In the world of Fintech, there are a number of companies that are leveraging technology with financial services. But, there is perhaps no company innovating the world of Fintech quite like GreenSky Credit. For the past decade, this company has helped thousands of contracts gain business by connecting their future clients with quick funding solutions. It is a business model that has made this Fintech company one of the biggest players in its category.
So how exactly does GreenSky Credit work? Let’s say a handyman comes over to a future client’s house to give them an estimate for a kitchen renovation. The homeowner may bristle at the large price for the remodeling job. However, the handyman can provide a quick solution. The handyman pulls out his cellphone, with the GreenSky app, and encourages the homeowner to apply for a quick loan. GreenSky will quickly determine if the homeowner has a qualifying FICO score and an ability to pay back the loan. Within minutes, the homeowner may be approved for the home remodeling loan. The result? The handyman has quickly gain another big ticket sale.
This unique business model has allowed GreenSky to grow quickly over the past decade. According to a recent Forbes article, the company was able to raise $50 million dollars at an over $3 billion dollar valuation. The company’s founder and CEO, David Zalik, owns over half of the company and has recently joined the ever exclusive billionaire’s club.
The company is able to secure funding for the loans with the help of 14 deposit rich banking partners including SunTrust, FifthThird Bank and Regions Bank. According to the latest 2017 numbers, the company has taken in revenue of over $250 million dollars with a profit margin exceeding 25%.
GreenSky Credit is now trusted by over 17,000 contracting partners who use the app to secure home remodeling jobs. As the Fintech company continues to expand its operations, it will seek out new ways to innovate the world of funding.