Medallion Financial’s Strategic Shift towards Home-Improvement Lending
New York-based lender Medallion Financial is charting a new course for success. The company that once focused on taxi-medallion lending is now setting its sights on the home-improvement lending sector. With a newly hired team of experts and a strategic plan in place, Medallion Financial is expecting robust loan growth in 2026.
From Taxi Lending to Home-Improvement Loans
Medallion Financial’s CEO, Andrew Murstein, shared the company’s new direction during a conference call with analysts. He expressed his excitement about the potential for growth in the home-improvement lending sector and projected a mid-teens growth rate, significantly higher than the company’s performance in the last couple of years.
Medallion’s New Home-Improvement Lending Team
As part of its strategic shift, Medallion Financial recently appointed Joel Cannon, a seasoned consumer lender, as the senior vice president of sales and marketing. Cannon, along with his team of experienced home-improvement lenders, were recruited from Regions Financial in Birmingham, Alabama. Murstein is confident that Cannon’s expertise will catalyze Medallion’s growth in 2026.
Medallion’s Diversification Strategy
Medallion Financial, initially known for its taxicab lending business started by Leon Murstein in the 1930s, has had to adapt and diversify due to the rise of ride-sharing services like Uber. The company has expanded into commercial lending and has a growing fintech partnership operation. Despite these changes, the taxi-medallion loans now comprise less than 1% of total loans, highlighting the company’s successful diversification efforts.
Future Growth Opportunities
Murstein shared that while the company remains open to new business lines and growth opportunities, acquisitions are not currently a priority. The focus is on maximizing growth within the existing business lines. Despite the company being open to a potential sale if a significant premium offer is received, the preferred course for Medallion is to continue its current trajectory.
“The last five years, we’ve made more than we have in the first 85 combined,” Murstein stated, demonstrating the company’s successful pivot and promising outlook.
As the lending landscape continues to evolve, Medallion Financial’s strategic shift towards home-improvement loans is a testament to the company’s adaptability and commitment to growth. With a dedicated team and a focused strategy in place, Medallion is set to make significant strides in the home-improvement lending market in 2026 and beyond.
Source: American Banker
