IPO: Fintech Unicorn GreenSky, Inc. (GSKY)

GreenSky, Inc. (NASDAQ: GSKY) was founded in 2006 and is headquartered in Atlanta, Georgia. It has 949 full-time employees (3/31/2018). It is a financial technology company that provides technology for banks and customers, and provides various Loans for various purposes (mainly in the home renovation market).


GreenSky, Inc. (GSKY):

GreenSky, Inc. was registered and established on July 12, 2017. Before this reorganization and public offering, there was no commercial operation, capital flow, materials and assets, and it will mainly undertake the assets of GreenSky LLC.

GreenSky provides technology and customers to banks and merchants, and provides consumers with loans for home renovation, solar energy, healthcare and other purposes. The financing of the GreenSky credit program is provided by Federal Insurance, Federal and State Chartered Financial Institutions. From 2012 to 2016, nearly US$5 billion was loaned out through the GreenSky credit program (as of now, the cumulative loan has exceeded US$15 billion).

GreenSky® was founded on the idea that payment, credit and business can be enhanced through technology and excellent user experience. The company believes that payment and credit can become an asset that can empower business and resources, rather than hinder each other. Today, GreenSky provides a service that can help companies grow and meet customer needs.

To put it simply : because the land ownership in the United States is permanent (a bit evil^_^) and the quality of housing construction is too good (very evil^_^), a large number of renovation (house redecorating) markets have spawned. The refurbishment of houses often costs hundreds of thousands or hundreds of thousands, and it is difficult for an average family to come up with so much money at once. The bank loan process is complicated, and the payment is often very slow, which affects the progress. Homeowners need to obtain loans from other channels, and such high-quality customers with a general credit score of 760 or more. GreenSky is targeting this market. After more than 10 years of deep cultivation, it has become the industry leader in this business, and many The bank signed an agreement to obtain a low-interest loan as low as 3%, and then release it at 6%-30%. This is GreenSky’s business model.

GreenSky® is not as well-known as Social Finance Inc. or Lending Club Corp. in the field of financial technology (Fintech) , partly because it does not use its own funds to lend. GreenSky’s cooperative banks (14 in 2016, including Regions Financial Corp. and SunTrust Banks, etc.) through online banking or through the GreenSky mobile application to approximately 12,000 retailers, including industry leaders The Home Depot, Inc. to individual contractors To provide loans to customers of merchants. GreenSky is mainly contracting customers for furniture and home improvement products, including replacement of windows, aluminum siding and roofs. In addition, GreenSky® has also expanded to businesses of selective medical procedures.

GreenSky®’s platform promotes merchants’ sales while reducing friction and improving economics-consumers make purchases and banks finance the purchase. As of March 31, 2018, there were approximately 12,000 active merchants on GreenSky®’s platform, and from the company’s establishment to March 31, 2018, approximately 1.7 million consumers completed loans using GreenSky®’s platform and a total of financing More than $12 billion.

GreenSky, Inc. (GSKY) investment:

GreenSky, Inc. (NASDAQ: GSKY) submitted its IPO prospectus on 4/27/2018 and listed on Nasdaq on 5/24/2018 with an issue price of US$23.00 and 34,090,909 shares issued, raising US$784.1 million.

Notify of
Inline Feedbacks
View all Intels

Bank holding company: State Bank Financial Corporation (STBZ)

Biopharmaceutical company: Ritter Pharmaceuticals (RTTR) (2004)