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Medallion Financial May Be Unlikely Beneficiary of Uber’s Woes

A man gets in a cab on Wall Street in New York.

A man gets in a cab on Wall Street in New York.

Photographer: Bloomberg/Bloomberg
Updated on

Medallion Financial Corp., rather than being disrupted, has instead erupted.

Shares of the specialty finance company -- which is known for offering consumer loans to purchase taxi medallions, although that’s a shrinking part of its business -- have rallied sharply this year, recently closing near a three-year high. Some of that strength may be attributable to two unexpected sources: Uber and Lyft.