GreenSky

GreenSky, LLC

Company type	Private
Industry	Financial technology
Founded	2006 (2006)
Founder	David Zalik
Headquarters	Atlanta, Georgia , United States
Area served	United States
Key people	David Zalik (Founder and CEO), Gerry Benjamin (Vice Chairman), Tim Kaliban (President and Chief Risk Officer)
Products	Consumer financing technology solutions for home improvement, solar energy, healthcare, and other sectors
Number of employees	1000+
Parent	Sixth Street Partners, KKR, Bayview Asset Management, CardWorks (since 2024)

GreenSky, LLC is a financial technology firm established in 2006 with its main office located in Atlanta, Georgia. The company delivers technology solutions that enable banks and merchants to provide consumer financing for sectors such as home improvement, solar energy, healthcare, and other uses. The loans are funded by federally insured banking institutions. By 2016, GreenSky’s credit programs had facilitated nearly $5 billion in loans.

On March 15, 2024, Goldman Sachs finalized the divestiture of GreenSky to a group led by Sixth Street Partners, which also included KKR, Bayview Asset Management, and CardWorks.

Business

Rather than functioning as a direct lender, GreenSky serves as a technology platform collaborating with banks to originate loans. In 2016, the company partnered with 14 financial institutions—including Regions Financial Corp. and SunTrust Banks—to offer financing through its digital app and online services to customers of roughly 12,000 merchants. These merchants range from large retailers like The Home Depot to independent contractors. The product offerings span from furniture sales to home improvement services such as window replacements and roofing installations; additionally, GreenSky expanded into elective medical procedures financing.

GreenSky’s competition includes fintech companies such as Affirm Inc., Klarna Inc., and Promise Financial by providing installment loans that serve as alternatives to credit cards for substantial purchases with fixed repayment schedules. In niche areas like solar financing, competitors include Mosaic Inc. and Spruce Finance Inc.. CEO David Zalik highlights GreenSky’s identity as a technology enabler rather than a direct lender. The company’s lending programs adhere to SSAE 16 Type II compliance standards.

In 2015, GreenSky announced plans to broaden its operations, including a potential $7 million investment in a call center near Cincinnati, with tax incentives under consideration. That same year, it revealed a multimillion-dollar expansion in Atlanta aimed at creating 350 new jobs, approximately one-third of which would be in technology roles.

By 2016, GreenSky had achieved profitability, with CEO David Zalik earning the National EY Entrepreneur of the Year Award in Financial Services for his effective leadership.

In June 2020, GreenSky secured a $75 million Incremental Term Loan B facility intended to support general corporate purposes and enhance liquidity.

Capitalization and valuation

Founded by David Zalik in 2006, GreenSky raised $50 million in capital during September 2016 while establishing a $2 billion lending arrangement with Fifth Third Bancorp. This funding round valued the company at $3.6 billion—more than six times its $300 million valuation from 2014. Early backers included TPG, Wellington Management, DST Global, ICONIQ Capital, and QED Investors. The 2016 valuation ranked GreenSky among the highest-valued private fintech startups.

On May 14, 2018, GreenSky went public with an IPO pricing between $21 and $23 per share for 34.09 million shares. The offering surpassed expectations by selling 38 million shares and raising $874 million, significantly enhancing the company’s financial standing.

In September 2021, Goldman Sachs announced an all-stock acquisition of GreenSky valued at $2.24 billion—down from the roughly $4 billion valuation during its 2018 IPO. Prior to the acquisition announcement, unusual options trading activity was reported, prompting speculation about insider trading.

One year following the acquisition, Goldman Sachs experienced losses and began exploring options to divest GreenSky. In October 2023, Goldman Sachs agreed to sell GreenSky to investors including Sixth Street Partners, KKR, and Bayview Asset Management. The deal was completed in 2024, marking Goldman Sachs’ strategic withdrawal from this business segment.

Management and Employment

• David Zalik, Founder and Chief Executive Officer since 2006
• Gerry Benjamin, Vice Chairman
• Tim Kaliban, President and Chief Risk Officer

GreenSky's workforce exceeds 1,000 employees who contribute to the company’s global operations and expansion efforts.