Pagaya Closes $200 Million Consumer Credit ABS
Summary
NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--Pagaya, a global financial technology company using artificial intelligence (AI) to reshape asset management, today announced the closing of a consumer credit asset-backed security (ABS) at $200 million led by structuring agent Cantor Fitzgerald. Pagaya worked with multiple consumer loan originators for this transaction and continues to expand the number of platforms that can access its PAID shelf. “It’s exciting to see such high demand for the unique structure and active management Pagaya offers,” said Ed Mallon, Pagaya’s Chief Investment Officer. Pagaya’s I-to-I Sourcing Network unlocks opportunities that connect borrowers with institutions investing in data-rich alternative asset classes, such as consumer credit. Mallon continued, “We look forward to unearthing innovative opportunities for investors while working alongside partners to provide novel financing solutions for consumers.” Pagaya’s AI analyzes millions of data points to select and purchase individual loans instead of securitizing a pool of previously assembled assets.