The Background and Operations of GreenSky .

The Atlanta-based fintech has been operating for more than a decade now. The main aim of establishing GreenSky  was to help individuals to finance projects such as home improvement, solar equipment installations, and other similar ones by their clients. To facilitate the lending, the company provides a platform for banks and relevant merchants to offer credit to their customers. The management of the firm ensures that all the lenders are chartered by respective states or the federal agencies and are insured by recognized carriers. More than $5 billion has been issued to different clients from 2012. The U.S. fintech sector has attracted several players over the years. Other firms include the Social Finance Inc. and the Lending Club Corporation.

Unlike most fintech firms in the country, GreenSky does not offer credit from their capital. Instead, it had entered into agreements with 14 financial institutions as of 2016. Some of the lenders include Regions Financial Corp and SunTrust Banks. The customers apply for loans through GreenSky ’s website. To cater to the changing needs of the clients, it also introduced a mobile application that revolutionized the experience of the users’. Since the launch of the app, thousands of borrowers who include retailers and individual contractors have benefited from the loans. The platform allows sellers of products such as furniture and roofing materials to register and present their merchandise to the potential customers. Currently, GreenSky also handles elective medical procedures. The fintech firm operates by supplanting credit cards on the consumers who are required to repay the money after a specified period and at a fixed interest rate.

To diversify its investment portfolios, GreenSky  has always sought to increase the number of services available to the customers. For example, the management had made plans to include a call center as part of the business in 2015. The project was to be initiated in Kentucky but would benefit more people in the neighborhoods. According to the management at GreenSky , the call center would cost about $7 million. The success of the firm can be attributed to its strong leadership team led by the Chief Executive Officer, David Zalik.

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