Synchrony Buys Allegro Credit

Financial services firm Synchrony has agreed to buy Allegro Credit, based in Burlingame, for an undisclosed amount.

Allegro Credit is a provider of point-of-sale consumer financing for audiology products, dental services and musical instruments.

Allegro Credit’s merchant network and customer base will join CareCredit, Synchrony’s health and wellness financing platform.

For its primary product offering in the fast-growing audiology market, Allegro Credit offers numerous loan options with flexible payment terms at the point of sale through a network of 3,200 merchants.

“Throughout its history, Allegro Credit has built a reputation for service excellence and innovation,” said Beto Casellas, CEO, CareCredit, a Synchrony solution. “Its healthcare financing products help people live fuller, healthier and happier lives through payment plans that make it easier for our customers to get the care they want and need. Our businesses are very complementary, and this acquisition will enhance CareCredit’s scale of offerings and depth of expertise.”

“It was essential to join a company that shares our cultural values, growth objectives, innovation mindset and commitment to our merchants and customers,” said David Parsons, President and CEO, Allegro Credit. “We see an amazing opportunity to amplify our differentiated innovative offerings through Synchrony and CareCredit’s network, reach and scale. This deal will help us accelerate the ability to improve people’s lives through the healthcare treatments they need or capture our customer’s passions with music products.”