June 17, 2020 / 9:12 AM / a month ago

U.S.-Israeli fintech firm Pagaya raises $102 million in funds

TEL AVIV (Reuters) - U.S.-Israeli Pagaya, which uses artificial intelligence (AI) to manage institutional money, said on Wednesday it raised $102 million in a private funding round led by Singapore sovereign wealth fund GIC [GIC.UL].

Insurer Aflac Inc’s Aflac Global Ventures, Bank Hapoalim’s Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub - the former CEO of American Express - Clal Insurance and Siam Commercial Bank also participated in the round. 

Pagaya manages over $1.6 billion of assets for banks, insurance companies, pensions funds, asset managers, and sovereign wealth funds using AI.

Pagaya in May issued a $200 million consumer credit asset-backed security, the firm’s seventh deal to date. Its total ABS issuance has exceeded $1 billion in a year and a half.

The company will use the investment to hire more data scientists, develop its technology further and pursue new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.

Reporting by Tova Cohen; Editing by Steven Scheer

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