Medallion Bank Announces Fintech Strategic Partnership With Kashable
Medallion Bank (Nasdaq: MBNKP) has announced a strategic partnership with Kashable, a fintech company focused on providing socially responsible credit and financial wellness solutions. This collaboration aims to expand Medallion Bank's consumer finance reach while extending Kashable's services to a broader audience of working Americans.
As part of the partnership, Medallion Bank will originate personal loans on the Kashable platform, enhancing Kashable's ability to introduce its services to employers, benefit administration platforms, marketplaces, and industry brokers. This partnership leverages Medallion Bank's expertise in lending and partnerships, while utilizing Kashable's patented proprietary system to evaluate borrowers beyond traditional credit scores.
The collaboration is expected to strengthen both companies' positions in the financial wellness industry and provide access to affordable personal loans for working Americans through automated repayments and integrations with HRIS and payroll systems.
Medallion Bank (Nasdaq: MBNKP) ha annunciato una partnership strategica con Kashable, un'azienda fintech focalizzata su soluzioni di credito responsabile e benessere finanziario. Questa collaborazione mira ad espandere la portata della finanza al consumatore di Medallion Bank, mentre estende i servizi di Kashable a un pubblico più ampio di lavoratori americani.
Come parte della partnership, Medallion Bank originerà prestiti personali sulla piattaforma di Kashable, migliorando la capacità di Kashable di introdurre i suoi servizi a datori di lavoro, piattaforme di gestione dei benefici, marketplace e broker di settore. Questa partnership sfrutta l'esperienza di Medallion Bank nel lending e nelle collaborazioni, utilizzando il sistema proprietario brevettato di Kashable per valutare i mutuatari oltre ai tradizionali punteggi di credito.
Ci si aspetta che la collaborazione rafforzi la posizione di entrambe le aziende nell'industria del benessere finanziario e fornisca accesso a prestiti personali accessibili per i lavoratori americani attraverso pagamenti automatizzati e integrazioni con sistemi HRIS e di buste paga.
Medallion Bank (Nasdaq: MBNKP) ha anunciado una asociación estratégica con Kashable, una empresa fintech centrada en proporcionar soluciones de crédito socialmente responsables y bienestar financiero. Esta colaboración tiene como objetivo expandir el alcance de las finanzas al consumidor de Medallion Bank, mientras extiende los servicios de Kashable a una audiencia más amplia de trabajadores estadounidenses.
Como parte de la asociación, Medallion Bank originará préstamos personales en la plataforma de Kashable, mejorando la capacidad de Kashable para presentar sus servicios a empleadores, plataformas de administración de beneficios, mercados y corredores de la industria. Esta asociación aprovecha la experiencia de Medallion Bank en préstamos y colaboraciones, utilizando el sistema patentado propio de Kashable para evaluar a los prestatarios más allá de los puntajes de crédito tradicionales.
Se espera que la colaboración fortalezca las posiciones de ambas empresas en la industria del bienestar financiero y proporcione acceso a préstamos personales asequibles para los trabajadores estadounidenses a través de reembolsos automatizados e integraciones con sistemas HRIS y de nómina.
메달리온 은행(Nasdaq: MBNKP)은 사회적 책임이 있는 신용 및 재정 건강 솔루션을 제공하는 핀테크 회사인 Kashable와 전략적 파트너십을 발표했습니다. 이 협업의 목표는 메달리온 은행의 소비자 금융 범위를 확장함과 동시에 미국의 근로자들에게 Kashable의 서비스를 더 넓은 청중에게 제공하는 것입니다.
파트너십의 일환으로 메달리온 은행은 개인 대출을 발생시킬 것입니다 Kashable 플랫폼에서, Kashable이 고용주, 복리후생 관리 플랫폼, 마켓플레이스 및 산업 브로커에게 서비스를 소개하는 능력을 강화합니다. 이 파트너십은 전통적인 신용 점수를 넘어 대출자를 평가하기 위한 Kashable의 특허받은 독점 시스템을 활용하면서 메달리온 은행의 대출 및 파트너십 전문성을 활용합니다.
