rsquo;s technology does not use facial recognition.&nbsp;
 
 
 Key customers and partnerships
 
 
 Grabango has deployed its solutions in the US in partnership with as 1) Giant Eagle supermarket to launch five stores (September 2020, expanded in 2021); 2) Circle K for six stores(November 2021); 3) bp to retrofit 10 stores, including ampm stations and Amoco locations (December 2021); 4) MAPCO to launch two stores (February 2022); and 5) Aldi for one store (
 <a href="https://sp-edge.com/updates/26268">
 February 2024
 </a>
 ). The company also has partnerships with retailers 7-Eleven to launch 10 stores in Australia (August 2023) and Copec for 100 stores across South America (December 2023).
 
 
 Funding and financials
 
 
 Grabango raised USD 39 million in a Series B funding round in June 2021 led by Commerce Ventures to support the company&rsquo;s expansion plans.&nbsp;
 
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Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

Socure offers an automated machine learning and predictive analytics platform for enterprises to identify and prevent fraud. It offers a modular design and multiple products including anti-money laundering (AML) capabilities, through a single API. The platform primarily caters to industries that face a risk from “thin-file” clients, such as e-commerce firms, retailers, and lenders. The company has three offices in the US and one in Chennai, India. Socure uses a range of information sources to authenticate people including email, phone, address, social media, etc. from over 310 sources, and in August 2020 reported that its platform reduced fraud rates by about 80% and manual review costs by around 90%. The company <a href="https://sp-edge.com/updates/19717">acquired Berbix </a>, a platform that verifies identities by scanning IDs in real-time, in June 2023, and integrated Berbix in version 3.0 of its Predictive Document Verification service (DocV 3.0). Moreover, in July 2021, Socure launched what it claims to be the first identity verification and fraud solution built specifically for the Buy Now, Pay Later (BNPL) industry. The solution is built on the Socure ID+ platform and leverages deep identity and transaction data used by more than 100 BNPL providers, alternative payment providers, fintechs, banks, and credit card issuers. Key customers and partnerships Socure’s customer base has grown to around 1,800 enterprises as of July 2023 across several industries, including financial services, government, gaming, healthcare, and telecom, among others. Socure noted that its platform was used by four of the top five banks, 13 of the top 15 card issuers, and over 250 FinTechs, as of March 2023.Socure <a href="https://sp-edge.com/updates/20255">partnered with digital lending platform MeridianLink </a>in July 2023. The solution combined Socure ID+ with MeridianLink One to help Meridian's customers, including credit unions, banks, and FinTechs, verify identities to onboard clients. Funding and financialsSocure <a href="https://sp-edge.com/updates/16937">received a USD 95 million </a>three-year credit facility from J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets, in March 2023. The funds were earmarked to strengthen the company’s financial position and for potential future acquisitions.

Buy Now, Pay Later

ChargeAfter operates a marketplace where consumers receive access to point-of-sale financing from multiple lenders. ChargeAfter’s financing can range between 6-48 months at 0% interest. The platform’s merchant footprint includes US retailers across the home appliances, furniture, mattresses, consumer electronics, and automotive verticals. In addition, ChargeAfter offers performance reporting and backend services for merchants to offer self-branded BNPL solutions. The company also integrates with major e-commerce platforms such as Shopify, WooCommerce, BigCommerce, and Magento. ChargeAfter reports an 85% approval rate and claims that merchants can increase average order values by 45% and sales by 30% using its platform.Key customers and partnershipsIn April 2021, ChargeAfter established a partnership with Quadpay (owned by Zip Co), in which it will offer the latter’s BNPL solutions its platform. In June 2021, it announced a similar partnership with the BNPL provider Splitit. I In April 2023, ChargeAfter announced its partnership with Canadian Buy Now Pay Later (BNPL) provider Tabit to expand its network of merchants in Canada.Previous partnerships include that with Visa (July 2020), to roll out its installment plan solution through ChargeAfter’s US platform, while ChargeAfter integration with Cybersource, Visa’s global payment management platform. ChargeAfter also partnered with Visa in February 2020, granting their network of sellers, acquirers and issuing banks the option of distributing point of sale financing and credit instruments to ecommerce and instore sellers globally via the ChargeAfter platform.2) MUFG (June 2020), to equip global ecommerce and brick-and-mortar retailers with tools to approve more applications for POS financing from multiple lenders in real-time.Funding and financialsIn its most recent funding round ( <a href="https://sp-edge.com/updates/9278">March 2022 </a>), ChargeAfter raised USD 44 million in a Series B funding round led by The Phoenix.

