Pagaya Raises $1 Billion Across Two New Personal Loan and Auto ABS Deals, Signaling Strong Capital Markets Demand

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.

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11/06/2024 - 08:30 AM

$800 Million AAA-Rated Personal Loan and $200 Million AA-Rated Auto Loan Asset Backed Securitizations, with $5.5 Billion raised across all ABS transactions year-to-date
Pagaya remains the #1 personal loan ABS issuer in the U.S.

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 PAID 2024-10 and RPM 2024-3, totaling $1 billion in size across both deals. This represents the Company’s fourth AAA-rated personal loan ABS transaction and its first AA-rated auto ABS transaction.

A total of 28 unique investors participated across these two transactions, the majority of which were repeat investors. The deal was substantially oversubscribed, reflecting continued strong investor demand for Pagaya’s robust, AI-enabled consumer credit assets.

Pagaya continues to meet the needs of prominent financial institutions and deliver efficient, fit-for-market structures across the financial ecosystem. Qualified institutional buyers purchased notes backed by personal and auto loans that will be originated by Pagaya's lending partners on Pagaya’s AI-powered network.

Pagaya has raised more than $25.2 billion over 62 ABS transactions since 2018 across multiple products. Pagaya remains the number one personal loan ABS issuer by issuance size in the U.S., solidifying its reputation as the benchmark issuer of this product.

“Our unique ability to deliver diverse, AI-driven assets at scale, coupled with a robust lending partner pipeline is more prevalent than ever,” said Ralph L. Leung, Chief Operating Officer and Chief Commercial Officer for Pagaya. "As funding markets continue to improve and our deals continue to perform, we are executing at lower spreads with lower overall risk retention requirements.”

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 an 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.