Israeli financial technology company Pagaya today announced a $102 million Series D funding round led by the Singapore Sovereign Wealth Fund (GIC). Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub, Clal Insurance Ltd., GF Investments, and Siam Commercial Bank all participated in the round. This brings to $146 million the amount raised by the company since it was founded in 2015.
Pagaya is a global fintech company, which is using artificial intelligence (AI) to reshape asset management and institutional investment. The company, which was founded by CEO Gal Krubiner, CTO Avital Pardo and CRO Yahav Yulzari manages assets worth $2 billion in the US. Pagaya has offices in Tel Aviv and New York.
Krubiner said, "The world is changing quickly and investors need a performance edge - more and more are turning to Pagaya. 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 reopened the consumer credit asset-backed security (ABS) market in May with a $200 million ABS fully managed by its AI - the first issuance amongst marketplace lenders in months, and the firm's seventh deal to date. The firm’s total ABS issuance is now over $1 billion in just 18 months.
Pagaya chairman and Viola Venture cofounder and general partner Avi Zeevi said, "Working with Pagaya’s exceptional founding team has been an amazing experience. Through their vast understanding of financial markets and unmatched technological expertise, they’ve disrupted global asset management and have solidified their rank as an industry leader."
Pagaya will use the investment to hire data scientists, further develop its technology, and pursue new asset sectors including real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.
Published by Globes, Israel business news - en.globes.co.il - on June 17, 2020
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