Medallion Bank Partners With Kashable to Originate Personal Loans
On September 30, 2024, Medallion Bank announced a strategic fintech partnership with Kashable to originate personal loans aimed at expanding financial wellness services for working Americans. As a sponsor bank, Medallion Bank provides its lending expertise and nationwide banking footprint, enabling Kashable to offer loan products without holding a banking license. The partnership integrates with HRIS and payroll systems, allowing automated loan repayments directly from employee paychecks.
Kashable's model rewards stable employees beyond traditional credit scoring methods, broadening access to credit. Medallion Bank President Donald Poulton highlighted how the partnership extends the bank's consumer finance reach. The collaboration aligns with Kashable's mission, led by Co-CEO Einat Steklov, to provide socially responsible lending to the American workforce.
No specific financial terms were disclosed.
- Demonstrates continued sponsor bank appetite for fintech lending partnerships despite rising regulatory scrutiny
- Payroll-integrated lending represents a growing embedded finance use case that bypasses traditional credit scoring