Managing employee health-related benefits

Health Benefits Platforms

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 Amino offers a digital healthcare navigation platform that empowers patients to make informed healthcare decisions by guiding them through their health plans and benefits to high-value care options. The platform has a range of features aimed at simplifying the process of finding and accessing healthcare services. Key functionalities include the ability to search for healthcare providers and facilities based on quality and cost, providing users with a comprehensive view of their options. Additionally, the platform enables users to book appointments directly, manage their healthcare journey efficiently by keeping track of favorite providers, and access personalized care recommendations derived from an extensive database of over 26 billion healthcare claims.
 
 
 The company, which initially started as a direct-to-consumer service, has evolved to primarily serve employers, offering its platform through an enterprise subscription model.&nbsp;
 
 
 As of May 2024, Amino Health notes that its system routes over 10,000 medical subjects to the most suitable healthcare provider, facility, or employer program.
 
 
 
 
 Key customers and partnerships
 
 
 Amino is trusted by a wide array of self-insured employers, health plans, third-party administrators, brokers, and human resource technology providers. As of February 2024, the company covered about 1.6 million contracted members​​​.
 
 
 In May 2021, Amino partnered with Businessolver, a benefits administration technology firm. Together, the companies introduced a healthcare navigation tool called MyChoice Find a Provider. Powered by Amino's Smart Match technology, the MyChoice Find a Provider tool integrates directly within Businessolver's benefits technology platform, enabling users to make informed healthcare choices based on criteria like their condition, healthcare plan, and location. The tool is also capable of appointment scheduling and insurance checks, further easing the process for patients.
 
 
 Funding and financials
 
 
 In May 2024, the company raised USD 10 million in a funding round led by Transformation Capital. The raised funds were used to improve Amino Health's AI product to create more personalized patient care paths.
 
 
 
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A decentralized version of the web powered by the blockchain

Web3 Ecosystem

Magic Labs is a wallet-as-a-service provider. It enables companies to easily incorporate non-custodial wallets to their dApps to onboard customers. Its SDK is implemented in a vendor’s code base and allows non-custodial wallets to be instantly created by customers using their existing email, social, SMS, or federated logins. The company offers both plug-and-play wallets as well as white-label wallets. These wallets include features such as NFT checkout and minting and fiat on-ramps via credit, debit, and bank transfers, with 20+ user authentication methods.Key customers and partnershipsThe company’s notable customers include some of the Fortune 500 companies in the retail, music, fashion, and gaming space, such as Mattel, Macy’s, and Xsolla. As of May 2023, its platform was being used by 130,000+ developers and had facilitated the creation of more than 20 million unique wallets.Funding and financialsThe company raised <a href="https://sp-edge.com/updates/18985">USD 52 million in a strategic funding </a>round in May 2023, led by PayPal Ventures. It had planned to use the fresh funds to develop more product features and for geographical expansion across the EU and Asia-Pacific regions.

Prism Data is a cash flow underwriting infrastructure and analytics platform powering the next generation of risk scoring.

Magic is a wallet-as-a-service provider that helps businesses onboard users into web3 with instant non-custodial wallet creation. It uses email or social logins, while removing the need for seed phrases and browser extensions - making it indistinguishable from standard web2 experiences that everyday users are accustomed to. Magic offers features for end-to-end web3 onboarding including authentication, fiat onramps, NFT Minting and NFT Checkout. Its solutions are trusted by top brands in web2 and web3, including Mattel, Macy's, Xsolla, Immutable, and more. The company's solution makes use of a plug-and-play kit and blockchain infrastructure to enable individuals to build applications with quick, customized, password-less login with just a few lines of code, allowing developers to include password-less authentication in their applications.

Skipify is a technology company based in California whose mission is to eliminate friction in the shopper's journey and help merchants build even stronger relationships with their customers. Skipify streamlines the entire checkout process by instantly connecting shoppers with their payment options, rewards, and points. That means fewer abandoned carts and a better experience for everyone.

Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 2,000 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Varo, Robinhood, Public, Stash, Gusto, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others. Socure has received numerous industry awards and accolades, including named to the 2021 & 2022 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being awarded Finovate’s Award for Best Use of AI/ML, to name a few. Founder/CEO Johnny Ayers has also been recognized by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021 and as an EY Entrepreneur of the Year 2022.

Mom Project is the platform unlocking the potential of moms in the workforce, connecting its community of over 500,000 moms, dads and allies with flexible work opportunities at F500s and small businesses. The Mom Project is committed to building a better workplace for mothers and the businesses they support, changing the way women work and redefining career structures by providing women with opportunities that are in balance with their personal goals.

