Medallion Bank
Medallion Bank is a Utah-chartered FDIC-insured industrial bank that provides point-of-sale consumer financing for recreational vehicles, boats, home improvements, and fintech lending partnerships, specializing in non-prime credit through dealer, contractor, and BaaS partner channels.
- Company typePublic
- Founded2003
- HeadquartersSalt Lake City, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Medallion Bank does
Medallion Bank is a Utah-chartered, FDIC-insured industrial bank founded in December 2003 and headquartered in Salt Lake City, operating as a wholly owned subsidiary of Medallion Financial Corp. (NASDAQ: MFIN). Originally established to support parent-company taxicab medallion lending, the bank pivoted in 2004 into recreational vehicle lending, expanded into home improvement financing in 2012, and launched a Banking-as-a-Service (BaaS) strategic partnerships division in 2019. As of recent disclosures the bank manages approximately $2.6 billion in assets with investment-grade ratings and has financed more than $67.4 billion in consumer loans since inception, growing from three employees to over 130.
The bank operates three integrated product lines: Recreation Vehicle Lending (point-of-sale financing for RVs, boats, and horse trailers through dealerships, with specialization in non-prime borrowers including those with past bankruptcy); Home Improvement Lending (financing for roofing, windows, exteriors, and interior projects originated through contractors); and BaaS Strategic Partnerships (providing banking charter, platform, and regulatory compliance for fintech partners offering digital lending). Underlying technology includes a custom in-house credit scoring system designed to evaluate non-prime applicants, automated decisioning, and contractor/dealer portals accessible via web and mobile, paired with dedicated personal banker contacts.
Revenue is generated primarily through interest income on consumer installment loans, with 1-2 business day funding turnaround, no prepayment penalties, and loan amounts up to $75,000 for home improvement. Distribution is exclusively through dealer and contractor point-of-sale channels plus fintech partners; the bank has no retail branches or demand-deposit products. The bank funds itself through CDs and capital markets, with preferred stock trading on NASDAQ under MBNKP and MBNKO.
Medallion Bank firmographics
Firmographics- Name
- Medallion Bank
- Legal name
- Medallion Bank
- Website
- https://medallionbank.com
- Company type
- Public
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Medallion Bank is a Utah-chartered FDIC-insured industrial bank that provides point-of-sale consumer financing for recreational vehicles, boats, home improvements, and fintech lending partnerships, specializing in non-prime credit through dealer, contractor, and BaaS partner channels.
- Ownership category
- akta.pro rank
Medallion Bank industry classification
Industry- Product category
- Consumer Lending
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Savings Institutions and Other Depository Credit Intermediation (522180)
- SIC
- Personal Credit Institutions (6141), Savings Institutions, Not Federally Chartered (6036)
- akta.pro primary industry
- Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)
- akta.pro secondary industries
- BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
Keywords
Where Medallion Bank is headquartered
LocationHeadquarters
- HQ city
- Salt Lake City
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Medallion Bank business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Consumer Loan Interest Income: Medallion Bank generates revenue primarily through interest income on consumer installment loans for recreational vehicles, boats, horse trailers, and home improvement projects. Loans are originated through dealers, contractors, and fintech partners at the point of sale.
- Point-of-Sale Financing Fees: Revenue generated from financing arrangements at the point of sale when customers finance purchases through dealers and contractors. The bank facilitates consumer loans that dealers and contractors offer to their customers.
- Banking as a Service (BaaS) Partnership Revenue: Revenue from strategic partnerships with fintech companies where Medallion Bank provides the banking charter, platform, and regulatory compliance while partners originate loans through their technology platforms. Total strategic partnership loan originations reached $771.6 million in 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Prime credit customer loans with competitive interest rates and affordable monthly payments |
| Unit Pricing | Monthly | Non-prime credit customer loans for those with credit challenges |
| Unit Pricing | Monthly | Recreation vehicle and boat financing |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels5 records
Medallion Bank product offering
Product offeringCore offering
Medallion Bank is a Utah-chartered, FDIC-insured industrial bank that specializes in point-of-sale consumer installment lending through recreation vehicle dealers, home improvement contractors, and fintech strategic partners. The bank provides non-prime and prime financing for RVs, boats, horse trailers, and home improvement projects, while offering Banking as a Service lending partnerships to fintech companies. Since 2003, Medallion Bank has financed over $67.4 billion across its three product lines.
