Synchrony Financial today announced the completion of a strategic investment in LoopPay, according to a press release.

LoopPay is expected to provide Synchrony Financial with special features and benefits for its cardholders and retail partners.

LoopPay recently introduced the LoopPay ChargeCase, which enables consumers to pay with their iPhone 5 or 5s at regular credit card swipe readers using technology that communicates with most point-of-sale terminals while extending the phone's battery charge by up to 60 percent, according to the announcement. The case is LoopPay's second in four months with several more products planned for market entry this year.

"These types of investments demonstrate our commitment to innovation and growth in the emerging payments space," said Margaret Keane, president and CEO of Synchrony Financial. "We are continuously exploring technologies to help our partners grow, while looking for additional options to deliver greater convenience and utility for our cardholders."