David Zalik is the billionaire CEO of GreenSky Credit. He founded the company in 2006 and it is headquartered in Atlaustnta, GA. GreenSky is a financial company that gives loans to customers with good credit who wish to do things like home improvement projects and elective surgeries. Customers who wish to apply for the GreenSky Credit opportunities can do so right from their phone and receive an approval within seconds.
David Zalik is an intelligent and young entrepreneur, at only 44 years old. However, he is one leader who doesn’t like to talk to the press. In fact, he tends to decline offers to speak at conferences and he doesn’t like to receive capital that is funded publicly, until recently.
For over ten years, Zalik and GreenSky Credit have not been offered in public trading. By not going public, Zalik can refrain from having to worry about quarterly earnings and investor’s concerns and he can keep his focus on what he needs to grow the company. This is why other companies like Uber and Credit Karma also refuse to go public. Since GreenSky filed confidentially, they still have the option to not go public.
Zalik and GreenSky filed for the IPO in confidence and it is believed that their value is $5 billion and that they can raise over $1 billion. While many financial technology companies, like GreenSky, do not like to work with banks, GreenSky Credit has been operating with banks for years and it works for them. When GreenSky finds and secures a loan with a customer, their name is not on the loan and therefore, are not responsible if the customer defaults. Although GreenSky’s pay depends on how well the loan does, they are given about 1% of the balance for retrieving the customers and the loans. GreenSky has a similar relationship with contractors, but they are given 6% of the loan for the lead.
Other online lending companies who went public did not do so well, losing as much as 85%, but GreenSky’s seamless business plan should be more enticing to investors.