One of the biggest trends, in the finance world, is known as point-of-sale financing. And one of the largest players, in that field, recently released some surprising performance numbers in Q2. That company, GreenSky Credit, is innovating the world of point-of-sale finance across the country.
According to a recent Forbes article, GreenSky Credit announced strong Q2 earnings numbers. This news is on top of the recent announcement that American Express has partnered with the FinTech company in a marketing arrangement. With this arrangement, American Express will market the FinTech’s lending app to the credit card giant’s merchant customers. This move is expected to help the FinTech customer gain more merchants to their lending app.
For those unfamiliar with point-of-sale financing, GreenSky Credit gives merchants an app that allows them to offer financing to their potential customers and clients. For instance, a general contractor can offer a loan, to their potential customer, for a kitchen renovation. The potential customer can apply right through the merchant’s app. The app then offers a response in minutes. This financing app ultimately helps merchants close more high ticket deals while helping customers get quick financing.
Because of its billion dollar valuation, GreenSky Credit is known on Wall Street and Silicon Valley as a “unicorn” start-up. The company made waves earlier in the year when it raised over $800 million in a IPO. Today, the company’s surprising performance has Forbes calling the company “undervalued” compared to its recent stock price.
Currently, the FinTech company has about 12,000 merchants on its financing app platform. Many of these merchants are general contractors, solar panel installers and medical clinics. In addition to individual merchants, the app is also available at giant retailers like Home Depot.
Founded in 2006, GreenSky Credit currently partners itself with 14 lending institutions including Regions Bank and FifthThird Bank for lending capital. The company is headed by its original founder David Zalik who oversees a staff of 900 employees. As the company enters its next decade, GreenSky Credit will look to further grow its point-of-sale lending business.