Pagaya Technologies, a leader in AI-driven financial solutions, announced the successful completion of its $100 million term loan upsize. Canadian Imperial Bank of Commerce (CIBC) and Bank of Montreal (BMO) contributed an additional $28 million to this upsize and provided $15 million in expanded revolving credit. The company also finalized the sale of $100 million in balance sheet securities at a premium, enhancing its financial position. These strategic transactions, combined with Pagaya's earlier senior notes issuance, bring total proceeds to over $300 million, positioning the company for significant interest expense reductions and increased liquidity.
Pagaya specializes in revolutionizing financial services through machine learning and AI, offering innovative consumer credit and real estate products via its proprietary API and vast data network. CFO Evangelos Perros highlighted that these capital enhancements reflect strong confidence from traditional financial institutions and are pivotal for the company’s goal of achieving GAAP profitability by 2025.
