GreenSky has become one of the fastest growing and most profitable FinTech companies to date. Through a combination of unique strategy and careful attention to their business endeavors, they have managed to create steady growth and are projected to continue to prosper in the years to come.
Strong Q2 Performance
A recent article posted to Forbes discussed GreenSky’s strong second quarter performance and the fact that it is now clear that the company was undervalued. One of the reasons for the company’s strong performance lately is their partnership with American Express. They recently finished revamping their company’s growth strategy, and as part of the process, decided to offer GreenSky’s services to their already existing merchant clientele or potential merchant clients.
A Unique Concept Took The Market By Storm
GreenSky has a business model that is unlike the other FinTech companies on the market. The company began in the basement of co-founder David Zalik’s home in 2006. Eventually, the company took off and he was forced to expand the business, which has grown into a multi-billion dollar company.
To date, they have helped facilitate over $5 billion in loans. The company itself doesn’t actually lend money, but rather they partner with other lenders such as banks and act as a mediator between the individual or business seeking the loan and the lending institution. They collect a commission from the loan in return. They assume very little risk because they work exclusively with applicants who have a strong credit history and only facilitate the actual loan.
New Features For Customers
GreenSky’s stock rose 17.1% in August as a result of their deal with American Express. The benefits to all parties involved include a convenient application process due to their easy to use mobile app as well as paperless loans. The average approval time for a loan through the company only takes approximately 60 seconds and is ideal for merchants who wish to make large purchases. They will also now offer American Express vPayment which is a virtual payment system used by approved clients.
GreenSky has laid the foundation and groundwork for a successful future in the FinTech industry. Their strong recent performance is expected to continue, especially with their wealth of new customers resulting from their partnership with American Express.