Pagaya Raises More Than $1B Across Two New Asset-Backed Securitizations Deals

Author: Benzinga Newsdesk | March 13, 2024 08:37am

• Third personal loan ABS and first auto ABS of 2024, following $6.6 billion raised across all ABS transactions in 2023
• Pagaya remains the #1 personal loan ABS issuer in the U.S.
• Pagaya reaches nearly $2 billion year-to-date across four 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 two new asset-backed securitizations (ABS) – RPM 2024-1 and PAID 2024-3, its 50th and 51st ABS deals, respectively. Kroll Bond Rating Agency rated the transaction.

Qualified institutional buyers purchased $792 million of notes backed by consumer loans and $238 million of notes backed by auto loans that will be originated by Pagaya's personal loan and auto lending partners. The Company continues to scale its funding network, with over 110 funding partners and $21 billion raised across its ABS transactions since inception. Pagaya's innovative and programmatic platform continues to see robust investor demand and underscores the Company's ability to meet the needs of prominent financial institutions, while helping our lending partners expand access to credit to more people, more often.

"Our unique ability to deliver diverse, AI-driven assets, coupled with a robust lending partner pipeline is more prevalent than ever," said Paul Limanni, Pagaya's Chief Capital Officer. "We continue to see increased support and investment in our securitization platforms, which is manifesting itself in lower spreads and upsized issuance."

These latest transactions continue to support the Company's momentum following recently announced new lending partnerships with U.S. Bank and Exeter Finance, during a pivotal period of rapid growth of Pagaya's network.

Posted In: PGY