- March 19, 2020
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GreenSky, Inc. provides business update in light of COVID-19
GreenSky, Inc., a financial technology company Powering Commerce at the Point of Sale, commented on its recent business trends, strong financial position, and ongoing response to COVID-19.
"While the impact of COVID-19 continues to evolve, GreenSky remains committed to serving our bank partners, merchants, and consumers, while caring for the safety of our associates and their families,” said David Zalik, GreenSky Chairman & CEO. “In particular, I am deeply pleased with GreenSky’s response to this challenge, including successfully and seamlessly migrating to a work-at-home program, allowing our associates to continue safely delivering uninterrupted, best-in-class service to our merchants and consumer borrowers. In addition, I remain gratified by GreenSky’s strong financial position and significant excess liquidity,” added Zalik.
- GreenSky enjoyed material growth in January and February 2020, generating $905 million of transaction volume, up 16% over the comparable 2019 two-month period. March 2020 month-to-date transaction volume, through yesterday, March 18, 2020, exceeded $289 million, up 14% over the comparable 2019 month to date period.
- GreenSky’s corporate liquidity position is strong with nearly $190 million of unrestricted cash on its balance sheet and an undrawn $100 million revolving credit facility.
- GreenSky has significant funding to support new transaction volume, coming into 2020 with more than $2.2 billion of unused bank funding commitments, plus anticipated current-year portfolio paydowns creating another $2.7 billion of incremental availability to fund current-year transaction volume.
- GreenSky continues to expect its previously-announced $6 billion three-year ($2 billion per annum) forward flow financing arrangement to close and fund in the second quarter.
Re-disseminated by The Asian Banker