NEW YORK, NY & TEL AVIV, Israel – (COMMERCIAL THREAD) – Pagaya, a global financial technology company, today announced the expansion of the Pagaya AI Debt Selection Trust (PAID) shelf with $ 900 million committed. Upgrade, Marlette, Prosper and LendingClub are providers for this offer. PAID 2021-1 – fully pre-funded – is the largest transaction ever in the consumer loan ABS market.
Pagaya closed its first ABS just over two years ago and has since completed a total of 10, all fully deployed under its owner AI.
“It has been a year of hyper-growth at Pagaya, and we are continuing on this trajectory. The pace is mind-boggling, ”said Gal Krubiner, CEO and co-founder of Pagaya. “It is an honor to work with forward-thinking partners. who trusted Pagaya’s technology. Together, we have fundamentally changed this landscape.
Pagaya has consistently proven the effectiveness of its technology and network over the past five years. Despite the pandemic, Pagaya has consistently supported its partners by providing capital and opening low-risk, high-return opportunities for investors. Pagaya continues to see growing demand for its sophisticated approach to credit analysis; PAID 2021-1 is the first Pagaya agreement in which Marlette Funding has participated.
“We are delighted to be a part of this program and to continue to grow our partnership with Pagaya,” said Andrew Derringer, Director of Capital at Marlette Funding.
The demand for this PAID issue was proof that investors deeply trusted the platform, as the deal was oversubscribed several times.
“A little over three years ago, I was sitting alone in a temporary office to negotiate our first major transaction in the United StatesSaid Benjamin Blatt, CBO at Pagaya. “It’s incredible how far we have come and how many partners have joined us in such a short time. ”
While showing significant growth in the secondary loan market, Pagaya has also developed new investment and credit analysis models for point-of-sale loans, credit cards and single-family rentals, recently. announces its expansion in the automotive industry investments on credit. Pagaya will continue its multi-vertical growth and expand its R&D efforts to corporate debt and insurance.
The company’s mission is to bring its AI-based investment analysis to all markets.
Pagaya Technologies is a financial technology company reshaping global lending markets using machine learning, big data analytics, and sophisticated AI-powered risk analysis. With a focus on consumer credit and real assets, Pagaya offers its range of exclusive solutions to partners such as banks, fintech companies and institutional investors. Pagaya’s objective is to support its partners and customers by expanding the offerings and, in return, to provide better access to credit.