Pagaya’s Strong Momentum Continues with Closing of Fourth Auto Asset-Backed Securitization Deal of 2023
November 27 2023 - 7:30AM
Business Wire
Pagaya closes $300 million rated transaction, reaching $1.4
billion year-to-date in auto issuance and $6.3 billion year-to-date
across all ABS transactions
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 RPM 2023-4, its 46th asset-backed securitization (ABS) and its
14th in 2023. Kroll Bond Rating Agency rated the transaction.
This latest transaction comes at a time of increased growth for
the Pagaya network and will be the first to include loans from the
recently integrated top 4 auto captive in the US.
As part of Pagaya’s two-sided lending network that offers
lenders and investors a one-of-a-kind product suite, investors gain
access to a continuous flow of AI-enabled consumer credit, auto and
real estate assets. Pagaya has raised a total of more than $18
billion in ABS transactions since 2018 using its fully pre-funded
model. As a result of its scale, efficiency and innovative
structuring, Pagaya continues to see increased investor demand,
underscoring the ability of Pagaya’s investor product to meet the
needs of prominent financial institutions and deliver efficient,
fit-for-market structures.
“Pagaya continues to focus on driving innovative and efficient
investment opportunities through diversification and scale,” said
Paul Limanni, Pagaya’s Chief Capital Officer. “Our unique ability
to deliver diverse, AI-driven assets originated by 28 different
lenders drives consistent demand for our investment product,
reflected by our growing network of 90+ institutional
investors.”
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 products 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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