Product overview
Medallion Bank is a specialty consumer finance bank offering three integrated product lines: Recreation Vehicle Lending (financing RVs, boats, horse trailers through dealerships), Home Improvement Lending (financing roofing, windows, exteriors, interiors through contractors), and Banking as a Service/BaaS Strategic Partners (providing banking charter and lending infrastructure for fintech partners). The bank operates exclusively through dealer and contractor point-of-sale channels, serving consumers nationwide with both prime and non-prime credit options. Preferred stock trades on NASDAQ (MBNKP, MBNKO).
Differentiator
Problem solved
Functional benefit
Products and services
- Recreation Vehicle Lending Point-of-sale installment financing for RVs, boats, and horse trailers originated through a nationwide network of recreation vehicle dealers, serving both non-prime and prime consumers. Loans feature no prepayment penalty, fixed terms, and 1-2 business day funding to dealers.
- Home Improvement Lending Point-of-sale installment loans for home improvement projects originated through a contractor network using a dedicated Contractor Portal and mobile app. Enables contractors to deliver instant credit decisions to homeowners and close more remodeling, HVAC, roofing, and window projects.
- Banking as a Service (BaaS) / Strategic Partners Lender-of-record program under which Medallion Bank provides its FDIC-insured charter, compliance, credit underwriting, and balance sheet to fintech partners who embed consumer loans in their own experiences. The bank also purchases participations in loans originated by partner banks.
- Medallion Bank Preferred Stock (MBNKP, MBNKO) Non-voting preferred stock of Medallion Bank traded on NASDAQ under tickers MBNKP and MBNKO, representing an investment-grade capital instrument issued by the bank.
Quantifiable outcome
- $67.4 billion+ financed since 2003
- +4 more outcomes
Companies that use Medallion Bank
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles3 records
Medallion Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Medallion Bank partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Together LoanscoreMulti-year definitive agreement with Together Loans, a fintech company focused on consumer loans built on cosigner trust rather than traditional credit scores. This represents Medallion Bank's fifth fintech partnership. The partnership aligns with their shared mission of expanding access to credit for individuals underserved by traditional banks.
- KashablecoreFintech strategic partnership announced September 30, 2024. Kashable is a fintech company offering digital lending services as part of Medallion Bank's Banking as a Service program.
- TriBeam FinancialcoreFintech strategic partnership announced April 11, 2024. TriBeam Financial works with Medallion Bank to offer loan products through their platform.
- Covered CareminorListed as one of Medallion Bank's strategic partners offering Banking as a Service lending solutions.
- Credit 4 WorkminorListed as one of Medallion Bank's strategic partners offering Banking as a Service lending solutions.
- Tribeam FinancialminorListed as one of Medallion Bank's strategic partners offering Banking as a Service lending solutions.
- Piper SandlerminorMedallion Financial Corp. management team presented at the Piper Sandler Financial Services Conference in Miami on November 11, 2025, to engage with investors and showcase growth initiatives.
Scale indicators10 records
Recent moves8 records
Expansion highlights5 records
Medallion Bank competitors and assessment
Company assessmentBroad incumbents
- Marcus by Goldman Sachs: Goldman Sachs' consumer banking platform offering deposits and personal loans. While primarily targeting prime borrowers, represents the type of large, well-capitalized incumbent that could compete for non-prime consumers as it expands product offerings.
- Ally Financial: Large digital-first consumer bank with auto, mortgage, and consumer lending operations. Operates broadly in consumer credit markets with a deposit-funded model similar to Medallion's industrial bank structure.
