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GreenSky Credit Suprises with Strong Q2 Earnings

Point-of-Sale financing is one of the most exciting financial trends of the past decade. And one Fintech company is leading the POS financing movement with surprising Q2 earnings following a successful IPO. That company, GreenSky Credit, is leading the way with strong revenue and a recent alliance with a credit card giant.

According to a recent article in Forbes, GreenSky Credit has been gaining momentum since the announcement of strong Q2 earnings. The results of these earnings comes from the FinTech’s business model of acting as a “middleman” between merchants and borrowers with a strong credit history. Because of this intermediary position, the company bears little risk.

In addition to their strong earnings, GreenSky Credit recently announced a partnership with American Express. This partnership will market the FinTech company’s lending services to American Express’s massive merchant customer base. This partnership has the potential to greatly expand the FinTech company’s portfolio of over 12,000 merchants who are already using the lending app.

This news comes on top of the company’s $800 million IPO in the middle of 2018. GreenSky Credit is known as a “unicorn” company, a term used by Silicon Valley and Wall Street insiders to refer to start-ups with a $1 billion dollar or more valuation. The FinTech company has continued its momentum and is now considered an undervalued by Forbes.

So what exactly does this FinTech do? The company offers a point-of-sale lending platform for a variety of merchants such as general contractors, medical clinics and solar panel installers. The merchant offers instant financing to their clients or customers. This quick lending platform allows the merchant to close more higher ticket sales and gives the customer access to quick financing.

Based in Atlanta, GreenSky Credit was founded in 2006 by its current CEO David Malik. Currently, the FinTech company secures lending from 14 financial institutions including Regions Bank and FifthThird Bank. From 2012 to 2106, the company had loaned out over $5 billion dollars. As the company enters its next decade, GreenSky Credit will look to expand the point-of-sale lending market.

https://finance.yahoo.com/q?s=GSKY