GreenSky Credit Is Big – Here’s Why

GreenSky LLC is a mid-sized lender based in Atlanta, Georgia founded in 2006 by chief executive officer David Zalik. The company is the third-largest financial technology company in the United States – the field is also known as fintech, a mashup of the words financial and technology – despite being created just longer than a decade ago.

The company recently held an initial public offering, filing confidentially with the United States Securities and Exchange Commission back in early April 2018. In that IPO, GreenSky raised just short of $1 billion – $874 million, to be exact – in funding. Altogether, David Zalik’s GreenSky traded a whopping 38 million public shares in exchange for investments in the budding company.

While GreenSky is doing pretty well for itself, David Zalik is doing even better – just after the aforementioned IPO, David Zalik was officially worth roughly $2.5 billion. His net worth is based mostly on the price of shares of GreenSky, of which he owns a majority stake.

How did GreenSky become so big?

GreenSky does nothing but lends money to approved applicants – so far, the company has given out some $12 billion to over one million happy debtors – through GreenSky Credit, a program that’s a part of David Zalik’s GreenSky.

GreenSky Credit provides approved applicants with up to $65,000. Most of such money goes to mid-sized corporate construction companies, though plenty gets shoveled to smaller construction causes. GreenSky Credit lends out so much money to builders because they’re often not paid until their agreed-upon work is complete; at best, they’re paid in installments, potentially leaving them for weeks without their customers’ capital.

David Zalik realized that GreenSky could grow to such a lofty level of success after he gained experience in the construction industry directly following the turn of the millennium. No more than a few years after the experience, GreenSky and its well-known program GreenSky Credit picked up financing from TPG, ICONIQ Capital, and PIMCO, three of the largest institutional investors across the United States. Last December, GreenSky was worth $4.5 billion.

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