Goodleap is a Fintech company that offers clients access to a variety of residential lending products. The products include home improvement loans, mortgages, and solar financing. Goodleap aims to save the planet while also helping homeowners save money. One way they do this is by installing solar panels in your home. Solar panels preserve the environment by decreasing green gas emissions. As for saving money, the client does not have to pay for anything since the sun is free. So, if you ever need cheap solar panels in your home, you can rely on Goodleap. Now that you understand a bit about this company, we can learn some facts about it. Here are 20 things you may not have known about this company.
1. It Received $800 Million in Funding in 2021
It is easy for investors to invest in a company that has the potential to grow or one that offers solutions to people's problems. Goodleap is a company that fulfills those criteria, hence the reason it received $800 million in funds. With the funds it received, the company decided to venture into electric vehicles and commercial projects. Remember, it is not just residential houses that destroy the environment. That explains why the company is targeting other sectors besides housing.
2. It Was Formerly Called Loanpal
The company started off as one that finances solar energy. That meant that their main clientele was homeowners. As the company has grown over time, they have acquired other clients like financial institutions and business partners. The company could no longer view itself as one that provides loans to households. As a result of their growth, they had to rebrand to Goodleap.
3. It Offers Products in a Single Loan
For most financial institutions, you only get a loan for one item at a time. So, if you needed five items, you would have to take a loan for each of the five items. Consequently, it makes taking loans expensive. Fortunately, Goodleap simplifies the loan-taking process by bundling its projects into a single loan. For example, you can take a single loan for products like geothermal heating, roofing, Heating, Ventilation, Air Conditioning (HVAC), and many more.
4. The Company Featured in a List of Innovative Companies
Goodleap was ranked the 30th most innovative firm of 2022 in the World's 50 Most Innovative Companies section by Fast Company. Fast Company ranks fifty innovative companies annually. The company ranks innovative companies that devise ways of saving the environment. That explains why Goodleap made it to the list.
5. Goodleap Partnered With BayWa R.e
Goodleap partnered with Baywa R.e, to capitalize on their Split Pay financing program. The program offers a streamlined way for solar contractors to finance their equipment from one source. As a result, the equipment they need will not have to pass through multiple vendors. When equipment passes through multiple vendors, the odds are high that it will get lost in transit. By getting equipment from one vendor, the contractor will be able to finish their installations early. That then gives them more time to do other installations.
6. The Company Received a Securitization of $305 Million in 2022
It received this securitization from Goldman Sachs, making this one their twelfth. The yield on the securitization was 2.92%, and it received ratings from Fitch Ratings Agency and Kroll Bond Rating Agency. Having twelve securitizations under its belt proved that many investors saw potential in the company. Securitizations are a win-win because investors get back their money from interests while the company's funding costs are reduced.
7. Goodleap Was Also Formerly Paramount Equity Mortgage
Before the company became Loanpal, it was also known as Paramount Equity Mortgage in 2003. The company was co-founded by Hayes Barnard, Matt Dawson, and Jason Walker. It was incorporated in California to offer its residents residential mortgage loans. The company quickly started branching out to other states due to the high demand for mortgages in the United States.
8. The Company Received Many Awards From Comparably
The role of Comparably is to provide data about companies. This information is helpful to people who intend to work for a particular company. Before joining the company, you can visit its website and learn more about its work culture, leadership style, salaries, etc. Also, the company has several categories of awards. For instance, Goodleap won 4 awards in 2022 and 8 awards in 2021. It excelled in areas like operations, diversity, sales, outlook, compensation, and so on.
9. It Received Preliminary Ratings From Kroll Bond Rating Agency (KBRA)
Before people invest in a business, they have to research it. Some people resent researching a company since researching may be very time-consuming. Fortunately, KBRA researches on your behalf and advises you whether to invest in the company or not. In 2022, KBRA rated the company as "GOOD." This proves that they are confident that it is a good company to invest in. With this rating, it is likely to attract many investors who will further contribute to its growth.
10. The Company Received a Valuation of $12 Billion in 2021
Valuation is a method used to determine a company's worth. It is determined by adding a company's total assets and deducting its liabilities. Before hitting the valuation mark, the company had amassed more than $1 billion from major tech players, including Michael Dell and Laurence Tosi. Also, the company rapidly reached its valuation status by holding fundraising rounds.
11. Goodleap Also Partnered With OpenSolar
Through the collaboration of the two bodies, clients can sell their loan products within their OpenSolar proposal. In addition, the partnership makes it easy for people to sell Goodleap products in a streamlined way. With the integration of Goodleap on OpenSolar, clients can pre-qualify and apply for a loan from OpenSolar's online proposal. That means they will not have to secure loans with different financial bodies. Otherwise, if they did, the seller would lose the customer. Also, all business transactions get forwarded to Goodleap. The aim is for them to analyze the data to prevent repeat data entries. Otherwise, a client would get charged more than once due to repeated data entries.