이 협력은 두 회사가 재정 건강 산업에서의 입지를 강화하고 근로자들에게 저렴한 개인 대출에 대한 접근을 제공할 것으로 예상됩니다 자동 상환 및 HRIS 및 급여 시스템과의 통합을 통해.
Medallion Bank (Nasdaq: MBNKP) a annoncé un partenariat stratégique avec Kashable, une entreprise fintech axée sur la fourniture de solutions de crédit socialement responsables et de bien-être financier. Cette collaboration vise à étendre la portée des finances de consommation de Medallion Bank tout en élargissant les services de Kashable à un public plus large de travailleurs américains.
Dans le cadre de ce partenariat, Medallion Bank originerá des prêts personnels sur la plateforme Kashable, améliorant ainsi la capacité de Kashable à introduire ses services aux employeurs, aux plateformes d'administration des avantages, aux marchés et aux courtiers de l'industrie. Ce partenariat tire parti de l'expertise de Medallion Bank en matière de prêts et de partenariats, tout en utilisant le système propriétaire breveté de Kashable pour évaluer les emprunteurs au-delà des scores de crédit traditionnels.
On s'attend à ce que cette collaboration renforce les positions des deux entreprises dans l'industrie du bien-être financier et fournisse un accès à des prêts personnels abordables pour les travailleurs américains grâce à des paiements automatisés et des intégrations avec les systèmes HRIS et les systèmes de paie.
Die Medallion Bank (Nasdaq: MBNKP) hat eine strategische Partnerschaft mit Kashable, einem Fintech-Unternehmen, das sich auf sozial verantwortliche Kredit- und Finanzlösungen konzentriert, bekannt gegeben. Diese Zusammenarbeit zielt darauf ab, die Reichweite der Verbraucherkredite von Medallion Bank zu erweitern und gleichzeitig die Dienste von Kashable einem breiteren Publikum von arbeitenden Amerikanern anzubieten.
Im Rahmen der Partnerschaft wird die Medallion Bank persönliche Kredite bereitstellen auf der Kashable-Plattform, was die Fähigkeit von Kashable verbessert, seine Dienste Arbeitgebern, Plattformen zur Verwaltungsverwaltung, Marktplätzen und Branchenmaklern vorzustellen. Diese Partnerschaft nutzt die Expertise der Medallion Bank im Bereich Kreditvergabe und Partnerschaften und verwendet das patentierte proprietäre System von Kashable, um Kreditnehmer über traditionelle Kreditnoten hinaus zu bewerten.
Es wird erwartet, dass die Zusammenarbeit die Position beider Unternehmen in der Finanzwohlstandsbranche stärkt und den Zugang zu erschwinglichen persönlichen Krediten für arbeitende Amerikaner durch automatisierte Rückzahlungen und Integrationen mit HRIS- und Gehaltssystemen bietet.
- Strategic partnership expands Medallion Bank's consumer finance reach
- Medallion Bank will originate personal loans on Kashable's platform
- Partnership enhances Kashable's ability to introduce services to new markets
- Collaboration leverages Medallion Bank's lending expertise and Kashable's proprietary technology
- None.
Insights
This strategic partnership between Medallion Bank and Kashable is a noteworthy development in the fintech and consumer lending space. By joining forces, Medallion Bank expands its consumer finance reach while Kashable gains access to Medallion's expertise in lending and partnerships. This collaboration has the potential to create synergies and drive growth for both entities.
For Medallion Bank, this move diversifies its loan portfolio beyond its traditional focus on recreational vehicles, boats and home improvements. It allows the bank to tap into the growing personal loan market through Kashable's platform, potentially increasing its loan origination volume and revenue streams.
