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) has successfully closed PAID 2024-9, a $500 million consumer loan Asset-Backed Securitization (ABS) deal. This marks the company's second AAA-rated ABS of 2024, bringing the total raised across all transactions this year to $4.4 billion. The deal attracted 21 unique investors, mostly repeat participants, and was oversubscribed, indicating strong demand for Pagaya's AI-enabled consumer credit assets.
Pagaya remains the #1 ABS issuer of personal loans in the U.S., having raised over $24 billion across 59 ABS transactions since 2018. The company's COO and CCO, Ralph L. Leung, highlighted that this deal was executed at the lowest cost of capital since 2022, with one of Pagaya's lowest risk retention levels in the past 18 months, reflecting the company's increasing scale and efficiency as an issuer.
Pagaya Technologies (NASDAQ: PGY) has appointed Josh Fagen as Head of Investor Relations and COO of Finance. With over 25 years of experience in financial services and investor relations, Fagen joins Pagaya from SoFi, where he served as VP/Head of Investor Relations and Competitive Research & Strategy. In his new role, Fagen will oversee investor and analyst relations, finance team operations, and lead the company's engagement with the equity investor community.
Fagen's appointment aims to expand Pagaya's investor relations capabilities and highlight the company's strong financial performance. His experience includes roles at Citadel, Goldman Sachs, and UBS, specializing in media, telecom, and technology sectors. Jency John, the current VP of Investor Relations, will transition to a new leadership position as VP of Commercial Finance.
Pagaya Technologies (NASDAQ: PGY), an AI-driven financial technology company, has appointed Rajinder (Raj) Singh as Chief Risk Officer. With over 25 years of experience in global banking and financial services, Singh will oversee all aspects of risk management for Pagaya. His expertise includes deep regulatory experience and a proven track record across multiple asset classes.
Prior to joining Pagaya, Singh served as Chief Risk Officer for NewRez/Caliber Home Loans, managing risk for a $600 billion mortgage servicing rights portfolio and $130 billion annual mortgage originations. He has also held senior leadership roles at Citigroup, U.S. Bank, Genworth Financial, Ally Financial, and G.E. Capital.
Pagaya recently reported strong Q2 2024 results, with $2.3 billion in network volume and a record $50 million in adjusted EBITDA. The company's network now includes 31 lending partners and 120 institutional investors.
Pagaya Technologies (PGY), an AI-driven financial technology company, has announced its participation in several upcoming investor conferences in September 2024. The management team will attend five events:
1. Benchmark 2024 Tech, Media & Telecom Conference on September 5 in New York, NY
2. Barclays 22nd Annual Global Financial Services Conference on September 11 in New York, NY
3. B. Riley Securities 2024 Consumer & TMT Conference on September 12 in New York, NY
4. Autonomous 9th Annual Future of Commerce Symposium on September 13 (Virtual)
5. UBS East Coast Payments & FinTech Discussion on September 26 in New York, NY
Webcast replays from select presentations will be available on Pagaya's investor relations website for a time.
Pagaya Technologies (NASDAQ: PGY) reported record financial results for Q2 and H1 2024, exceeding expectations. Highlights include:
- Network volume of $2.3 billion, up 19% YoY
- Record total revenue of $250 million, up 28% YoY
- Record FRLPC of $97 million, up 49% YoY
- Record adjusted EBITDA of $50 million
- Positive GAAP operating income for 4th consecutive quarter
- Positive adjusted net income for 5th consecutive quarter
The company expanded partnerships, including a new top 5 bank and OneMain Financial. Pagaya also achieved a $1 billion forward flow agreement and its first AAA rating on personal loan ABS program. The company raised its full-year 2024 outlook, expecting total revenue between $975 million and $1,050 million.
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
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