Under David Zalik, a cofounder and current CEO of GreenSky Credit, the company has grown leaps and bounds in recent years. The company focuses on financial technology and was founded in 2006 in Atlanta. They work with banks to make loans available to people looking to improve their homes.
The company serves a variety of markets. These include solar, home improvement, and healthcare among others. Thanks to being federally insured, the loans are safe and secure for the institutions and the consumers. According to Wikipedia, over $5 billion of loans went through GreenSky Credit in a four year time span alone.
The company doesn’t have the awareness or attention you would expect from other fintech companies so far. However, that is changing quickly. One reason is that they do not make loans with their own capital. They instead focus on strategic partnerships to leverage greater resources and give consumers more capital to access.
Options Equal Success
When customers can choose who they loan money from or how much, such as with GreenSky Credit, the dynamics change. They are able to be more successful in their home improvement projects and thus GreenSky Credit benefits too. In addition, they reach a variety of markets outside of the home space.
Customers today use their smartphones more than ever before. Being able to get a loan on their phone via an app cuts out the time, confusion, and effort needed to get loans from traditional fintech companies. They can access over 12,000 merchants through GreenSky Credit’s app, from individual contractors to major companies.
Being a Technology Company Vs a Bank
David Zalik, according to Forbes, has stated that he does not try to compete with ordinary banks. Instead, he sees himself as a technology leader. In this way, they act as a connector and customer service platform over being a capital source themselves. It is one of the reasons the company has stayed so profitable.
Growth and Market Cap
GreenSky has grown in large numbers since they first started. Among expanding a new call center, they have created over 350 jobs and invested $7 million in the city. And at a valuation of more than $3 billion, almost ten times as much as their value in 2004, the work and vision seems to be paying off.