Building on its 14-year strong relationship with PayPal, Synchrony Financial has officially become the exclusive issuer of PayPal credit in the U.S. for the next 20 years. Connecticut-based Synchrony has agreed to buy $7.6 billion in PayPal’s receivables for $6.9 billion.

The sale, which was originally announced in November of 2017, consists of PayPal’s U.S. consumer credit receivables portfolio, totaling $6.8 billion, as well as $0.8 billion in participation interests in receivables held by unaffiliated third parties.

Synchrony has issued PayPal-branded credit cards to consumers since 2004 and the two have expanded that agreement to include the PayPal Extras Mastercard and the PayPal Cashback Mastercard through 2028.

In the press release, Dan Schulman, president and CEO of PayPal said, “Our agreement with Synchrony accomplishes every goal we set out for our asset light strategy. We look forward to working with Synchrony to double down on our innovative consumer credit experiences for our customers and profitably grow the portfolio over time.”

As Schulman alluded to in his comment about the company’s “asset light strategy,” this move frees up liquidity for PayPal, enabling it to use the cash to invest in other areas of its business or perhaps to fuel additional acquisitions. The California-based company has been on a buying spree as of late– having made two acquisitions days apart last month (Hyperwallet followed by Simility), marking PayPal’s fifth acquisition in the past two years for a total of 17.

A familiar face in the alternative banking space, PayPal was founded in 1998. PayPal’s Braintree presented at FinDEVr New York 2016. The company also showcased its Instant Account Creation feature at FinovateFall 2012. PayPal’s market cap sits at $98 billion.