GreenSky Credit experiences explosive growth

While other financial technology companies, like Lending Club and OnDeck, had the idea of burning the traditional banking industry to the ground, GreenSky Credit decided to embrace the old regime and allow it to function with less friction. GreenSky Credit now appears to be the model that is taking hold across the financial tech industry. With OnDeck and Lending Club both experiencing stock price declines of more than 85 percent, it seems that the GreenSky Credit model of pairing existing lenders with merchants who are looking to make additional sales may be the definitive way forward for the fintech industry.

GreenSky Credit founder David Zalik is one of the most reclusive CEOs of a major corporation. The former child prodigy scored so high on the SAT test that he was invited to begin attending classes at Auburn University when he was just 12 years old, completely skipping high school in the process. But Zalik quickly grew bored with academia. A couple years into his studies, he dropped out to form computer assembly company MicroTech. The company proved to be a success, and Zalik sold it for around $5 million a in 1996.

By 2006, at the age of 32, Zalik had made some good investments in commercial real estate and was ready to try founding another company. He had gotten the idea for GreenSky Credit while working on another one of his firms, Outweb, an e-consultancy company. He knew that many businesses in the home-remodeling space struggled to close point-of-sale purchases with customers who had often badly underestimated the true cost of home renovation projects.

GreenSky was able to step in with promotional financing terms that were too good for most customers to turn down. At the same time, Zalik was able to sell GreenSky Credit loans to lenders as a way to bring in far more business from the most sought-after loan customers: prime borrowers. Because the average FICO score of a GreenSky borrower is 760, lenders can rest assured that they will not have to deal with many delinquencies or defaults.

The pairing of traditional lenders with over 17,000 merchants has proven to be a winning formula.

 

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Susan McGalla Teaches other Business Women How to Elevate

Susan McGalla has become a very important person in the world of retail, but she feels that she has an even higher calling than this. As a woman that has working roles such as CEO in corporate settings Susan feels that it is up to her to help people that want to learn how to become corporate business leaders. Her specific focus is on women, and she has spoken many times to women in seminars about what they need to do.

There has been a lot of focus on women in leadership roles because there are so few women that have accomplished what Susan McGalla has accomplished in her lifetime. She is someone that has hit the mark of CEO in two different companies so her words and her experiences are very valuable. She has unveiled in many seminars what it takes to be a woman that shatters the glass ceiling that hold so many women back. Susan McGalla has always talked about how going to college and getting the degree is the initial first step to getting your foot in the door.

It is true that there are some women that forsake the college route to start businesses of their own, but more than 50% of small businesses that start for the first time will fail. The reason that a college degree is still important when it comes to getting into a corporate job has much to do with the skills that you learned about particular job that you were trying to do. You know the theories and the concepts that will propel you to the next level. This is exactly why a degree in marketing was so beneficial to Susan McGalla.

She started out with a smaller company, but she would rise through the ranks as someone that knew about the fundamentals of marketing. This is what you are taught in college. You become someone that becomes aware of the backbone of certain types of professions. Susan was able to learn about things that would help her become a seasoned marketing expert. She would build on there experiences.