GreenSky arranges loans for home improvement projects to property owners across the country. Customers can apply for the loan online via tablet or smartphone using the company’s mobile app. At the point of sale, the contractor can even get it started for them by simply scanning their ID card. The customer will receive an answer within minutes as to the loan status.
The company is based in Atlanta, GA. One of its co-founders, Mr. David Zalik, serves as the firm’s Chief Executive Officer. David, long considered a math whiz, founded the company in 2006. The firm went public recently, and the stock rose by 1.5% on the first day. GreenSky is considered to be one of the best fintech companies. The company does not lend the money itself. GreenSky will match a customer with the lender to orchestrate the loan. They will loan money up to $65,000 for the more costly home improvements such as kitchen or bath renovations, roofing jobs, and more. Greensky works with some of the large retailers and contractors, and they in turn make the service available to their customers.
After 12 years of running the company privately, the IPO produced tremendous results for all involved parties. GreenSky had projected sales of 34 million shares, and instead 38 million shares were sold that raised $874 million. David Zalik, as well as the other co-founders, the management team, and the investors will all share in part of the proceeds. David is still a majority owner of the company, and it is reported that his net worth is currently $2.5 billion.
The company has been successful starting from its early days as a new startup. Loans totaling approximately $12 billion have been issued to 1.7 million customers over the years. In 2017, they quietly acted as middleman for close to $3.8 billion in loan volume, and that figure represents an increase of 30% from the year before.