Medallion Bank

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.

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

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

• Consumer installment lending
• Recreational vehicle financing
• Home improvement loans
• Banking as a service
• Non-prime consumer credit

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core 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

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Together LoanscoreStrategic or Co-development Partner · 11 May 2026Multi-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.
• KashablecoreStrategic or Co-development Partner · 30 September 2024Fintech 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 FinancialcoreStrategic or Co-development Partner · 11 April 2024Fintech strategic partnership announced April 11, 2024. TriBeam Financial works with Medallion Bank to offer loan products through their platform.
• Covered CareminorStrategic or Co-development PartnerListed as one of Medallion Bank's strategic partners offering Banking as a Service lending solutions.
• Credit 4 WorkminorStrategic or Co-development PartnerListed as one of Medallion Bank's strategic partners offering Banking as a Service lending solutions.
• Tribeam FinancialminorStrategic or Co-development PartnerListed as one of Medallion Bank's strategic partners offering Banking as a Service lending solutions.
• Piper SandlerminorGTM or Marketing PartnerMedallion 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

Broad 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

• Xx.com/medallionbankhi
• Facebookfacebook.com/medallionbank
• LinkedInlinkedin.com/company/medallion-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Medallion Bank