The fintech industry has been battered by scandals and spectacular failures of some of the space’s top companies. Firms like OnDeck and Lending Club, which once were among the most highly touted companies on Wall Street, have proven to be sputtering duds. But there has been one company that has stood out above them all, GreenSky Credit.
A completely mature and viable business model
Behind all of the dazzling public relations and corporate sales pitches, the fundamental problem that so many companies in the fintech sector have suffered from has been a failure to develop any kind of viable business model. This is where GreenSky has excelled. The company was founded in 2006. And it quickly became apparent that the GreenSky model was not just viable but that it could also propel the company to ever greater sales through continuous growth.
Now, 13 years later, the company’s business model has roundly proven itself. And GreenSky Credit’s operations are now in a phase of deep maturity. This has been a critical factor in the willingness of David Zalik, the company’s multi-talented founder, to consider going public.
It was recently announced, for the first time, that GreenSky had quietly filed the necessary paperwork to begin the early stages of the IPO process. While some analysts have expressed doubts about the prospects for a fintech company going public in today’s tough market climate for that sector, Zalik has said that the company won’t be facing many of the serious problems that often come with startups that go public too soon. He says that the GreenSky model is completely mature and that the business virtually runs itself at this point. According to Zalik’s estimation, the strong pressures for quarterly performance won’t hinder the company’s future because it is essentially a turnkey operation.
However, if the fintech sector as a whole continues to poorly perform, it could mean trouble for any IPO for the firm. The initial public offerings of companies are often highly sensitive to market conditions, and the poorest conditions can easily prevent an IPO from ever happening. But if the company continues performing as strongly as it has, even macroeconomic trends may not prevent its IPO.
Though you’d have to go back to the era of Nixon to find the last time a Democrat won the 6th Congressional District in Illinois, 2018 presents local progressives with their best shot in recent memory at getting rid of embattled congressman Peter Roskam who is beginning to look more and more vulnerable by the day. While it’s been over a decade since Roskam has even had a nail-biter type election, the Democrat’s candidate this go around is bringing unprecedented excitement to the largely suburban district. His name? Sean Casten.
Casten is a young up and comer who presents a clear alternative against the stale and abrasive style of Roskam. Additionally, Casten has been endorsed by End Citizens United which is an influential grassroots organization focused on ridding our political system of the spread of special interest and corporate PAC money. By campaigning against dark money in our elections and with the support of the hundreds of thousands of small-money donors that support the ECU, Sean Casten has the tools to make a real upset bid against Roskam. In fact, in the 2016 election the 6th Congressional District actually voted rather emphatically for Hillary Clinton (she garnered 50% to Trump’s 43%) showing that the district, much like the state of Illinois as a whole, may be trending more blue than ever. Another thing working in Casten’s favor is the competitive gubernatorial race that is sure to drive voters out to the polls in droves. And if we’ve learned anything over the past few election cycles it’s: when Democrats vote — they win!
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Another interesting trend sure to lend optimism to 6th District Democrats is the success End Citizens United has had in backing candidates so far this cycle. Doug Jones in Alabama and Connor Lamb in Pennsylvania are just two of the examples of a Democrat who was widely considered the underdog but was able to pull out a victory. At this point it goes without saying that the policy position of being against special interest and corporate monies is a winning formula that may be the “boost” Casten needs to vault his campaign over the finish line.
As mentioned earlier, the 6th Congressional District in Illinois will never be a cakewalk for a Democrat. However, Sean Casten’s campaign is brining the fight to Roskam at every level — and it is exciting to watch. With the help of ECU and other like-minded progressive groups, there is no reason to believe the Blue Wave won’t be coming to the suburbs this November!
Visit endcitizensunited.org for more details about End Citizens United.