Category Archives: Apps

GreenSky Credit grows smart with great success

GreenSky Credit is one of the most successful companies currently in the fintech sector. The company’s growth has been almost preternatural. GreenSky started as a self-financed venture back in 2006 when founder David Zalik liquidated his real estate holdings in order to raise the required capital for the firm’s launch. Today, the company is worth between $5 and $10 billion and is currently mulling its prospects for an IPO.

Smart choices and big payoffs

Zalik has always had a knack for knowing where he should go to find big returns. At the age of 14, he founded a computer company that he would go on to sell for $5 million. He was then able to parlay that fortune into $12 million in commercial real estate holdings. It was those holdings that he eventually ended up liquidating in order to start GreenSky.

Zalik’s entrepreneurial instincts hadn’t diminished an inch. He found his way to the $410 billion home improvement industry where he was able to find a number of opportunities that either no one had previously spotted or that they had not devised an effective business model to address. One of those was the retail home improvement space. Zalik saw billions of dollars each year being lost when customers who were looking to complete home improvement projects were rebuffed by the high costs of completing their renovations. Zalik saw that most of these customers had prime credit scores. And he quickly realized that this was a great opportunity to create an instant-loan technology that would allow these customers to complete their projects, which almost always created net value for their homes even after the cost of the projects was taken into account.

This marked the beginning of GreenSky Credit. Zalik quickly created a frictionless app that allowed retailers and home improvement contractors to instantly approve customers for up to six-figure loan amounts. And the lenders with which GreenSky partnered were all to happy to have these customers taking loans from them, with the average GreenSky customer having a FICO score of 760.

This genius for spotting opportunities and devising clean and frictionless solutions is why the company is all but guaranteed to continue enjoying success into the future.
https://www.fool.com/investing/2018/06/12/greensky.aspx

Upwork Gives Freelance Workers Options

Freelance work has been increasing in popularity immensely over the past several years and it does not appear to be slowing in momentum anytime soon. In 2016 alone, $5 billion was processed by companies like Freelancer and Upwork which are staffing platforms that do the entire process online.

Companies like Upwork, founded in 2015, make it easier for small businesses to lower their costs by having to hire fewer employees. Hiring freelance work can potentially save companies a good amount of money over the years. In 2020, it is expected that the world’s workforce will be comprised of up to 50% of freelance workers instead of traditional methods of employment.

There are many different organizations that use freelance platforms like Upwork, they range from nonprofits all the way to multinational corporations. By being able to hire people from such a large pool of candidates both in person and online, they are able to choose from many more candidates to find the person that is right for the specific job at hand.

Additionally, this process can save employers a lot of time in the hiring process as hiring a freelance worker to complete an assignment generally takes a considerably shorter length of time.

With the growing number of freelance workers, health insurance and other services are a big concern to many people. The Freelancers Union that was founded in 2001 has been providing these services to their members which number in the several hundred thousand. Over the years, these concerns have been an issue among many different freelance professions, but sites like Upwork have made it easier for these workers to find a steady stream of jobs with guaranteed and timely compensation.

When Upwork was first founded in 1999, it went by the business name of Elance but rebranded to Upwork Global Inc in the year 2015. There are millions of users of Upwork, 5 million clients and 12 million freelance workers. It holds the title of one of the largest freelance marketplaces in the world with a current value of around $1 billion.

Find out more about Upwork: https://www.crunchbase.com/organization/odesk