Sam Adrangi reports on GreenSky
The story of the CEO of GreenSky is both inspiring and impressive. Today, David Zalik, the CEO of GreenSky, is a billionaire. Sam Adrangi reports that Zalik is currently the CEO of the third most valuable financial technology company in the entire United States. However, GreenSky’s rise to this position has been surprisingly sudden. The company remained relatively obscure over the past ten years. However, the company catapulted itself into the spotlight by raising a total of $50 million and by reaching a market valuation of $3.6 billion. Today, Zalik is 43 years old and owns over half of GreenSky. He is a cofounder of the company.
Sam Adrangi says that a lot of the success of the company has come from targeting home remodeling contractors. The company has targeted these individuals to get them to use a mobile application. Early on, Zalik determined that these contractors are important for getting at one of the most important markets available in the United States. GreenSky targets the market of homeowners, and its sales reps are responsible for getting them to catch up on repayments on their home loans. GreenSky offers home loans to borrowers who meet certain FICO score requirements.
The reason why the GreenSky model has worked well is because GreenSky has the contractors with the app tomarket loans to the homeowners and also pay a certain percentage of the loan amount for being able to take advantage of customers being able to pay for their services. Sam Adrangi reveals that GreenSky is really a middleman and avoids a lot of the risks of making the loans.
Zalik’s company now stands to grow a great deal because the CEO plans on taking the service away from just using it for home renovations but also using it for financing on other types of purchases like the purchases of appliances or orthodontic care, for example. The sky is the limit for this growing company. It seems to Sam Adrangi that GreenSky may even replace credit cards with this unique type of financing in the coming years.