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Asset management firm Pagaya raises $102 mn in Series D funding round

By Pavithra R

June 17, 2020

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Gal Krubiner, Pagaya’s CEO and co-founder

Pagaya, a global FinTech company using artificial intelligence (AI) to reshape asset management and institutional investment has announced that the firm has raised $102 M Series D funding round led by a prominent strategic financial institution. The investment round saw participation from Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub, Clal Insurance Ltd., GF Investments, and Siam Commercial Bank.

The FinTech is planning to use the investment to hire more top tier data scientists, bolster its technology further, and continue its pursuit of new asset classes, such as real estate and other fixed-income assets like mortgages, auto loans, and corporate credit.

Since its launch in 2016, the company has grown to manage over $1.6 B of assets for banks, insurance companies, pensions funds, asset managers, and sovereign wealth funds entirely with its sophisticated AI. The new funding round amid global economic crisis signals heightened demand for Pagaya’s data-driven investment strategies.

“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,” said Gal Krubiner, Pagaya’s CEO and co-founder.

In May, Pagaya re-opened the consumer credit asset-backed security (ABS) market with a $200 M ABS fully managed by its AI, the first issuance amongst marketplace lenders in months, and the firm’s seventh deal to date.

“It’s extraordinary to see the Pagaya team deliver on their promise to bring in a new era of asset management using unparalleled technology. The firm continues to significantly and effectively innovate in a space that has failed to evolve for decades. Pagaya is driving the future of asset management,” said Harvey Golub, Retired Chairman and CEO of American Express, and Pagaya board member.

New York-based Pagaya is a global FinTech company revolutionizing institutional asset management. Its unique use of machine learning paired with financial expertise makes it possible to consistently deliver low-risk, high-yield investment opportunities for institutional investors.

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