GreenSky Credit has become one of the most valuable fintech companies in the World. The rise of GreenSky Credit has helped Chief Executive Officer David Zailk become a billionaire. Zalik has realized that contractors are important. Zalik also says that the company looks at homeowners who are struggling to make payments. GreenSky Credit’s target market are borrowers who have solid FICO scores, as the company offers unsecured loans through a quick approval process.
GreenSky Credit has a model that transfers a lot of the risk and allows both sides of the deal to receive benefits. Contractors market the loans to homeowners while also paying GreenSky a portion of the loan amount. GreenSky Credit is able to avoid being held liable for defaults. Zalik says that the company sits in the middle of billions of dollars every year in loans. With such a scalable model, GreenSky could potentially replace credit card financing in the future.
About David Zalik
David Zalik’s family moved around often, eventually settling in Israel, where Zalik was born. Zalik’s family moved to the United States when he was a small child. Zalik’s favorite subject as a child was math. Zalik continued his education at Auburn University. Zayn says that his interest in entrepreneurship came from wanting to impress older girls on campus. Zalik eventually left Auburn to focus on his computer-assembly company.
At the young age of 22, Zalik sold the company and became a multi-millionaire. Zalik began investing in commercial real estate. Zalik then helped create multiple companies, including Outweb and Rock Bridge Commercial Bank. Zalik’s experiences through starting different businesses and working in different industries lead to the creation of GreenSky Credit. Zalik wanted to help offer instant financing to consumers. Zalik credits Capital One’s Nigel Morris for his substantial investment to help GreenSky increase its brand.
How GreenSky Works
Zalik is proud of the GreenSky mobile app, which allows users to receive a credit decision instantly on their tablet or smartphone. The loan money is delivered to the contractor in the form of a credit card payment. Consumers are eligible to receive zero-interest financing for up to two years.