Pagaya Technologies – a global technology company delivering AI-driven product solutions for the financial ecosystem – announced the closing of PAID 2024-2, its 49th asset-backed securitization (ABS) and its second in 2024. Kroll Bond Rating Agency rated the deal.
Qualified institutional buyers purchased $396 million of notes backed with personal loans that will be originated by lending partners on Pagaya’s AI-powered network. And with over 25 unique investors participating in the deal, this latest transaction continues to highlight the strength of Pagaya’s funding capabilities along the company’s ability to access diverse sources of capital, including a recently announced credit facility led by BlackRock, UBS and JPMorgan Chase.
Pagaya’s innovative and programmatic platform continues seeing robust investor demand while underscoring the company’s ability to meet the needs of prominent financial institutions across the ABS market and broader financial ecosystem. And since 2018, Pagaya has raised over $20 billion in ABS transactions across multiple products, demonstrating the Company’s commitment to product innovation and execution.
KEY QUOTE:
“Investor confidence in the Consumer ABS market remains high. We continue to see recurring demand from returning and new institutional investors participating in our transactions, solidifying Pagaya’s reputation as the benchmark issuer of this product across the U.S.”
- Paul Limanni, Pagaya’s Chief Capital Officer
