Would you think that someone who did not graduate high school would be one of the top businessmen in America? Probably not, but in David Zalik’s case it is definitely true. The reason is because he is not only an incredible innovator but he was also a child prodigy who aced the SAT score at the ripe old age of 13. He immediately begin attending afternoon classes at Auburn where his father was a mathematics professor. He also soon realized when it was time for high school that he wanted to attend classes at Auburn full-time. When you look at his early history, it really comes as no surprise that he would grow up and become the incredibles innovator in business he is today.
Once David Zalik became a full-time student at Auburn, he didn’t immediately become an entrepreneur right away. He started his first business simply because he wanted to date the older female college students. He eventually sold the company, called Microtech, in his early twenties for a couple million dollars.
That was perhaps a harbinger of things to come for him, because his newest venture is called Greensky Credit. This financial technology company is built on a rather amazing premise: they Market their app to home remodeling contractors. After that, the home remodeling contractors are able to make quickly approved, unsecured loans to the homeowners they service.
In reality, the idea for Greensky is incredibly brilliant: these contractors market the loan to homeowners, but the contractors have to pay Greensky 6% for the privilege. Moreover, even though Greensky has to partner with fourteen megabanks, the banks also pay Greensky a 1% fee for the privilege. Do you realize the ramifications of this? There’s literally means that Greensky is making money from both the contractors and the banks! Home contractors love Greensky because it helps them expand their business, and these banks love Greensky because they get more deposits. Thus, they are more than happy to pay a small extra fee for Greensky’s services.
In a sense, Greensky Credit serves as another middleman to help homeowners pay contractors for house repairs. Greensky is not on the hook for any defaults, and the beauty of this program is that it is not limited to just highly expensive home renovations. Just to sum it up, David Zalik is not just a millionaire now. This innovative idea has made him America’s newest billionaire.