Welcome to our dedicated page for Pagaya Technologies news (Ticker: PGY), a resource for investors and traders seeking the latest updates and insights on Pagaya Technologies stock.
Pagaya Technologies Ltd. develops AI-driven product solutions for the financial ecosystem, using machine learning, a data network, proprietary API integrations and capital solutions to support consumer credit products for partners, their customers and investors. Its recurring developments include lender and marketplace partnerships, embedded decisioning tools, personal loan and point-of-sale financing integrations, and updates on product adoption across its partner network.
Pagaya news also covers quarterly financial results, capital markets activity and asset-backed securitization transactions tied to personal loan, auto and point-of-sale programs. Additional company updates include investor events, senior leadership changes and disclosures related to funding strategy and disciplined risk management.
Pagaya Technologies (NASDAQ: PGY) and Castlelake, L.P. have announced a forward flow agreement for Castlelake to purchase up to $1 billion in consumer loans originated on the Pagaya network. The agreement has an initial 12-month term with potential for extension. This transaction diversifies Pagaya's funding sources and enhances capital efficiency, aligning with the company's financial strategy.
Key points:
- Castlelake will acquire loans on a monthly basis
- The agreement expands Pagaya's funding capacity
- It adds a strategic partner to Pagaya's network of over 120 institutional investors
- This funding mechanism allows Pagaya to fund loan originations with minimal use of its own capital
- Pagaya aims to scale this initiative and diversify funding channels beyond its pre-funded ABS program
Pagaya Technologies (NASDAQ: PGY) and OneMain Financial (NYSE: OMF) have announced a new partnership to expand credit access for auto finance customers. OneMain will utilize Pagaya's AI-driven lending technology to serve customers outside its existing credit criteria. This collaboration aims to broaden OneMain's ability to provide auto loans to qualified borrowers.
Sanjiv Das, President of Pagaya Technologies, expressed enthusiasm for the partnership, highlighting their commitment to helping large lenders increase financial opportunities for customers. Micah Conrad, COO of OneMain, emphasized that the partnership will enable them to continue serving hardworking Americans by expanding access to auto loans. Both companies are exploring the possibility of expanding their collaboration into a broader enterprise agreement.
Pagaya Technologies (NASDAQ: PGY) has appointed Ralph L. Leung as Chief Operating Officer and Chief Commercial Officer. Leung, a seasoned fintech and technology executive with over 25 years of experience, will lead Pagaya's capital markets function, monetization strategy, and AI-driven research capabilities. This strategic hire aims to enhance Pagaya's AI-driven network and product suite for the banking ecosystem.
Leung's expertise includes driving profitable growth, implementing digital transformation, and establishing diverse capital structures. His appointment comes as Pagaya focuses on onboarding new lending partners, improving unit economics, and strengthening funding capabilities. Leung's background includes roles as CFO at Achieve and Fivestars, as well as senior investment banking experience at Morgan Stanley.
Pagaya Technologies , a global AI-driven financial technology company, has announced its participation in several upcoming investor conferences in August 2024. The company's management team will attend six key events:
1. Oppenheimer 27th Annual Technology, Internet & Communications Conference (Virtual, Aug 12)
2. J.P. Morgan Future of Financials Forum (Virtual, Aug 13)
3. Canaccord 44th Annual Growth Conference (Boston, MA, Aug 13)
4. SIG Get Carded: A Payments & Internet Finance Conference (Virtual, Aug 13)
5. Seaport Financials and FinTech Conference (Virtual, Aug 14)
6. Needham 6th Annual FinTech & Digital Transformation Virtual 1x1 Conference (Virtual, Aug 14)
Webcast replays from select presentations will be available on Pagaya's investor relations website for a time.
Pagaya Technologies (NASDAQ: PGY) has agreed to acquire Theorem Technology, a leading consumer credit funds manager. This strategic move will integrate Theorem's institutional fund management business and engineering capabilities into Pagaya's AI-driven financial ecosystem. Key highlights include:
- Upon closing, Pagaya will manage over $3 billion of fund capital
- The acquisition is expected to close in Q4 2024 and be accretive in 2025
- It will drive funding diversification and capital efficiency for Pagaya
- Theorem's credit funds will gain access to Pagaya's network of top lenders, processing over $180 billion of application volume per quarter
- The merger aims to enhance Pagaya's market-leading capabilities and expand its investment sourcing flow
Pagaya Technologies (NASDAQ: PGY) has announced the timing for its second quarter 2024 earnings release. The company plans to disclose its financial results on August 9, 2024, followed by a conference call at 8:30 a.m. ET / 3:30 p.m. IDT on the same day. Investors and interested parties can access the live webcast presentation by registering through Pagaya's IR website at investor.pagaya.com. For those unable to attend the live event, a replay of the webcast will be made available on the company's IR website after the conclusion of the call.
Pagaya's CEO, Gal Krubiner, has been honored as an Entrepreneur Of The Year® 2024 New York Award winner by Ernst & Young LLP (EY US). Recognized for his pioneering work in AI-driven lending solutions, Krubiner has played a important role in advancing financial inclusion in America, with Pagaya facilitating over $20 billion in loans. This accolade celebrates his innovation, entrepreneurial spirit, and significant impact on the financial ecosystem. As a New York award winner, Krubiner is now eligible for the national awards, set to be announced in November 2024.
Pagaya Technologies (NASDAQ: PGY) has joined the Mastercard Engage program to enhance installment financing solutions for banks and merchants. This collaboration aims to leverage Pagaya's AI technology to facilitate real-time credit decisions, thereby creating more installment loan opportunities at the point-of-sale (POS). The partnership is expected to deepen customer relationships and promote financial inclusion. The Engage program supports over 170 partners and has facilitated hundreds of commercial deals in 2023.
Pagaya Technologies (NASDAQ: PGY) has announced operational initiatives aimed at enhancing profitability and achieving positive net cash flow. The company expects to reduce annual core operating expenses by approximately $25 million, partly reinvesting in key growth areas. Consequently, Pagaya has increased its full-year 2024 Adjusted EBITDA outlook to $160 million-$200 million, up $10 million from prior forecasts. Despite these changes, the company's 2024 outlook for network volume and total revenue remains unchanged. Key executives, including President Sanjiv Das and CFO Evangelos Perros, emphasize the company's commitment to operational discipline and long-term sustainable growth.
Pagaya Technologies announced its participation in several upcoming investor conferences. The company's management team will be present at the TD Cowen Financial Services & Fintech Summit on June 7, 2024 (virtual), the Morgan Stanley US Financials, Payments, and CRE Conference on June 10, 2024 (New York, NY), the Mizuho Technology Conference 2024 on June 12, 2024 (New York, NY), and the Jefferies Global FinTech Conference on June 13, 2024 (New York, NY). Webcast replays of select presentations will be available on Pagaya's investor relations website.