GreenSky Credit’s Journey of Success

Investors are faced with stiff challenges while taking risks in world’s where many people tend to escape. Actually, the thriving force of an investor is seeing opportunities in almost all challenges. While being an investor is rewarding, making the tough decisions on taking the calculated risk before pouring your money into it is the hardest part. Therefore, a bridging gap is necessary where Outweb provides online platform.

GreenSky Credit is one of the financial technology companies in the United States. Founded in 2006 by Mr. David Zalik, Greensky Credit offers online platform for acquiring loans by landlords in need of home development projects. Zalik came to the realization that contractors are the gatekeepers to the mortgagees in United States. The journey of an investor isn’t always straight and many people fail. GreenSky Credit’s birth began with Outweb and in 2006; Zalik facilitated the establishment of the Rockbridge Commercial Bank which three years later failed costing him an investment of $500,000.

The beginning phase towards this approach was turbulent and he had one of his innovative partners step out in 2010. It was an opportunity for Zalik as Robert Sheft, an investor and founder of RMA Home Services, stepped into the Greensky Credit. This triggered the idea of offering immediate sponsorship to customers with small-businesses with the local contractors. During this time, Zalik provided local contractors with lunch and requested them to grant GreenSky Credit financing an attempt. This contractor model took off in the summer of 2013 but Zalik was in debt which lured him to sell part of his company for $10 million. Challenges seemed to keep him on toes and an opportunity rose to sell again which he declined.

Zalik was introduced to Nigel Morris, the co-founder of Capital One – a credit card disruptor. GreenSky Credit received connection beyond Atlanta through a seven-figure investment from Morris in 2014. 17% of GreenSky was sold at $1.8 billion estimation by Zalik a few others in the fall of 2014 to Iconiq Capital, TPG, Wellington Management and DST Global. Fifth Third, two years later, invested double the previous amount valuation.

 

https://www.cnbc.com/2017/05/15/greensky-2017-disruptor-50.html