Prove is a smartphone-based identity verification startup that specializes in providing phone-centric and API marketplace solutions. Its phone-centric solutions enable its customers to acquire new consumers and engage with their existing consumers by removing friction while bolstering security and enhancing consumer privacy and consumer choice.

Founded in 2014, Anagram is a unified revenue cycle management SaaS for eye care providers

Grabango is a checkout-free technology for existing, large-scale grocery, and convenience stores. Grabango is working with billion-dollar global retailers to retrofit existing stores to make waiting in lines a thing of the past. They just raised $39M in Series B funding, and we are excited to accelerate the growth of their team and their store deployments to deliver on their mission to eliminate lines and save people time. With Grabango, shoppers choose their items as usual, and then skip the line by scanning a code in their Grabango app on the way out. Our solution uses computer vision technology to identify items as they are picked up. It counts those items and sends the receipt to the shopper’s phone after they leave the store. Grabango delivers a seamless shopping experience that is becoming the global standard. Driven by passion to improve peoples’ daily lives, our technology brings computer vision and machine learning to existing brick-and-mortar stores by processing the interactions between people and products. We are the first and only company to successfully retrofit checkout-free technology into an existing store and work with high accuracy in a dynamic, real world environment. No facial recognition technology is used and all data is anonymized to protect customer privacy. Founded in 2016, Grabango is based in Berkeley, California.

Amino is a healthcare financial wellness platform that helps companies and their employees navigate the complexities of the US healthcare system and find the highest value care, which has become even more important of late. It simplifies high-value healthcare benefits by providing data-driven, individualized care suggestions that plan members will follow. With a system that benefits patients and everyone, Amino Health makes healthcare more intuitive, accessible, and convenient.

ChargeAfter is the global multi-lender network for point-of-sale financing. Our platform connects retailers and lenders to offer responsible, personalized financing options for every consumer — all from a single application. Powered by a data-driven decisioning engine and network of global lenders, ChargeAfter delivers the most relevant financing offers to consumers from multiple lenders based on credit type – resulting in approvals for up to 100% of customer applications.  ChargeAfter streamlines the distribution of credit into a single platform that retailers can implement rapidly both online and in-store. The company’s growing lender network offers seamless integration to lenders seeking to grow their customer base while expanding into new retail markets.

Fundbox is an AI-powered financial platform for small businesses that offer fast and intuitive access to business credit. The company is on a mission to empower the small business economy by unlocking customer growth. It is headquartered in San Francisco, California by co-founders Eyal Shinar, Tomer Michaeli, and Yuval Ariav in 2013.

LISNR® powers transactions across the customer journey globally with the most advanced Ultrasonic Data Platform. Today, companies like Jaguar Land Rover, Ticketmaster, and Visa use this solution to create secure & frictionless moments for consumers around the world. Founded in 2012, LISNR is located in Oakland, CA and Cincinnati, OH. Major investors include Intel, Jump Capital, Mercury Fund, R/GA, and Synchrony Financial.

First Performance powers subscription management and card engagement as a turnkey solution to leading processors, networks, and banks globally. We enable processors and banks to connect to our API platform and empower cardholders to use, manage and control their cards digitally…in real-time. We focus on continuous improvements and innovation to introduce new capabilities and services that include self-service card controls, spend limits, travel automation, merchant data cleansing, card on file, and subscription management.

flexEngage helps retailers personalize post-purchase communications, like receipts, to better engage with their most committed customers and drive additional sales. The company provides personalized transactional communications for retailers, enabling brands like Under Armour, GNC, Aldo, and Oakley to transform standard transactional touchpoints (receipts, order and ship notifications, packing slips, etc.) into dynamic engagement channels that drive loyalty and revenue. Amazon is destroying traditional retailers with their data and software because most retailers can't afford to build it on their own. So instead, retailers resort to wasting billions of dollars on ineffective marketing like Facebook ads to try and compete, while ignoring their most effective marketing channel, post-purchase communications. flexEngage provides retailers with Amazon-like software for their trillions of post-purchase communications, by turning static messages into a personalized marketing medium. As a halo effect, they are also creating the world’s largest database of consumers’ shopping behavior currently at 300 million transactions and 41m unique consumer profiles. flexEngage was founded in 2014 and is headquartered in Orlando, Florida, United States.

Direct venture capital arm of Synchrony Financial (NYSE: SYF) making direct, early-stage investments in fintech, retail, and healthcare.

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