In today’s world, it is rare to find a company that innovates in big ways in the financial technology space. Most financial institutions are stodgy and slow in adopting new technology. But that’s exactly the hole in the market, and thus the opportunity that serial entrepreneur, CEO, and founder of GreenSky Credit David Malik saw.
While FinTech is an apt description of GreenSky Credit, Zalik likes to frame his company as a technology company over everything else. And there is a very good reason for this. Unlike financial institutions, GreenSky Credit does not use their own capital when giving away loans to consumers.
GreenSky Credit’s users and clients are the millions of people that need to get funding for their medical, home improvement, solar, and other projects. By using GreenSky, they are able to have options by connecting with various financial loans that GreenSky finds for them in real time based on their credit. It helps that there are 12,000 merchants using the service and extending it to customers.
Mobile is the Future
One key difference between the company and others is that they realized the value of giving customers a choice to use an app on their phone. Instead of having to worry about going to an appointment in an office downtown, they can seek funding from the comfort of their own home or wherever they happen to be.
Recognition from the Community
The fintech company has invested over $7 million in their city of Atlanta. While creating 350 jobs, they have also raised another round of funding for their company of $50 million. The signs are clear. Innovating and offering more choices to consumers is paying off.
When it comes to companies today, you either innovate or disappear. It appears that Zalik and his team got the memo. Starting from humble beginnings in Atlanta, they have experienced rapid growth. From a valuation of $3 million back in 2004 to over $3 billion today, according to Forbes, the firm seeks to continue their technological empire and extend capital to even more consumers in the future.