<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000927016-97-000417</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001033265</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>23</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.01 Par Value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001000209</issuerCik>
        <issuerName>MEDALLION FINANCIAL CORP.</issuerName>
        <issuerCusip>583928106</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">437 Madison Avenue, 38th Floor</street1>
          <city xmlns="http://www.sec.gov/edgar/common">New York</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">NY</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">10022</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Andrew M. Murstein</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2564812</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>2564812</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2564812</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>10.97</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Row (5), (7) and (9): includes (i) 320,069 shares which may be acquired upon the exercise of stock options; and (ii) 1,481,963 shares held in the Andrew Murstein Family Trust.

Row (11): Percentage based upon 23,067,748 shares outstanding as of November 6, 2024 as reported on the cover page to the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>MEDALLION FINANCIAL CORP.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>437 Madison Avenue, 38th Floor New York, NY 10022</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Andrew M. Murstein</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Medallion Financial Corp.
437 Madison Avenue, 38th Floor
New York, NY 10022</principalBusinessOfficeOrResidenceAddress>
        <citizenship>United States of America</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned> 2,564,812 (including 320,069 shares which may be acquired upon the exercise of stock options and 1,481,963 shares held in the Andrew Murstein Family Trust)</amountBeneficiallyOwned>
        <classPercent>Percent of class: 10.97% (based upon 23,067,748 shares outstanding as of November 6, 2024 as reported on the cover page to the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024)</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>2,564,812 (including 320,069 shares which may be acquired upon the exercise of stock options and 1,481,963 shares held in the Andrew Murstein Family Trust)</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>2,564,812 (including 320,069 shares which may be acquired upon the exercise of stock options and 1,481,963 shares held in the Andrew Murstein Family Trust)</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Andrew M. Murstein</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Andrew M. Murstein</signature>
        <title>Individually and as Trustee under the Andrew Murstein Family Trust</title>
        <date>02/06/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