Kashable stands to benefit from Medallion Bank's financial strength and FDIC-insured status, which could enhance its credibility and ability to scale its operations. The partnership may also lower Kashable's cost of capital, allowing it to offer more competitive rates to borrowers.
While the immediate financial impact is not quantified, this strategic move positions both companies for potential long-term growth in the evolving fintech landscape. Investors should monitor future financial reports for evidence of increased loan volumes and revenue growth resulting from this partnership.
This partnership represents a strategic alignment with current market trends in financial technology and consumer lending. The collaboration between a traditional bank and a fintech company exemplifies the ongoing convergence of traditional banking and digital financial services.
Kashable's focus on "socially responsible credit" and financial wellness solutions taps into the growing demand for ethical and employee-centric financial products. This aligns with increasing corporate interest in comprehensive employee benefits packages, which could drive adoption of Kashable's services among employers.
The partnership's emphasis on looking "beyond credit scores" to assess creditworthiness reflects a broader industry shift towards alternative data in lending decisions. This approach could potentially expand the addressable market by including borrowers who might be underserved by traditional credit models.
Investors should consider the scalability of this model and its potential to disrupt traditional personal lending channels. The success of this partnership could serve as a blueprint for similar collaborations in the industry, potentially reshaping the competitive landscape in consumer finance.
SALT LAKE CITY, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced a strategic partnership with Kashable, a leading fintech company dedicated to providing socially responsible credit and financial wellness solutions. This collaboration builds on Medallion Bank’s existing nationwide financing footprint while expanding Kashable’s services to a broader audience, offering working Americans access to affordable personal loans.
“Adding Kashable to our growing strategic partnership program expands Medallion Bank’s consumer finance reach while supporting Kashable’s mission to improve the financial well-being of its customers” stated Donald Poulton, President and Chief Executive Officer of Medallion Bank. “Medallion Bank is proud to leverage our expertise in lending and partnerships to help extend Kashable’s services to a broader audience of working Americans.”
Medallion Bank will originate personal loans on the Kashable platform, enhancing Kashable’s ability to introduce its services to employers, benefit administration platforms, marketplaces, and industry brokers, further solidifying its leadership in the financial wellness industry.
“Our relationship with Medallion Bank provides Kashable with a strong financial partner that will support us on our journey to expand financial wellness into new communities, employers, and their employees. This partnership enables us to leverage our patented proprietary system and demonstrate an unparalleled ability to look beyond credit scores alone to reward long-term, stable employees,” added Einat Steklov, Co-Founder and Co-CEO of Kashable. “The opportunities this partnership unlocks advance our mission of providing access to affordable credit with the convenience of automated repayments through deep integrations with HRIS and payroll systems.”
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
For more information, visit www.medallionbank.com.
About Kashable, LLC
Kashable is a financial technology company that provides access to Socially Responsible Credit™ and financial wellness solutions for employees, offered as an employer-sponsored voluntary benefit. By partnering with hundreds of employers, Kashable helps to provide access to financial health and wellness tools to millions of employees.
Founded in 2013, Kashable deploys innovative technology to improve the financial well-being of working Americans with a commitment to both reliability and affordability. Offering a smart, economical, and fast alternative for employees who may otherwise be driven to borrow from retirement plans, high-rate credit cards, or other high-cost loans to bridge short-term gaps in their finances, Kashable focuses on providing a path to financial security.
For more information, visit Kashable.com.
Forward-Looking Statements
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remain,” “anticipate” or the negative version of this word or other comparable words or phrases of a future or forward-looking nature, such as “look forward.” These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.
Medallion Bank Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
Kashable Contact:
Kashable@mww.com
FAQ
What is the new strategic partnership announced by Medallion Bank (MBNKP)?
How will the partnership between Medallion Bank (MBNKP) and Kashable benefit consumers?
What role will Medallion Bank (MBNKP) play in the partnership with Kashable?
How does the Medallion Bank (MBNKP) and Kashable partnership aim to evaluate borrowers?
