GreenSky has become a prominent name in the lending industry, and this financial technology company has provided loans to consumers who fall under certain fields. These fields just so happen to be solar, healthcare and home improvement. The economy has certainly benefited from this lending program as it has generated close to $5 billion between 2012 – 2016. GreenSky is federally-insured, and it provides these loans to banks and merchants. Fintech, a conglomerate of startups and private businesses, is an innovative application process of the financial-services industry that offers end-to-end processing via the internet. GreenSky is one of the startups that is thriving in this community despite being less prominent than Lending Club Corp and Social Finance Inc.
How Does The Business Model Work?
This particular company has been in business since 2006. One of the biggest differences with GreenSky is that it doesn’t use its own assets for making loans. GreenSky has actually partnered with other financial institutions to make these loans a reality. As of 2016, this partnership now includes up to 14 different financial institutions. The idea and concept are rather brilliant to some degree, and the program’s mobile app is connected to over 12,000 merchants that fall under the three categories above. To get a more in-depth understanding of how this business model is succeeding, Wikipedia has a full-disclosure of the program. Individual contractors and retailors such as Home Depot have all benefited from GreenSky ‘s mobile app.
What’s The Future Outlook?
GreenSky brought in an estimated $325 million in 2017. Thanks to its huge success, the company added a multi-million dollar expansion at its Atlanta location that created up to 350 jobs. In total, GreenSky has over 900 employees, and its growth is expected to continue for many more years. What more could you ever ask for in a lending company?