Synchrony Financial has announced a strategic investment in Payfone, which provides identity authentication for digital channels. The investment is one of several made recently in the mobile and authentication space by the venture capital team of Synchrony, Synchrony Ventures, according to a press release.

Synchrony will leverage the investment to help deliver easy and effective digital identity authentication products to improve customer experience, drive acquisition and reduce fraud.

"We're excited to help accelerate the growth of a company that is at the forefront in providing digital identity authentication solutions," Michael Hensinger, senior vice president and senior managing director of Synchrony Ventures, said in the release. "Synchrony's investment in Payfone represents our continuous commitment to provide our partners with fast and easy credit applications and purchasing processes that improve the customer experience."