Medallion Bank, which offers recreation product and home improvement financing services, has signed a definitive agreement with ClearGage to provide loan origination services.
A healthcare payments technology and financial services company, ClearGage offers a technology platform that allows merchants or providers to offer a point-of-sale consumer finance programme.
Medallion Bank president and CEO Donald Poulton said: “We are excited to bring ClearGage onto our platform as we grow the bank with companies offering leading edge technologies that make financial services more accessible to consumers.
“Our effective and comprehensive compliance framework, along with our credit risk management and ongoing monitoring and testing, will be a positive addition to ClearGage’s offerings.”
ClearGage CEO Derek Barclay said: “Partnering with Medallion Bank will provide a solid foundation to expand our technology offerings.
“We believe this engagement will complement our programme to provide full-service patient solutions for healthcare and wellness providers ultimately leading to increased patient volumes and conversion rates, reduction in bad debt, and effective collections of receivables.
“We have a long-lasting relationship with John Taylor, the Senior Vice President overseeing the programme at Medallion Bank, and look forward to accelerating our growth together.”
A wholly owned subsidiary of Medallion Financial, Medallion Bank provides consumer loans for the purchase of recreational vehicles, boats and home improvements. It also offers loan origination services to fintech partners.
Since its initial public offering in 1996, its parent company has lent more than $9bn.