Pagaya Closes New $700 Million Consumer Loan Asset-Backed Securitization
November 08 2023 - 8:30AM
Business Wire
Pagaya remains the #1 personal loan ABS issuer in the U.S., with
$6.0B raised across 13 ABS transactions to date in 2023
Pagaya Technologies LTD. (NASDAQ: PGY) (“Pagaya” or “the
Company”), a global technology company delivering AI-driven product
solutions for the financial ecosystem, today announced the closing
of PAID 2023-7, its 45th asset-backed securitization (ABS) and its
13th in 2023. Kroll Bond Rating Agency rated the transaction.
In the transaction, qualified institutional buyers purchased
$693 million of asset-backed notes, which are expected to be backed
by personal loans originated by lending partners on Pagaya’s
AI-powered network. With its fully pre-funded model, capital is
raised before Pagaya’s lending partners originate the loans. This
new ABS transaction comes at a time of increased demand for
Pagaya’s personal loan product, including the Company’s recent
onboarding of a Top 5 Bank in the U.S.
Pagaya remains the number one personal loan ABS issuer by
issuance size in the U.S., solidifying our reputation as the
benchmark issuer of this product. Pagaya has raised over $18
billion in ABS transactions since 2018, including over $12 billion
since the start of 2022 across multiple products.
“This latest transaction cements the continued momentum of our
PAID ABS issuance program and demonstrates the attractiveness of
Pagaya’s investment product – offering diverse consumer credit
assets across all market conditions,” said Paul Limanni, Pagaya’s
Chief Capital Officer. “We continue to see increased demand from
investors, who recognize our expertise in delivering fit-for-market
product structures that optimize the cost of capital and meet their
needs.”
About Pagaya Technologies
Pagaya (NASDAQ: PGY) is a global technology company making
life-changing financial products and services available to more
people nationwide, as it reshapes the financial services ecosystem.
By using machine learning, a vast data network and a sophisticated
AI-driven approach, Pagaya provides comprehensive consumer credit
and residential real estate solutions for its partners, their
customers, and investors. Its proprietary API and capital solutions
integrate into its network of partners to deliver seamless user
experiences and greater access to the mainstream economy. Pagaya
has offices in New York and Tel Aviv. For more information, visit
pagaya.com.
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