U.S.-Israel Israeli fintech firm Pagaya raises $102 mln in funds
U.S.-Israeli Pagaya, which uses artificial intelligence (AI)
to manage institutional money, said on Wednesday it raised $102 million in a
private funding round.
Insurer Aflac Inc’s Aflac Global Ventures, Bank Hapoalim’s
Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub - the former CEO of
American Express - Clal Insurance and Siam Commercial Bank participated in the
round.
Pagaya manages over $1.6 billion of assets for banks,
insurance companies, pensions funds, asset managers, and sovereign wealth funds
using AI.
Pagaya in May issued a $200 million consumer credit
asset-backed security, the firm’s seventh deal to date. Its total ABS issuance
has exceeded $1 billion in a year and a half.
The company will use the investment to hire more data
scientists, develop its technology further and pursue new asset classes, such
as real estate and other fixed-income assets like auto loans, mortgages, and
corporate credit.
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