David Zelik May Be Taking GreenSky Credit Public

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GreenSky Credit CEO and founder David Zalik has built a $3.6 billion company without ever having graduated from high school. The math whiz didn’t even bother going to college as he had his brainchild for this company in his teenage years. He essentially makes money on both sides of the home renovation loan without the risk of default. It has propelled him to billionaire status but he stays out of the limelight.

The CEO of GreenSky Credit likes it that way. He stays away from the press and turns down dozens of invitations to speak at conferences. And he’s guarded his company zealously by putting off outside investment for as long as he could. Now he’s taking the company public. He secretly filed for an IPO which could raise between $1 and $5 billion according to the Wall Street Journal.

GreenSky Credit is set to beat other mega-giant companies like Uber, Stripe and Credit Karma to an IPO. This challenges the belief held in Silicon Valley that staying private for as long as possible is what’s most beneficial to the company. Companies like Uber and Stripe have a preferred to stay away from the pressure that outside investors could bring. And they’ll stay this way so long as they have quarterly earnings to fuel the operation.

But GreenSky Credit could still pull its confidential IPO from the Securities & Exchange Commission. But, now that they have been outed by the Wall Street Journal, it’ll be hard to pull back such an offering.

You need to know a little bit about the founder, David Zelik, to completely understand GreenSky Credit. The quiet CEO has founded and operated one of the largest financial tech companies in the country while staying under the radar. And he’s done it completely different than all of the other financial startups of his time.

Zelik has embraced bank. He’s been working with them for decades. In fact, it’s part of his brilliance. He throws much of the risk at the bank while reaping the benefits. Zelik’s financial company simply facilitates the loans for 1% of the balance sheet each year.

https://www.bloomberg.com/news/articles/2016-09-26/instant-lending-made-this-college-dropout-a-billionaire