February 27, 2018 / 2:06 PM / 2 years ago

Fintech startup Pagaya raises $75 million in debt finance from Citi

JERUSALEM (Reuters) - Pagaya Investments, a U.S.-Israeli financial technology provider that uses machine learning and big data analytics to manage institutional money, said on Tuesday it raised $75 million in debt financing from Citi.

Founded in 2016, Pagaya has raised $200 million in capital, mainly from institutional investors.

The company also said it has created the Opportunity Fund, a leveraged fund suite created by Pagaya using the debt financing. Prosper, an online lending platform, will sell loans to the Opportunity Fund, Pagaya said.

“This transaction is a great example of the continuing evolution of consumer credit as an asset class and growth opportunity,” said Ari Rosenberg, head of consumer finance at Citi.

Reporting by Steven Scheer; Editing by Tova Cohen

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