Pagaya Announces New $600 Million Consumer Loan ABS Deal, Underscoring Strong Momentum Ahead of 2025
December 12 2024 - 3:51PM
Business Wire
Closes $600 million AAA-Rated Personal Loan ABS deal and prices
$100 million Personal Loan pass-through transaction
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 a $600 million AAA-rated personal loan ABS transaction (PAID
2024-11) and expects to close an additional $100 million
pass-through transaction (PT 2024-2) next week.
A total of 29 unique investors participated across these two new
transactions, the majority of which were repeat investors.
Additionally, PAID 2024-11 was substantially oversubscribed and
upsized from its original size of $500 million, reflecting
continued strong investor demand for Pagaya’s robust, AI-enabled
consumer credit assets. Since 2018, Pagaya has raised nearly $26
billion across 64 ABS transactions to fund loan originations across
multiple products, including personal loan and auto.
“As a leading provider of access to consumer assets for U.S.
capital markets, Pagaya consistently proves the strength and
efficacy of its technology and network,” said Sanjiv Das, President
of Pagaya. “Our increasing scale and track record of stable asset
performance, combined with improving capital markets conditions, is
enabling us to execute at lower spreads and with more efficient use
of our capital, supporting our growth heading into 2025.”
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 an 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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