Pagaya’s Strong Momentum Continues with Closing of Fourth Auto Asset-Backed Securitization Deal of 2023

Rhea-AI Summary

Pagaya Technologies (PGY) closes $300 million rated transaction, reaching $1.4 billion year-to-date in auto issuance and $6.3 billion year-to-date across all ABS transactions. The company has raised a total of more than $18 billion in ABS transactions since 2018 using its fully pre-funded model, driving consistent demand for its investment product.

Pagaya closes $300 million rated transaction, reaching $1.4 billion year-to-date in auto issuance and $6.3 billion year-to-date across all 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 RPM 2023-4, its 46th asset-backed securitization (ABS) and its 14th in 2023. Kroll Bond Rating Agency rated the transaction.

This latest transaction comes at a time of increased growth for the Pagaya network and will be the first to include loans from the recently integrated top 4 auto captive in the US.

As part of Pagaya’s two-sided lending network that offers lenders and investors a one-of-a-kind product suite, investors gain access to a continuous flow of AI-enabled consumer credit, auto and real estate assets. Pagaya has raised a total of more than $18 billion in ABS transactions since 2018 using its fully pre-funded model. As a result of its scale, efficiency and innovative structuring, Pagaya continues to see increased investor demand, underscoring the ability of Pagaya’s investor product to meet the needs of prominent financial institutions and deliver efficient, fit-for-market structures.

“Pagaya continues to focus on driving innovative and efficient investment opportunities through diversification and scale,” said Paul Limanni, Pagaya’s Chief Capital Officer. “Our unique ability to deliver diverse, AI-driven assets originated by 28 different lenders drives consistent demand for our investment product, reflected by our growing network of 90+ institutional investors.”

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.

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Source: Pagaya Technologies LTD.

FAQ

What is the latest transaction announced by Pagaya Technologies (PGY)?

The latest transaction announced by Pagaya Technologies is RPM 2023-4, its 46th asset-backed securitization (ABS) and its 14th in 2023.

What is the total amount raised by Pagaya Technologies (PGY) in ABS transactions since 2018?

Pagaya Technologies has raised a total of more than $18 billion in ABS transactions since 2018 using its fully pre-funded model.

What is the focus of Pagaya Technologies (PGY) in driving investment opportunities?

Pagaya Technologies focuses on driving innovative and efficient investment opportunities through diversification and scale, delivering diverse, AI-driven assets originated by 28 different lenders.

How many institutional investors are part of Pagaya Technologies (PGY) growing network?

Pagaya Technologies has a growing network of 90+ institutional investors.