Israeli startup Pagaya raises $102M

Financial technology company Pagaya Investment Israel Ltd. with offices in Tel Aviv and New York has attracted $102 million in Series D round led by Singapore sovereign wealth fund GIC. 

Pagaya co-founders: Gal Krubiner, Avital Pardo and Yahav Yulzari

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 are among other investors, reports Reuters. 

Pagaya was established in 2016 by Gal Krubiner, Avital Pardo and Yahav Yulzari. The company is developing a proprietary Pulse technology based on Machine Learning algorithms and big data analytics for institutional asset management. To this date, it manages assets for banks, pensions plans, insurance companies, foundations and private wealth and sovereign wealth funds over $1.6 billion.

As reported by the Globes media, in May the company issued a $200 million consumer credit asset-backed security completely managed by its AI. Totally, Pagaya’s ABS issuance has reached over $1 billion in a year and a half. 

The company is planning to invest attracted capital in strengthening the team with data scientists, further developing its technology and pursue new asset classes.