There are a number of companies that occasionally surprise their investors with strong quarterly performances. Once such company has been making waves in the Fintech world with their strong second quarter performance and an unexpected strategic alliance with a credit card giant. That company, GreenSky Credit, has become the talk of Wall Street thanks to their continued growth and their strategic partnership announcement with American Express.
According to a recent article in Forbes, GreenSky Credit surprised Wall Street with a strong second quarter performance in 2018. This is on top of the recent announcement that the FinTech company will engage in a strategic marketing partnership with American Express. The partnership will expose GreenSky’s loan app to American Express’s massive base of merchant customers. This move is expected to help boost the FinTech company’s customer numbers from 19,000 merchants to over 30,000 merchants by 2020.
For those unfamiliar with the company, GreenSky Credit provides merchants with an innovative app that helps them secure loans for their potential customers and clients. This app helps merchants such as contractors and medical clinic operators get more big ticket sales by providing quick point-of-sale loans to their customers via the company’s app. According to recent data, each merchant provides about $350,000 a year in loans with a transaction fee of about 7.9%.
GreenSky Credit has seen explosive growth since its inception in 2006. In fact, from 2012 to 2016, the company loaned out over $5 billion dollars. These loans are secured through a strategic partnership with a number of lending institutions including Regions Bank and Fifth Third Bank. Going forward, the Fintech company is expected to grow about 40% over the next 12 months.
GreenSky credit was founded by its current CEO David Zalik. The Atlanta based company currently employs about 900 people. As the company enters its next decade of operation, the FinTech firm is expected to continue to dominate the world of point-of-sale loans.