Many investors are watching the performance of companies within the financial technology sector. One of these companies has chosen to do things a bit differently than others, with great results. In this post, you’ll learn about the recent success of financial tech company GreenSky.
A Brief History of GreenSky
This company is one of the leaders in the financial technology industry. David Zalik, CEO of this company, wanted to find a way to make it easier for consumers to receive loans. Instead of using their own capital, this company partners with a network of banks. In addition, GreenSky currently has partnerships with nearly 12,000 merchants. This company also provides loans for consumers involving multiple types of medical procedures.
This Company’s Stellar Public Debut
Recently, GreenSky made its public debut and did better than industry expert estimates. This company was able to end the first 24 hours as a publicly-traded business with share prices reaching totals that were 1.5% higher than expected. In addition, this company was able to sell 38 million shares during this time which was 4 million more than estimates predicted.
Partnering with American Express
The amazing performance of GreenSky didn’t end with its IPO. Throughout August 2018, this company saw share prices increase by 17.1%. One reason for this sharp price increase was due to this company’s partnership with fellow financial giant, American Express. This partnership now means that this company is able to tap into American Express’s network of merchants. Considering that, it is expected that transaction volume will increase by 38-41% by the end of 2018.
To summarize, GreenSky is a company that seems to show no signs of slowing down. This company recently made an amazing public debut on the stock market. Things only got better for this company after they struck up a partnership with American Express.