Pagaya, a NYC and Tel Aviv, Israel-based global financial technology company using artificial intelligence (AI) to reshape asset management and institutional investment, raised $102m in Series D funding.
The round was led by a prominent strategic financial institution. Aflac Global Ventures (the venture capital holding company of top insurance firm, Aflac Incorporated), Poalim Capital Markets (the investment banking arm of Bank Hapoalim), Viola, Oak HC/FT, Harvey Golub (Pagaya board member and former Chairman and CEO of American Express), Clal Insurance Ltd., GF Investments, and Siam Commercial Bank (through its Digital Ventures arm) participated in the round.
The company intends to use the funds to hire data scientists, develop its technology further, and continue its pursuit of new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.
Co-founded in 2016 by Gal Krubiner, CEO, Avital Pardo, CTO, and Yahav Yulzari, CRO, Pagaya is a financial technology company which focuses on asset management using machine learning and big data analytics to manage institutional money. With a focus on fixed income and alternative credit, the company offers a variety of discretionary funds to institutional investors, including pension funds, insurance companies, and banks. Its technology platform, Pagaya Pulse, runs on a suite of artificial intelligence technologies and algorithms to deliver a high and scalable performance edge. The firm’s total consumer credit ABS issuance is over $1 billion.