NEW YORK - Pagaya (NASDAQ:PGY) Technologies LTD. (NASDAQ: PGY), a leader in AI-driven financial services, has successfully completed its 49th asset-backed securitization (ABS), named PAID 2024-2, marking its second such deal in 2024. The transaction was rated by Kroll Bond Rating Agency and saw $396M in notes purchased by qualified institutional buyers. These notes are backed by personal loans originated through Pagaya's AI-powered network.
The deal attracted over 25 unique investors, reflecting sustained confidence in Pagaya's funding capabilities and its proficiency in tapping various capital sources. This includes a recently established credit facility with major financial entities such as BlackRock (NYSE:BLK), UBS, and JPMorgan Chase (NYSE:JPM). Pagaya's platform continues to garner significant investor interest, emphasizing the company's role in fulfilling the requirements of key financial institutions within the ABS market and the larger financial ecosystem.
Since its inception in 2018, Pagaya has amassed over $20B in ABS transactions, a testament to its dedication to product innovation and market execution. The company's Chief Capital Officer, Paul Limanni, noted the ongoing investor confidence in the Consumer ABS market and Pagaya's consistent demand from both returning and new institutional investors. This trend cements Pagaya's status as a top issuer in the U.S. personal loan ABS space.
Pagaya operates on a global scale, offering financial products and services that aim to be transformative for consumers. The company's use of machine learning, extensive data networks, and advanced AI strategies enable it to provide diverse consumer credit and residential real estate products. Pagaya's technology is integrated into a network of partners, enhancing user experiences and expanding access to mainstream economic opportunities.
This news article is based on a press release statement from Pagaya Technologies LTD.
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