GreenSky recently went public after fronting its Initial Public Offering to become one of the best fintechs in the world today. This is a company that generates profits by offering point-of-sale services that link borrowers with banks. They are simply the middle payers in the business of lending out loans to borrowers. The new model that is used to run this idea eliminates all the challenges associated with traditional banking. The company is expected to get double-digit growth in a short time. Its growth projection is supposed to be long-term since they are running on an idea that will be here for a very long time. In 2017, the company closed with $3.8 billion in loan volumes, a 30 percent increase from the records of the previous years.
The merchants, borrowers and banks mainly need the services of GreenSky. The technology used by the fintech ensures that there is a win-win-win situation for all the players. By connecting these three players, GreenSky makes a hefty profit from the transactions they make. Most of the customers in this idea are homeowners and medical professionals. The main benefit of this idea is that it brings sales at the most opportune moment. By offering point-of-sale lending services, you are likely to see a huge number of sales since you will be addressing a particular need in the market.
With this business model, there is no paperwork involved in getting a loan. The merchant collects the only details which are needed for loan application and submitted digitally to GreenSky who will on their part look up for a bank that can partner with them to offer a loan to the customer. In a short time, the customer will be linked to a bank that is ready to offer the needed amount. Just like that, the customer will have the funds needed to pay for the loan. The loan does not incur interest in the agreed repayment period. Through this initiative by GreenSky, lending and borrowing have been simplified significantly. You can get a loan straight from a bank with no paperwork involved an in minutes of your ordering.