When veteran entrepreneur David Zalik founded GreenSky Credit back in 2006, the ambitious former child prodigy was forced to risk everything he had spent his life working towards in order to get the company off the ground. So radical was the GreenSky business plan that no investors or bankers wanted to touch it. But it would turn out that Zalik would be the one to have the last laugh.
Today, GreenSky Credit is widely regarded as the most successful recent startup in the fintech industry. The company currently does more than $5 billion worth of loans every year. And GreenSky Credit has experienced explosive growth over recent years. Going from $2 billion in loans in 2015 to more than twice that figure a year later, Zalik has managed to execute a dizzying growth strategy that has seemed to have no end in sight.
Making a plan and then working it
One of the most salient traits that someone who gets to know Zalik will notice is his ironclad discipline. Zalik is one of those people who you better listen to when they tell you what they are about to do because it is almost a guarantee that it is exactly what is going to happen.
And the CEO of the firm is now telling the world that his company will be doing $20 billion in new loans by the year 2020. While this may sound almost unbelievable, representing growth of nearly four times versus where GreenSky Credit is today, Zalik has proven in the past that he is able to follow through on his goals and achieve them even against all odds.
Anyone tempted to scoff at the company growing by another four times in a couple of years should consider that just a few years ago the company only had a few thousand retailers on its roster. Now it has more than 17,000. The big-ticket, instant point-of-sale loan model has, quite frankly, taken off like wildfire. GreenSky has zeroed in on a market where it is creating tremendous value and filling a deep market need that simply didn’t exist before. And it has such a broad head start that its lead is almost set in stone into the indeterminate future.