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Newark taxi medallion lender sold to New York firm

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Medallion Financial Corp., a New York-based finance company, announced Monday that it has acquired the assets of a Newark taxi medallion loan brokerage.

Medallion, which serves the taxicab industry and other specialty markets, is expanding its medallion lending with the purchase of Newark Funding Corp., it said in a news release.

“We are very pleased with this acquisition because it helps further solidify our position as a medallion lending market leader,” Andrew Murstein, president of Medallion Financial, said in the release. “Newark is a great cab market due in part to the continued growth of the airport business through the years. This acquisition gives us a new customer base and enhances our street level presence there to service our existing customers better as well as add new ones. Additionally, we are excited to have Robin Silver Newman join our team and look forward to working together to expand our business within the Newark market.”

Silver Newman is president of Newark Funding Corp.

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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