Recently, GreenSky Credit made a deal with American Express to create a partnership between the 2 companies. This business move will give the company access to the merchant base of American Express and is expected to boost their platform considerably. The deal is also expected to be beneficial to American Express who is trying to attract more merchants as a part of their new strategy for growth.
GreenSky Credit only offers their products to customers with good credit, meaning that their risks of not being paid back are small. The company has built a strong network of banks, healthcare providers, and home improvement businesses. This type of networking is still crucial to their growth strategy. Their methods are clearly working if their impressive results from the second quarter of 2018 are any indication.
This partnership with American Express is adding an entirely new dimension of growth that runs alongside the methods that GreenSky is already implementing. It is predicted that this partnership will be fully implemented sometime in 2019 and is expected to bring the price per share of GreenSky to around $26 by 2020. This estimate is approximately 30% higher than their current price of approximately $20.
Form 2015 to 2017, the merchant base of GreenSky grew by around 50% each year. According to predictions, this number may reach 30,000 before 2021. The company may have increased their number of merchants, but the transactions per merchant have decreased. With the help of American Express, more merchants that are high-end are expected to be added to their base which will minimize this decline. They are expected that the transaction volume per merchant with the company will reach about $290,000 by 2020.
Their numbers in the second quarter of 2018 show that as a public company they are off to a great start. Their transaction volume increased by 36% in that time frame and is expected to continue to increase. They will now have access to the virtual payment system offered by American Express as well. The strategic alliance that is being formed with American Express will continue to allow GreenSky to grow and is expected to increase their share of the market.
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