On September 18, 2024, Pagaya Technologies, a global technology company delivering AI-driven product solutions for the financial ecosystem, announced the successful closure of its latest asset-backed security (ABS), PAID 2024-9, totaling $500 million. This deal drew in 21 distinct investors, some returning as well as several new ones, demonstrating strong demand for Pagaya's AI-enabled consumer credit assets. The significantly oversubscribed offering is indicative of the high demand for Pagaya's cutting-edge solutions, which offer personal loans through an AI-powered network that are originated by its lending partners.
Pagaya has been the top issuer of personal loan ABS in the US since 2018 after raising over $24 billion through 59 asset-backed securities transactions. Pagaya's Chief Operating and Chief Commercial Officer, Ralph L. Leung, stated that the deal was completed at the lowest capital cost since 2022, demonstrating the growing size and effectiveness of the business. By utilizing machine learning and an extensive data network, Pagaya is continuously changing the financial services industry and providing its partners and clients with improved financial products and services. Pagaya, which has headquarters in Tel Aviv and New York, is dedicated to increasing access to the mainstream economy.
