US-based specialist lender Medallion Bank has formed an alliance with Covered Holdings to offer loans via the Covered Care patient financing programme.
Covered offers buy-now-pay-later financing services with a focus on serving customers who do not have access to traditional forms of credit.
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Covered’s affiliate Covered Care specialises in financing the healthcare needs of customers.
The fintech claims to provide ‘high’ approval rates at ‘affordable’ terms with ‘flexible’ pricing and integration options.
Medallion Bank president and CEO Donald Poulton said: “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.”
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By GlobalDataFDIC-insured Medallion Bank is a wholly-owned subsidiary of Medallion Financial Corp.
The lender specialises in offering consumer loans and loan origination services to fintech partners.
Covered CEO Ken Rees said: “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.”
