GreenSky LLC, which partners with banks and merchants on consumer installment loans, has reportedly filed paperwork for an initial public offering.

The Atlanta company could seek to raise $1 billion in an IPO as early as this summer, The Wall Street Journal reported, citing anonymous sources.

GreenSky operates a consumer lending platform used by home improvement contractors, medical firms and other companies that sell big-ticket items. The 12-year-old firm had 16,000 partnerships with merchants as of late last year.

GreenSky markets its point-of-sale loans, which can be as large as $55,000, as a fast and easy way to offer financing in markets where consumers cannot afford or may not want to pay the full price upfront.

Consumers scan their driver's licenses on a mobile app, provide a few other pieces of information, authorize a credit check, and get a loan decision within seconds.

GreenSky does not make the loans; it provides the technology that allows its bank partners to offer and fund loans at the point of sale. The loans carry higher annual percentage rates than home equity loans, but they typically feature a 0% promotional rate that can enable borrowers to avoid interest charges.

GreenSky has partnerships with about 15 banks, including Regions Financial, Fifth Third Bancorp and Synovus Financial. All three banks have seen a sharp increase in their point-of-sale loan portfolios since establishing the partnerships.

In an interview with CNBC last year, Green Sky CEO David Zalik said that the company had facilitated $8 billion in loans since its inception.

“We think we’re just scratching the surface,” he said. “I think we have $1 trillion to go.”

The Journal reported that GreenSky has filed confidential paperwork with the Securities and Exchange Commission related to the IPO, but could still pull the plug on the process.

A GreenSky spokesperson did not immediately respond to requests for comment.

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