The world of point-of-sale financing has really been taking off during the last decade. One of the leaders in the world of POS financing is making waves with strong financial results and new strategic partnerships. That company, GreenSky Credit, is making waves due to a strong Q2 quarter and a new alliance with American Express.
GreenSky Credit is known as one of the leading FinTech companies specializing in Point-of-Sale financing. In a five year period, from 2012 to 2016, the company has been able to lend out over $5 billion dollars. Recently, the company announced strong Q2 earnings. This good news was on top of the recent announcement that GreenSky had formed a strategic alliance with American Express.
With the American Express alliance, the credit card giant will market GreenSky Credit’s services to their merchant customers. This could potentially lead to a huge influx of merchants to the FinTech’s company’s growing customer base. As of 2018, the FinTech company has over 12,000 merchants using their point-of-sale financing app.
For those unfamiliar with point-of-sale financing, this innovative financial tool allows merchants such as medical clinics, solar panel installers and general contractors to offer instant financing to their customers. This lead to more high ticket sales for the merchant. And customers now have access to quick lending for their purchase.
In the middle of 2018, GreenSky Credit joined what is known as the “unicorn” club with their $800 million IPO. “Unicorn” is a Silicon Valley and Wall Street term for tech start-ups that raise money on a $1 billion dollar or higher valuation. Since then, the company has continued to grow in revenue and sales.
Founded in 2006 by current CEO David Zailk, the Atlanta based company currently has a full-time staff of 900 employees. The FinTech firm secures lending capital through a partnership with 14 banking entities including Regions Bank and FifthThird Bank. In addition to working with thousands of merchants, GreenSky Credit also provides its service to large retailers such as Home Depot.