Pagaya Raises $25M in Series C Funding Round
Summary
Pagaya , a New York and Tel Aviv, Israel-based global financial technology company using artificial intelligence (AI) to improve asset management, raised $25m in Series C funding. The round was led by Oak HC/FT with participation from seed investor Viola Ventures, Clal Insurance Ltd., GF Investments, Harvey Golub (Pagaya board member and former Chairman and CEO of American Express), and Siam Commercial Bank (through its Digital Ventures arm). Founded in 2016 by Gal Krubiner, CEO, Pagaya is a financial technology company reshaping asset management using machine learning and big data analytics to manage institutional money. Pagaya analyzes hundreds of millions of data points and captures economic and market data to perform asset underwriting and improved risk assessment compared to what traditional asset management firms can achieve. In the three years since launch, the company has grown to manage $450 million for banks, insurance companies, pensions funds, asset managers and sovereign wealth funds all looking to find new sources of attractive risk-adjusted returns.