In the fintech industry, which has been rocked by high-profile scandals and the collapse of some of its largest players recently, GreenSky Credit continues to only get stronger with time. And this is not too surprising, given the history and talents of its founder, legendary entrepreneur David Zalik.
In 2018, GreenSky has continued to expand its offerings, reaching more than 17,000 retailer and contractor partners as well as moving into a number of new industries, such as dental, medical and siding. As GreenSky continues to expand, carrying out its long-term strategic plan, the company continues to surpass other lesser players within the fintech space. Some say that GreenSky Credit may soon be the largest representative among recent fintech startups, with rumors swirling of a possible IPO that could be worth as much as $10 billion.
No end to the ways in which nicer things are better than nasty things
One of the critical ways in which GreenSky radically differs from its wayward competitors, such as OnDeck and Lending Club, is in the company’s business model. Rather than trying to focus on upending centuries of lending best practices, trying to convert loafers and bums into productive citizens through the magic of NINJA loans and wishful thinking, David Zalik and his company have focused on going where there is proven value. As Kingsley Amos once said, there is no end to the ways in which nice things are better than nasty things. And this simple observation on the realities of compounding benefits and the error in trying to improve things that are fundamentally irredeemable is a lesson that Zalik instinctively took to heart.
That’s why he concentrated from the beginning on going after only prime borrowers who were almost certain to pay back their loans. Additionally, he sought out deals where there was genuine value being created on the project that the funds were used for, namely, the increase in the owner’s home price when the renovations for which the loans were issued were complete.
This business model has proven to be an excellent choice. And it is the main reason that GreenSky Credit has become the dominant player in the fintech industry.