Since its founding in 2006, GreenSky’s proprietary technology platform has enabled its bank partners to provide loans to nearly two million consumers nationwide, while more than 12,000 home improvement and healthcare merchants have used the platform to offer frictionless credit and payment options to their customers. The fintech company completed an Initial Public Offering in May of 2018, and its next step forward is the recent announcement of a strategic alliance with global services company American Express.
Reaching for the Sky with American Express
The partnership will result in boundless benefits for the two companies, their merchant partners and consumers nationwide.
- U.S. merchants in the American Express network, and their customers, will now have access to GreenSky’s point-of-sale financing solutions. Merchants will be able to increase sales by offering credit options, while consumers will be able to apply to finance a large purchase via mobile app (as simple as scanning a driver’s license), online or over the phone and receive a decision within 60 seconds.
- Existing American Express cardholders in five U.S. cities will be able to apply for direct-to-consumer home improvement loans through the GreenSky platform. At the successful conclusion of this pilot test, the capability will be rolled out nationwide and in additional categories.
- GreenSky will gain access to American Express’s virtual payment solution, vPayment, which provides customers with virtual account numbers in order to complete faster, safer transactions. The company will also realize significant growth in a number of areas, including number of active merchants (estimated to reach 30,000 by 2020), number of customer accounts (forecasted to exceed 3.2 million, also by 2020), and stock price per share (expected to increase by 30%).
The Sky’s the Limit
GreenSky’s collaboration with American Express will take the fintech firm to the next level. According to CEO David Zalik, “Combining our industry-leading technology platform with the security and backing of American Express will allow us to continue innovating to meet evolving customer needs.” As a mobile-first company, and with more than 225 million smartphone users in the U.S. alone, the sky is indeed the limit for GreenSky.https://www.crunchbase.com/organization/greensky