You might have good, even great credit, but when it comes time to make a large payment that needs to happen fast, it’s still tough to expedite the lengthy approval process for a traditional loan. Atlanta-based FinTech unicorn company GreenSky, which was valued at $3.6 billion after a $50 million round last year, provides technology that gives merchants the ability to offer their consumers financing to get a loan approved in minutes.
This model is so wildly different from anything the lending industry has seen before that, not only is GreenSky one of the most valuable private FinTech startups out there, they were the only Atlanta company (and one of only two in the south!) to be named this week to CNBC’s annual Disruptor 50 list.
The list features private companies across any industry that disrupt a marketplace, fill a previously unmet need, or created an entirely unheard-of product or service. Other companies on the list include the likes of Airbnb, Lyft, SpaceX, and Pinterest. More than 800 applied for 50 spots. GreenSky ranked at #17.
“We think of ourselves as innovating in the financial industry. If, in concert with our bank partners, that disrupts the status quo and creates more value for our business customers and consumer customers, then we are thrilled,” says GreenSky founder David Zalik. “Our business model, which combines state of the art technology, a network of 14 financial institutions, 17,000 businesses and over a million consumers accelerates commerce and enables consumers to do things that are important to them.”
The company doesn’t actually make loans, but works with merchants in different industries including home improvement, retail furniture, and healthcare. When a customer with good credit wants to finance a project or procedure quickly, the platform matches the merchant with one of their bank partners. The customer gets their loan within a few minutes.
For example, say you’re in a doctor’s office trying to decide whether to take on the cost of an elective medical procedure. GreenSky Patient Solutions provides a paperless application and near-instant approval process to expedite providers’ operations and streamline workload.
Zalik is just one of a number of FinTech entrepreneurs raising the profile of the region.
“Atlanta is a great place both to raise a family and build a company. We are a technology hub and our city’s support of entrepreneurship is unprecedented. Additionally, the tech talent here is top-notch and continues to grow and evolve,” says Zalik.
Photo via GreenSky.