12. Sacramento Business Journal Rated the Company as the Best Places to Work, In 2017
The company arrived at this decision by interviewing the founders on how they ran the company. They noted that Goodleap liked to make the workplace feel like home. Some workers get intimidated by an overly formal office and tend not to give their best in terms of productivity. The company would periodically have activities like outdoor games and team lunches to lessen the excessive formality. Through the activities, the worker can interact with their supervisors in a non-formal way while still remaining professional. Without these activities, the relationship between workers and bosses becomes very formal, such that the worker does not feel free to talk to the boss. As a result, they choose to keep a problem at work to themselves.
13. The Company Insists on Having Healthy Snacks at Work
With the limited time some workers have for lunch, they usually buy fast food. Others opt to stay hungry instead. To prevent such poor eating habits, the company feeds its workers healthy food. Interestingly, Hayes' mother has made it her duty to provide food for the company. Due to her caring nature, the company workers nicknamed her "Grandma Dede."
14. Sacramento Business Journal Also Considered it a Fast-Growing Company
At this time in 2017, the company was still called Paramount. They were immediately licensed to work in 47 states when they began operating. In 2016, they made $172.3 million in revenue. Following its growth rate of 387% from 2014 to 2016, the company was regarded Paramount as one of the fastest-growing companies in 2017.
15. Goodleap Has Also Partnered With Sunrgy
Sunrgy is a company that distributes products to its dealers. Some of the products they distribute include solar panels, lugs and bolts, mountain rails, fuses, end caps, etc. Together with Sunrgy, they offer a direct payment program that grants you access to Goodleap's financing platform. Once you gain access to the platform, Goodleap will then pay your invoice to Sunrgy once the loan is funded. For you to enjoy their service, you will need to have made 100 installations, personal credit on ownership, and satisfactory business credit.
16. They Also Work With GivePower to Provide Clean Water
They are able to provide clean water by constructing solar water farms. The solar water farms contain containers that supply water. Each container can supply up to 75000 liters of water per day to a village. The solar water farms draw water from the ocean through desalination and reverse osmosis. Additionally, it can draw water from brackish wells. Their technology was tested in Malindi, Kenya since it is located along the saline Indian Ocean. The residents were grateful that they could finally drink non-salty water from the ocean.
17. They Protested a Discriminatory Californian Bill Via Facebook
In 2022, the California Public Utilities Commission proposed a $57 monthly fee for homeowners with solar panels. The reason homeowners adopt solar energy is due to the free energy from the sun. Charging a fee would mean California created the sun, which is not the case. To stop this bill, they urged people to take action by visiting the Solar Rights link.
18. The Bill Would Also Interfere With Their Fight Against Climate Change
Goodleap's goal was to ensure that fifty times more houses would have solar panels by 2045. With nearly every home adopting solar panels, the emission of greenhouse gasses would reduce significantly. However, if the bill were to be passed, most homeowners would abandon using solar panels since it would require paying for them when they should not. By not embracing solar panels, homeowners will thus resort to other energy sources that cause air pollution.
19. Goodleap Has a YouTube Series Called Warriors of Light
Through the series, Goodleap can honor people they deem environmentally conscious. For example, during Veterans Day in 2022, they decided to honor the American army. They realized that they were not just heroes protecting their country from aggressive nations but were also strong advocates of using clean energy. The series is hosted by Tony Gonzalez, who was also a host of the Pro Football Hall of Fame. In the show, he invites army members to describe their passion for clean energy and how they ensure that they are using clean energy.
20. Goodleap Has Also Partnered With the Atlantic Council's Veterans Advanced Energy Project
The Atlantic Council's Veterans Advanced Energy is a forum purposefully created for military spouses, veterans, and reservists. Such people will not be in a position to fight in the army. Fortunately, they can work hard for the United States differently. Through the forum, they can pursue careers in the energy sector. By working in the energy sector, they will learn to use energy without destroying the environment. Goodleap was part of the forum for only a week in 2022. Participants who were part of the forum got to interact with Goodleap to understand how they use energy without having adverse effects on the environment. Although they have partnered once, it does not mean that they will not schedule another meeting together.
Do you want to play a part in saving the environment while also paying less for energy? Why not consider Goodleap? They are able to facilitate the effective installation of solar panels in your home through a streamlined system. Another way they care for you is by fighting for you to pay cheap fees for solar. Through the discouragement of people to reject California's bill, you will not have to pay expensively for solar, which is free. If the bill is overturned, you can be sure Goodleap would have been behind it. The company is not just a good place to seek its services. But you can also work for them. For instance, the excessive formality of some organizations puts some workers off. Other workers tolerate the formality with reluctance. You will be lucky if you end up at Goodleap since you will not work in a very strict environment.
Written by Allen Lee
Read more posts by Allen Lee