GreenSky Credit is a company that works for customers in a way to help them get loans for a variety of home improvement projects. The company’s customers are able to apply for these loans using the company app on their smartphone devices. The company has quickly and quietly become a large financial tech company in the United States. It made a public debut just recently.
The company is based out of Atlanta and has already seen its fair share of good stock prices since becoming public. GreenSky Credit had originally started with shares priced lower, but their expectations were quickly met and exceeded. They plan to use the stock market money they raise to help allow their investors and management team to take their leave. The founder of GreenSky Credit had most of the invested share of the company and this money will allow for the other investors and management team to have more stake in the company as well.
Like stated earlier, the company has quickly and without much notice grew to be one of the largest firms of financial investment technology companies in the nation. It is a startup that grew out of the public eye for more than 12 years. Before it even became public, GreenSky Credit was founded with investments from different investors including some help from ICONIQ Captial, TPG and PIMCO. These investors had no issues coming on board because the founder was able to prove the amount of steady profits the company had already established with no outside help.
The online presence of GreenSky Credit has made it to begin getting compared to other online lending giants like OnDeck and Lending Club. These companies are a bit different than GreenSky because they have struggled immensely as public companies. GreenSky Credit has always prided itself in being different than the rest. The company transfers much of its risk to their deposit-rich banking partners such as with SunTrust, Fifth Third and Regions. These banks fund the loans to the company and then keep those loans on their company balance sheets. In this way, GreenSky doesn’t find itself on the hook for any defaulted loans.