Medallion Bank an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with offering loan products and services through fintech strategic partners, announced today it has entered into a definitive agreement with Covered Holdings to provide loans through the Covered Care patient financing program. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
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Founded in 2020 and backed by investments from funds managed by affiliates of Fortress Investment Group and Westlake Financial, Covered Holdings has developed an industry-leading buy now, pay later financing platform for the unique needs of people who are typically declined for traditional credit. The Covered financing platform provides high approval rates, affordable terms, and flexible pricing and integration options. Covered Care is a division of Covered Holdings that helps underserved Americans afford the healthcare they need.
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Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We are excited to add Covered Care to our platform as we grow the bank with companies offering leading edge technologies that make financial services more accessible to consumers. Our comprehensive compliance framework, along with our credit risk management and ongoing monitoring and testing, will benefit Covered Care and the patients they serve.”
Ken Rees, Chief Executive Officer of Covered, stated, “We look forward to our partnership with Medallion Bank. The people and the technology are a terrific fit with Covered. Given the large unmet need for better healthcare financing solutions, we are seeing outsized growth right now and expect the Bank’s technology and processes to support and enhance our business as we continue to grow.”
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