Pagaya secures five-year $280m credit facility led by BlackRock
Fintech firm Pagaya Technologies has secured a new $280 million credit facility led by investment management giant BlackRock with participation from Israel Discount Bank, UBS O’Connor, JP Morgan Chase, and Valley Bank.
The facility comprises a $255 million term loan and a $25 million revolver.
Pagaya secures new $280m credit facility
The company says the new facility “extends its corporate debt maturity to 2029” and “provides the capital and liquidity needed to support the company’s future growth”.
Pagaya, which has dual headquarters in New York and Tel Aviv, provides clients with machine learning and AI-powered consumer credit and residential real estate solutions.
As well as fuelling the growth of these services, the fintech adds that the facility will also be utilised to fund new product investments and to pay off “outstanding borrowings” from previous facilities.
Last year, Pagaya snapped up proptech firm Darwin Homes for an undisclosed sum in a bid to create a “tech-forward” real estate platform that benefits residents, investors, and service operators.
BlackRock’s participation follows other recent investments in financial services firms including UK-based 10x Banking and German fintech Upvest.
