Greensky is the best fintech in the world right and investors are projecting that it will do well in years to come, if not decades. This company is facilitating efficient transactions between borrowers and banks. It offers point-of-sale services to consumers, mainly homeowners and medical professionals. The role of the company is pegged on the fact that people will need services, but it is not always that they will have the cash to pay for the services. Some home improvements services might be required as a matter of emergency, and a homeowner might not be in a position to settle on cash.
Where does GreenSky come in?
GreenSky helps consumers to access instant loans. They work through merchants who offer services to homeowners. A good example is one where a consumer wants a home improvement services that will cost $5,000 but has no cash to pay for the services. The merchant can offer them an opportunity to finance the services through this fintech. The merchant will apply for a loan on behalf of the consumer. They will scan the ID of the consumer and collect other relevant details such as SSN. This information will be sent to GreesSky who will process the information and link the borrower to some of the lenders they partner with. Once a lender is obtained, the loan is processed instantly, and the merchant informs the consumer. The processed amount might even be larger than the processed amount, and the consumer might offer to use it on extra services offered by the merchant.
What does the consumer gain from GreenSky?
The loan offered through GreenSky is the best type of loan that one can take. How is that? This loan does not attract interest. Therefore, it means that one can comfortably pay for the loan since it is split up into tiny bits of repayment. Homeowners can consequently avoid all the challenges associated with traditional loans.
Investors in this fintech believe that the model of business they are running is highly profitable and will make it the best fintech for many years to come. Some of the early investors include Nigel Morris, the co-founder of Capital One.