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Medallion Financial
Alvin Murstein founded Medallion Financial in 1996, building on a family taxi medallion lending business that began in the 1930s.
Medallion Financial
Alvin Murstein founded Medallion Financial in 1996, building on a family taxi medallion lending business that began in the 1930s. The firm went public in 1996 as a Business Development Company, later converting to a bank holding company structure, and is managed by Alvin's son Andrew. The wealth origin is directly tied to the New York City taxi medallion system, where the Murstein family became one of the dominant lenders over multiple generations. Medallion's lending portfolio historically revolved around taxi medallion loans, where a city-issued operating permit served as collateral. The firm also operates commercial and consumer lending segments, financing small businesses, recreational vehicles, home improvement contracts, and equipment purchases. Its geographic footprint is concentrated in New York and other major metropolitan areas with regulated taxi industries. Two named portfolio segments are taxi medallion lending and the recreational lending division, which finances acquisitions of boats, RVs, and trailers. The firm reported a total managed asset base that fluctuated significantly alongside medallion values. After medallion prices collapsed from over $1 million in 2013 to under $200,000 by 2018, the company shifted toward consumer and RV lending. Andrew Murstein also purchased the New York Islanders hockey team's minor league affiliate and pursued sports-related investments through related vehicles. May 2023: Andrew Murstein stepped down as President of Medallion Bank while remaining President of the parent company (per public filings, 2023). Medallion’s unusual structure as a publicly traded, founder-led lender tied to a single municipal regulatory asset distinguishes it from most family offices and diversified asset managers. The firm's viability depends on the residual value of taxi medallions and the success of its pivot into niche consumer lending, creating an unusually concentrated risk profile for a publicly traded financial company.
General information
Firm type
Asset Manager
Year founded
1996
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Andrew Murstein
President and Chief Operating Officer
Alvin Murstein
Founder and Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at Medallion Financial?
Andrew Murstein has been the company's President and COO since 1996, working alongside his father and founder Alvin Murstein, who serves as Chairman. Andrew leads the company's strategic direction across its taxi medallion, small business, and consumer lending segments, and historically served as President of the subsidiary Medallion Bank until stepping down from that role in 2023.
How does Medallion Financial source its loan deals?
The firm originates loans through a network of loan brokers, direct solicitation, and relationships with taxi fleet operators and medallion brokers. Its consumer lending division acquires loans via dealer networks in the RV, boat, and trailer markets. The company also purchases loan portfolios originated by third-party banks seeking to shed exposure to certain asset classes.
Is Medallion Financial a family office or a specialty finance company?
It is a publicly traded specialty finance company (NASDAQ: MFIN), not a family office. The Murstein family maintains significant equity ownership and operational control through executive roles, but the corporate structure and regulatory oversight of a publicly listed entity makes it fundamentally different from a private family office managing intergenerational wealth.
What happened to the taxi medallion loan portfolio?
The New York City taxi medallion market collapsed after 2013 as ride-sharing services like Uber and Lyft eroded taxi revenues. Medallion values fell from peaks above $1 million to approximately $200,000 or less. Medallion Financial took substantial write-downs on its medallion loan portfolio and shifted lending volume toward commercial and consumer segments, particularly recreational vehicle and small business financing.
Does Medallion Financial invest in private equity or venture capital alongside its lending operations?
The firm's primary activity is loan origination and servicing, not equity investing. Andrew Murstein has pursued personal sports investments, including ownership stakes in minor league hockey franchises, but these are generally separate from the publicly traded Medallion Financial entity's core lending business.
Where does the underlying Murstein family wealth come from?
The wealth originates with Alvin Murstein, who built one of the largest taxi medallion lending businesses in New York beginning in the 1930s. By the time the company went public in 1996, the family had accumulated a dominant portfolio of taxi medallion loans, generating multi-generational wealth from this municipal licensing system.
How did the 2023 leadership change at Medallion Bank affect the firm?
Andrew Murstein stepped down as President of Medallion Bank in May 2023, as noted in public filings, while remaining President and COO of the parent company Medallion Financial Corp. The Bank subsidiary had been a primary vehicle for consumer and commercial lending after the taxi medallion wind-down, and the separation of leadership roles appeared to be a governance and regulatory adjustment.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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