Welcome to our dedicated page for Pagaya Technologies Ltd. news (Ticker: PGY), a resource for investors and traders seeking the latest updates and insights on Pagaya Technologies Ltd. stock.
Pagaya Technologies Ltd., a financial technology company, is revolutionizing the lending marketplace through the use of advanced machine learning, big data analytics, and AI-driven credit analysis technology. By leveraging its proprietary API, Pagaya seamlessly integrates with an extensive network of partners to enhance the customer experience and provide greater access to credit. The company primarily generates its revenue from the United States and has been a key player in modernizing the credit industry.
Pagaya’s core business focuses on offering cutting-edge solutions that improve the efficiency and accuracy of credit assessments. This helps financial institutions make better lending decisions, ultimately benefiting both lenders and borrowers. The firm’s technology harnesses the power of artificial intelligence to analyze vast amounts of data, ensuring that credit evaluations are both thorough and reliable.
Recent achievements include significant partnerships with leading financial institutions, enhancing their ability to serve a wider range of customers. These collaborations have allowed Pagaya to expand its reach and influence within the credit industry.
Current projects at Pagaya involve the continuous refinement of its AI algorithms and the expansion of its data analytics capabilities. These efforts aim to further streamline the credit assessment process, making it even more efficient and user-friendly.
Financially, Pagaya Technologies Ltd. has shown robust performance, with a strong revenue stream primarily from its services in the United States. The company's focus on innovation and strategic partnerships has positioned it as a leader in the fintech space.
Overall, Pagaya Technologies Ltd. is dedicated to reshaping the credit landscape, providing a comprehensive solution that benefits the entire credit ecosystem. Its commitment to leveraging advanced technology to improve credit access and user experience highlights its significance in the financial technology sector.
Pagaya Technologies (NASDAQ: PGY) reported strong Q3 2024 results with network volume of $2.4 billion, up 11% year-over-year, and record total revenue of $257 million, increasing 21%. The company achieved GAAP operating income of $22 million and record adjusted EBITDA of $56 million. Personal loan network volume grew 15% while point-of-sale volume increased 67%. Despite these improvements, the company reported a net loss of $67 million attributable to shareholders. Pagaya reached its lowest risk retention level in 2 years at 2-3% of network volume and announced transactions to unlock additional balance sheet liquidity of up to $100 million.
LendingClub (NYSE: LC) and Pagaya Technologies (NASDAQ: PGY) have jointly acquired the intellectual property of Tally Technologies, a credit card management platform. LendingClub will integrate Tally's technology to enhance its member engagement platform, serving its 5 million members with better debt management tools. Pagaya will incorporate Tally's B2B solutions into its product suite for its 31 lending partners. Tally's platform, which ceased operations in August 2024, automated credit card payments and helped users reduce interest costs and avoid late fees.
Pagaya Technologies (NASDAQ: PGY) has successfully closed two asset-backed securitization (ABS) deals totaling $1 billion, comprising an $800 million AAA-rated personal loan and a $200 million AA-rated auto loan transaction. The deals, known as PAID 2024-10 and RPM 2024-3, attracted 28 unique investors, mostly repeat participants, and were substantially oversubscribed. This marks Pagaya's fourth AAA-rated personal loan ABS and first AA-rated auto ABS transaction. The company has raised $5.5 billion in ABS transactions year-to-date and over $25.2 billion across 62 ABS transactions since 2018, maintaining its position as the leading personal loan ABS issuer in the U.S.
Pagaya Technologies, a global AI-driven financial technology company, has announced its management team's participation in three upcoming investor conferences. The team will attend the Citizens JMP Financial Services Conference on November 12, 2024, in New York, the KBW Fintech Conference on November 14, 2024, in New York, and the virtual Wedbush Disruptive Finance Conference on November 22, 2024. Select presentation webcasts will be available temporarily on Pagaya's investor relations website.
