Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial” or the “Company”) announced today that Medallion Bank (Nasdaq: MBNKP, “the Bank”) has entered into a definitive agreement with ClearGage, LLC to provide loan origination services. ClearGage operates a technology platform which allows merchants or providers to offer a point-of-sale consumer finance program and ongoing loan servicing for their customers with a focus on the healthcare and wellness industries.
Donald Poulton, President and Chief Executive Officer of Medallion, stated, “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.”
“Partnering with Medallion Bank will provide a solid foundation to expand our technology offerings,” stated Derek Barclay, Chief Executive Officer of ClearGage. “We believe this engagement will complement our program 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 program at Medallion, and look forward to accelerating our growth together.”