GreenSky Credit has leveraged its expansive knowledge of financial technology to become a real challenger in the market. Since its inception in 2006, the company has grown from a relatively unknown technology provider to a large scale source for credit programs. More and more merchants and banks are partnering with GreenSky to help make consumer loans happen for their customers.
The company is headquartered in Atlanta, Georgia and works with at least 14 partner banks to make loans to thousands of customers. The company’s CEO and co-founder, David Zalik, is careful to explain that GreenSky Credit is not a lender or a bank competitor. It is really a technology company that facilitates loans through companies like Home Depot and for individual contractors in the US via a simple smartphone app. The company is a big player in the realm of home improvement products and for things like a new roof or a backyard pool.
Changes occurred in 2015 when GreenSky was able to secure a valuation of $3.6 billion after raising millions of dollars in capital and establishing a $2 billion lending plan with Fifth Third Bancorp. This was a major jump from the prior valuation of $300 million just two years earlier. The Wall Street Journal indicated that the higher valuation in 2016 made the privately held GreenSky one of the top financial tech startups. The numbers show the company has learned how to grow in the past 12 years as GreenSky Credit has racked up 325 million dollars in revenue last year and now employs between 900 and 1000 employees.
According to Forbes, the company’s public offering raised 874 million dollars. This number exceeded expectations with the help of the sale of an extra 4 million shares. Investors have flocked to GreenSky Credit due to its profit yields. For example, GreenSky Credit showed a profit of $15 million in the space of just one year from 2016 to 2017. The company has facilitated over $12 billion in loans since it started in 2006.