Pagaya Technologies (NASDAQ: PGY) has completed its acquisition of Theorem Technology, a machine-learning underwriting technology company. The combined entity now has access to over $3 billion of fund capital. The acquisition is expected to strengthen Pagaya's market capabilities, diversify funding sources, and enhance capital efficiency. Fund investors will gain access to credit assets generated through Pagaya's network of 31 top U.S. lenders. The transaction is anticipated to be accretive in 2025.
Pagaya Technologies (NASDAQ: PGY) has announced the timing for its third quarter 2024 earnings release. The company plans to disclose its financial results on November 12, 2024. Following the release, Pagaya will host a conference call on the same day at 8:30 a.m. ET / 3:30 p.m. IST to discuss the earnings report. Interested parties can access registration details for the live webcast presentation on Pagaya's investor relations website at investor.pagaya.com. For those unable to attend the live event, a replay of the webcast will be made available on the IR website after the call concludes.
Pagaya CEO Gal Krubiner will moderate a panel discussion at Money20/20 in Las Vegas on October 29, 2024, focusing on how embedded payments, AI, and private credit are reshaping consumer lending. The panel includes experts from Citi Retail Services, Jefferies, and the Milken Institute.
The discussion will explore how AI-driven innovations, embedded payment products, and private capital investments are redefining the lending landscape. These changes are expected to improve credit decision accuracy, enhance financial inclusion, and create a more personalized and efficient customer experience at the point-of-sale.
Panelists will address how consumer demands are driving fundamental changes in the lending industry, emphasizing the importance of frictionless and transparent checkout experiences. The session will highlight the potential of AI to revolutionize consumer lending, making it easier, safer, and more transparent for both consumers and lenders.
LendingClub (NYSE: LC) and Pagaya Technologies (NASDAQ: PGY) have jointly acquired the intellectual property of Tally Technologies, Inc. Tally's technology simplifies credit card management, helping users optimize payments, reduce interest, and improve credit health. LendingClub will use this acquisition to enhance its member engagement platform, benefiting its 5 million members. Pagaya will incorporate Tally's B2B credit management solution into its product suite for over 30 lending partners.
LendingClub CEO Scott Sanborn emphasized the importance of this acquisition in helping members manage debt more effectively, especially with credit card debt and interest rates at historic highs. Pagaya's President Sanjiv Das highlighted how integrating Tally into their B2B offerings will enhance value for their partners. Tally ceased operations in August 2024, and its assets were acquired through a process facilitated by Sherwood Partners, Inc.
Pagaya Technologies (NASDAQ: PGY) announced the pricing of a $140 million offering of exchangeable senior notes due 2029 through its subsidiary, Pagaya US Holding Company The offering, upsized from the initial $125 million, is set to settle on October 1, 2024. The notes will have a 6.125% annual interest rate and an initial exchange price of $13.99 per Class A ordinary share, representing a 45% premium over the current share price.
The company plans to use the proceeds primarily to repay higher-cost debt facilities and reduce interest expenses. The notes will be exchangeable under certain conditions and redeemable by Pagaya US from October 5, 2027. This private offering is made to qualified institutional buyers under Rule 144A of the Securities Act.
Pagaya Technologies (NASDAQ: PGY) has announced that its subsidiary, Pagaya US Holding Company , plans to offer $125 million in exchangeable senior notes due 2029. The private offering is aimed at qualified institutional buyers under Rule 144A of the Securities Act. The notes will be senior, unsecured obligations of Pagaya US, with interest payable semi-annually and maturity on October 1, 2029. They will be exchangeable for cash, Pagaya's Class A ordinary shares, or a combination of both, subject to certain conditions.
The notes will be fully guaranteed by Pagaya and redeemable from October 5, 2027. Pagaya US intends to use the net proceeds to repay secured borrowing under its repurchase agreements and for general corporate purposes. The initial purchasers may be granted an option to buy up to an additional $18.75 million in notes. The offer and sale of the notes are not registered under the Securities Act and can only be sold under exemption from registration requirements.
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