GreenSky was founded in 2006 as a financial technology company in Atlanta, GA. David Zalik is the co-founder and chief executive officer, and Gerry Benjamin is the vice chairman. The president and chief risk officer is Tim Kaliban. They have a $2 billion lending project with Fifth Third Bancorp and are a profitable company.
They offer loans to merchants and retailers in the home improvement, solar and healthcare industries. They also give loans to merchants that sell furniture, window replacement, aluminum siding and roofing. GreenSky has reliable funding sources that come from federally-insured and state-chartered financial institutions. They also provide technology to banks and merchants to offer loans to customers.
The GreenSky Approval Process
Contractors promote this service to homeowners that have exceptional credit and FICO scores that want to have their homes remodeled. Once a homeowner opts for this unsecured loan, phone representatives reach out to follow up with payments. There are more than 17,000 contractors that market these loans to qualified consumers. Although the company is doing well financially, some consumers do default on their loans.
Although this company is not well-known in the fintech market, they collaborate with trusted banks such as Regions Financial Corp. and SunTrust Banks. They extend credit cards to larger companies with in-depth projects and fixed-period and fixed-rate cards too. Even though GreenSky is a technology company, they have a lending program that is SSAE 16 Type II compliant.
Currently, GreenSky has filed for an IPO with the Securities & Exchange Commission because they have been valued at $5 billion. This information can be found on the Forbes website. They began as a startup company and are now considered one of the largest financial technology companies in the United States. Instead of refusing to work with banks, GreenSky has developed relationships with them.