The pace of the world seems to be speeding up. Just take the term “fintech,” for example. It’s a fusion of the words finance and tech and it applies perfectly to GreenSky Credit.
GreenSky Credit may be laying the foundation for future fintech companies. The tech startup has seen billions in profits. In fact, its owner and founder, David Zalik, is worth more than $2.5 billion. He’s likely the wealthiest man that you’ve never heard about. He wants to keep it that way.
I’ve read about this guy on Wikipedia as well as Forbes Magazine. He’s an unassuming looking guy that wears tattered hats and keeps his GreenSky Credit office incognito. Meanwhile, he’s absolutely crushing it with a simple smartphone app.
The app is happily promoted by contractors all over the country. These contractors are seeking more work to perform home improvements. After all, homeowners are one of the most coveted demographics in the United States. The app allows them to secure more work extremely easily and they kickback 6% of their profits to GreenSky Credit.
Good FICO Scores
Homeowners use the app to peruse a whole bunch of different financial products. They pick the product that will get them the best home improvements, click on the loan and are approved in minutes. In fact, the app allows you to take a picture of your driver’s license in order to upload information even faster. All the homeowner has to do is consent to a credit check. And GreenSky Credit only approves those with great credit scores.
Take It To The Bank
David Zalik does not issue the loan. Instead, they take these great credit scores to traditional banks to fund the loans. This means that the bank assumes all liability for the loan, but the bankers are happy. They are so happy that they kick 1% of their spreadsheets back to GreenSky Credit at the end of the year.
It all adds up to billions of dollars for David Zalik. The guy didn’t even graduate high school and he’s a billionaire. There’s no more of an American story than that.