Uber steering New York’s yellow taxi lender off market

Medallion Financial, which supplies loans to drivers to buy licences, has lost half its value

Uber, the ride-hailing service, may be on the cusp of new big disruption: driving a Nasdaq-listed New York taxi finance company out of the public markets.

Medallion Financial trades under the symbol "Taxi" in New York, with big investors backing its business supplying loans to yellow-cab drivers to buy licences, or medallions. Since peaking at a market capitalisation of almost $400 million in 2013, it has lost more than half its value.

Chief executive Andrew Murstein blamed a "misunderstanding" that the rise of Uber would squeeze licensed drivers, triggering big losses within Medallion's $309 million portfolio of loans. The damage has been so great that Medallion is considering taking itself private, he said.