Pagaya raises $102m in Series D funding round
Pagaya, a US-Israeli wealthtech that uses artificial intelligence (AI) for asset management and institutional investment, has secured $102 million of Series D funding.
The US-Israeli wealthtech will use the investment to hire more top tier data scientists.
Pagaya will use the investment to hire more top tier data scientists, develop its technology further, and continue its pursuit of new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.
The round was led by Aflac Global Ventures, with participation from: Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub, Clal Insurance Ltd, GF Investments, and Siam Commercial Bank (through its digital ventures arm).
In the four years since launching, Pagaya claims to manage over $1.6 billion of assets for banks, insurance companies, pensions funds, asset managers, and sovereign wealth funds entirely with its sophisticated AI.
“The world is changing quickly, and investors need a performance edge — more and more are turning to Pagaya,” says Gal Krubiner, Pagaya’s CEO and co-founder.
“We continue to unlock unprecedented value with our AI even during extreme market stress. Closing a round of this magnitude, with such a high-quality group of investors, is a testament to the hard work of the Pagaya team.”
Pagaya effectively re-opened the asset-backed security (ABS) market in May with a $200 million consumer credit ABS fully managed by its AI — the first issuance amongst marketplace lenders in months, and the firm’s seventh deal to date. The firm claims to have a total ABS issuance that’s over $1 billion in just a year and a half.
The firm’s growing assets under management, speed between ABS deals, expansion of its origination group, and the Series D investment all point to the transformation of the lending market. Pagaya’s data-driven asset management has set a new standard.
Read more: Pagaya shows off its AI-powered $100m ABS
