Point-of-sale financing is one of the biggest trends of the last decade. And one POS financing company is making big waves in the FinTech world. That company, GreenSky Credit, recently released strong Q2 performance numbers based on a multiple of factors, include a recent alliance announcement with Amex.
According to a recent Forbes article, credit card giant American Express will market GreenSky credit to its merchants. This alliance has the potential to greatly grow the FinTech company’s customer base. Because of that news, Forbes believes that the company is now undervalued.
This news comes on top of the recent announcement that GreenSky credit had raised over $800 in an IPO. This places the Fintech company in the rear “unicorn” category of private companies that have a value of around $1 billion dollars. This is a rapid rise for a company that has been in existence for only about a dozen years.
So what does GreenSky Credit do? The company allows merchants to offer point-of-sale financing for their clients and customers. This allows the merchants to sell more high ticket items and it allows the client a quick and easy way to secure financing for their purchase. This win-win situation has helped the FinTech put over 19,000 merchants on their lending app.
Some of the merchants who currently use the FinTech app include medical clinics, solar panel installers and general home contractors. In the case of general home contractors, these merchants can help their clients secure funding for a number home renovations. In many case, merchants have experienced a boost in business thanks to the company’s Point-of-Sale financing app.
GreenSky Credit secures its lending through relationships with 14 partner banks including Regions Bank and FifthThird Bank. Between 2012 and 2016, the FinTech company has loaned out over $5 billion. Headquartered in Atlanta, Georgia, GreenSky is currently led by it’s founder David Zalik. Mr. Zalik leads a team of 900 employees who work to expand the merchant base of the FinTech company.