GreenSky Credit is one of the most lauded fintech companies to have emerged over the last decade. The company was founded in 2006. But it remained relatively small for its first few years of existence, growing at a rapid pace after being founded essentially from scratch.
The company’s continued growth has since propelled it into the national consciousness. GreenSky today represents one of the most dominant players in the fintech lending industry. The company is expected to originate more than $5 billion in new loans this year. And it is adding billions of dollars to the massive home remodeling industry.
Taking a small chunk out of a big sector
But GreenSky is not content to rest on its laurels. David Zalik, the company’s founder, has stated that he would like to be doing $20 billion per year in new loans by the year 2020. While this would represent a more than 400 percent increase in business from where the company is today, the past performance of the lender suggests that even this level of tremendous growth may be well within the capabilities of GreenSky.
This would represent a sizable portion of all of the loans that occur in the more than $400 billion home renovation market. Since its inception, GreenSky has created billions of dollars in additional business that likely never would have materialized. The company has been able to do this through concentrating on the highest-rated borrowers. The company’s average customer typically has a FICO score of more than 760, making it possible for the firm to instantly offer some of the best loan terms in the industry to its clients.
The fact that the vast majority of the firm’s borrowers are in the prime category has also made it relatively easy for the company to strike deals with some of the largest and most respected lenders in the country. The firm works with lenders like Region’s Bank, Sun Trust and Fifth-Third Bancorp to bring instant loans to hundreds of thousands of customers each year. If the firm can hit its growth goals, it will rank among the largest fintechs in the world.
***note to editor. None of this piece corresponds with anything listed in revision request