- Synchrony Financial: Large public consumer finance company with major RV and home improvement financing programs. Competes directly with Medallion in dealer point-of-sale channels but serves a much broader consumer base across multiple credit tiers and verticals.
- GreenSky (Goldman Sachs): Acquired by Goldman Sachs, GreenSky was a leading home improvement point-of-sale financing platform serving contractors nationwide. Represents the largest scaled competitor to Medallion's home improvement lending division.
Emerging players
- Upstart Holdings: AI-driven consumer lending platform that partners with bank charters to originate personal loans using alternative underwriting data. Represents an emerging fintech lender competing for the same underserved consumer segments that Medallion targets through its non-prime recreation lending.
Direct peers
- Regional Management Corp. Specialty consumer finance company focused on non-prime personal installment loans through branch network. Comparable to Medallion in targeting non-prime borrowers and offering installment credit products, though serves different end-use purposes.
- EnerBank USA: Specialty industrial bank focused exclusively on home improvement point-of-sale financing through contractors. Operates the same fundamental business model as Medallion's home improvement lending division — funded deposit base, contractor channel relationships, and consumer installment loans originated at the point of sale.
- OneMain Holdings: Largest U.S. non-prime consumer installment lender, originating personal loans through branch and digital channels. Directly comparable to Medallion's non-prime underwriting focus and consumer installment loan products, though distribution model differs.
- WebBank: Utah-chartered industrial bank that serves as a BaaS sponsor bank for fintech partnerships. Directly competes with Medallion Bank in providing banking charter, regulatory infrastructure, and balance-sheet capacity for fintech lenders to originate loans.
- Cross River Bank: New Jersey-chartered state bank widely recognized as a leading BaaS sponsor bank, providing charter and compliance infrastructure for fintech lenders. Direct competitor in the strategic partnerships business line that has become Medallion's fastest-growing segment.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Medallion Bank social profiles
Digital presenceMedallion Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Medallion Bank leadership team
Management profileNumber of profiles
Profiles8 records
Medallion Bank funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Medallion Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Medallion Bank
What does Medallion Bank do?
Medallion Bank is a Utah-chartered, FDIC-insured industrial bank that specializes in point-of-sale consumer installment lending through recreation vehicle dealers, home improvement contractors, and fintech strategic partners. The bank provides non-prime and prime financing for RVs, boats, horse trailers, and home improvement projects, while offering Banking as a Service lending partnerships to fintech companies. Since 2003, Medallion Bank has financed over $67.4 billion across its three product lines.
Is Medallion Bank a public or private company?
Medallion Bank is a public company. It is classified as corporate owned and is currently operating.
When was Medallion Bank founded?
Medallion Bank was founded in 2003. It employs 51 to 100 people.
Where is Medallion Bank based?
Medallion Bank is headquartered in Salt Lake City, United States, in the North America region.
How does Medallion Bank make money?
Three revenue lines are on record. Consumer Loan Interest Income is the primary driver. The others are point-of-Sale Financing Fees and banking as a Service (BaaS) Partnership Revenue.
Who are Medallion Bank's main competitors?
Broad incumbents on record are Marcus by Goldman Sachs, Ally Financial, Synchrony Financial and GreenSky (Goldman Sachs). Upstart Holdings is listed as an emerging player. Direct peers are Regional Management Corp., EnerBank USA, OneMain Holdings, WebBank and Cross River Bank.
Does Medallion Bank have an API?
No public API is recorded for Medallion Bank.
What industry is Medallion Bank in?
Medallion Bank's product category is Consumer Lending. Its primary akta.pro industry code is FSAKAAAL, Bank & Credit Union Personal Loans (Unsecured Installment), with a secondary code of FSAGALAA, BaaS Platforms & Sponsor Bank Enablement. Its NAICS code is 5221 and its SIC code is 6141.