The emergence of financial technology companies, or commonly referred to as FinTech, has taken the financial industry by the storm. FinTech utilizes technology and innovations to improve financial activities up to the point where traditional financial services will walk the way of the dinosaurs. GreenSky Credit was established in 2006 and has become one of the largest FinTech companies in the United States. Co-founder and CEO David Zalik has turned his tech-based lending firm into a multi-billion dollar company. Based in Atlanta, Georgia, GreenSky Credit offers its services to help fund a wide variety of home improvement projects and healthcare related issues that are not covered by the customer’s insurance. GreenSky Credit has provided reliable payment solutions to over a million consumers and had funded well over 12 billion loans since its inception.
CEO David Zalik has worked in the banking industry for years. His savvy idea for GreenSky Credit was brought into existence after the realization that home remodeling contractors were the key to one of the nation’s most lucrative markets, homeowners. Mr. Zalik, a high school dropout turned self-made billionaire, remarkably started his company in his own basement. The company’s straightforward mobile app and its overall services had become a go-to for many contractors across the nation. GreenSky soon shot up in the ranks as one of America’s most valuable FinTech operations.
The company has partnered with 14 large financial institutions including Regions, Fifth Third and SunTrust. The entire operation works by transferring a chunk of the risk and work to affiliated parties, all the while profiting from both sides involved in the deal. Basically, every time a home improvement contractor successfully markets a loan to a homeowner, GreenSky will receive roughly 6 percent of that loan amount. The company is recognized for its ability to service customers who desire smaller amounts than what a traditional bank would typically lend. David Zalik believes that his scalable business will continue to increase its loan volume by the end of the year.