Pagaya Continues Strong Momentum, Raising More Than $1 Billion Across Two New ABS Deals

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03/13/2024 - 08:30 AM

Third personal loan ABS and first auto ABS of 2024, following $6.6 billion raised across all ABS transactions in 2023
Pagaya remains the #1 personal loan ABS issuer in the U.S.
Pagaya reaches nearly $2 billion year-to-date across four ABS transactions

NEW YORK--(BUSINESS WIRE)-- Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, today announced the closing of two new asset-backed securitizations (ABS) – RPM 2024-1 and PAID 2024-3, its 50th and 51st ABS deals, respectively. Kroll Bond Rating Agency rated the transaction.

Qualified institutional buyers purchased $792 million of notes backed by consumer loans and $238 million of notes backed by auto loans that will be originated by Pagaya’s personal loan and auto lending partners. The Company continues to scale its funding network, with over 110 funding partners and $21 billion raised across its ABS transactions since inception. Pagaya’s innovative and programmatic platform continues to see robust investor demand and underscores the Company’s ability to meet the needs of prominent financial institutions, while helping our lending partners expand access to credit to more people, more often.

“Our unique ability to deliver diverse, AI-driven assets, coupled with a robust lending partner pipeline is more prevalent than ever,” said Paul Limanni, Pagaya’s Chief Capital Officer. “We continue to see increased support and investment in our securitization platforms, which is manifesting itself in lower spreads and upsized issuance.”

These latest transactions continue to support the Company’s momentum following recently announced new lending partnerships with U.S. Bank and Exeter Finance, during a pivotal period of rapid growth of Pagaya’s network.

About Pagaya Technologies

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and a sophisticated AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com.