The future is wide open for tech entrepreneurs. New innovations and a shift towards cloud technology are creating opportunities in practically every industry, and GreenSky Credit could be leading the pack where the financial sector is concerned. This bold new company has intentions to revolutionize the banking industry by modernizing the software they use to conduct business, and investors seem to have bought in to their bold promises for the future.
A Well-Funded New Name in Fintech
The fintech, or financial tech, industry is hardly a new development. Before the rise of GreenSky Credit there was Lending Club Corp. and Social Finance Inc. These businesses look to improve the relationship between banks and customers by creating tools they can use to approve loans. This technology facilitates investments in everything from home improvements to healthcare to solar energy conversions, but GreenSky Credit is raising eyebrows for how readily investors have hopped on board.
While GreenSky was first founded in 2006, it didn’t propel to the front of the public consciousness until a decade later. In 2016, GreenSky Credit received a valuation of a staggering $3.6 billion from Fifth Third Bankcorp who were so confident in their assessment that they backed it up with a $50 million investment. This was over a 200% increase over their prior evaluation two years prior. As of 2018, nearly two million customers and 13,000 companies have made use of GreenSky’s instant lending programs.
A Rags to Riches Tale
While that precipitous rise to fame is notable, it’s still less impressive than the story of its founder. David Zalik graduated from high school at the tender age of 14, and by the time he was a college freshman, he was already the founder of his own business. But this company, a computer assembly outfit known as MicroTech Information Systems, would just be the starting point. His success would lead him to drop out of Auburn to spin his company into new developments.
By the time Zalik formed GreenSky Credit in 2006, he already had three successful businesses under his belt. It’s no small wonder that investors are ready to jump on the bandwagon, but it’s not just Zalik’s reputation that’s directing the company’s success. A smart mobile platform greatly expedites the loan application process, and the tech fueling it is sound. GreenSky is 2016’s industry darling, but it doesn’t show any signs of stopping anytime soon.