GreenSky has become one of the more surprising success stories in the fintech industry over the last 10 years. Founded in 2006 byprodigious entrepreneur David Zalik, the company has followed a radically different model than many of the company’s fintech competitors. In an industry where posturing as the most disruptive company with the most utopian financial vision has often been what defines the cool kids, Zalik has long been considered something of an outsider.
Yet, the last laugh is now very plainly his. While GreenSky competitors like OnDeck and Lending Club have foundered and sunk under the weight of their own excess and foolishness, GreenSky has continued experiencing massive year-on-year growth since the day the company was created. This is largely attributable to Zalik’s unique vision for how best to go about integrating sophisticated technology into the existing financial sector. Rather than trying to burn the industry down and create something radically new from the ashes, Zalik chose to use technology as a sort of supercharger, helping lenders, borrowers and retailers to do more of what has been proven to work for generations.
Creating big value for everyone involved
This mission to create real value through greasing the already existing wheels of the financial system is best exemplified in GreenSky’s retail home improvement business. Zalik saw that there were many home remodeling deals that were falling through when inexperienced homeowners vastly underestimated the costs of their projects. But these homeowners are largely prime borrowers, with most having FICO scores above 760. At the same time, the expenditures that home renovation projects represent for these homeowners almost always create a nearly immediate return on completion of the projects because they raise the value of the homes more than the renovation costs.
Zalik saw that with GreenSky he could design a platform that would bring these prime borrowers together with major lenders and instantly offer them loans with highly favorable terms. The borrowers win by getting to finish their projects that they otherwise lacked capital to complete. And the lenders and home improvement contractors win by getting business that otherwise would never have materialized.
The influence of the digital revolution to humanity continues to change the norm. Today, it is common to see someone using dating apps, and people enjoy meeting new faces through the use of these mobile software programs. Two of the most popular dating apps today are created by a single person. Tinder and Bumble were both created by Whitney Wolfe Herd, who is an American entrepreneur who has ventured into the tech industry. After she graduated from her university, she decided to visit Southeast Asia and offered to become a volunteer. Her exposure to a different culture inspired her to create an app that would promote love and equality. Later on, she joined Hatch Labs at the age of 22, and developed applications meant to search the users their preferred partners. Read this article about Whitney Wolfe at Forbes.
Her first creation is Tinder, and it became an instant hit. Tinder users can search their location to look for an ideal partner. The nearest people in the area would pop up in the app, and the user has the power to either swipe left or right, depending if they liked the person or not. Tinder was downloaded for millions of time, and the creator, Whitney Wolfe Herd, thanked everyone who supported her project. However, as Tinder becomes more successful around the world, many pranksters have used the app to fool people. Whitney Wolfe Herd decided to leave the company two years after the creation of her successful creation called Tinder. This time, she partnered with other influential businesses which are also expressing their interest in creating a dating app.
Whitney Wolfe Herd started to create an answer to Tinder, called Bumble. The newest application allows the women who use the application to block someone they do not like. It is also similar to Tinder, but women felt safer within the premises of the Bumble app. The current owners of Tinder also threatened Whitney Wolfe Herd that they would be suing her for copying their designs, not knowing that the women they are trying to belittle are the original creator of the platform. She’s very powerful and stated that he is not bothered no matter how many threats would come in.