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Pagaya<\/a>, a U.S. and Israeli FinTech collaboration, announced a Series D funding round in which it raised $102 million, according to a press release<\/a>, bringing the company’s issuances to over $1 billion in the past year and a half, the Pagaya said on its website<\/a>.<\/p>\n Participants in the round included Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC\/FT, Harvey Golub (Pagaya board member and former chairman and CEO of American Express), Clal Insurance Ltd., GF Investments, and Siam Commercial Bank.<\/p>\n The investment raised Pagaya to over $200 million in consumer credit asset-backed security (ABS), the release states. The company said on its website that it plans to manage the unsecured loans purchased with the money.<\/p>\n The release touts the significance of the milestone in today’s pandemic times, being the first issuance among marketplace lenders in months. Pagaya said it has effectively jump-started the ABS market.<\/p>\n Pagaya said on its site it uses machine learning (ML) in order to deliver low-risk, high-yield investments. New clients can be added to the ABS for a period after the close.<\/p>\n Pagaya, not deterred by the pandemic-related economic chaos, said on its site that its investment opportunity pipeline is still on target to hit $500 million per month by the end of the year.<\/p>\n Lending has been at a low point for the past several months during the pandemic as lenders aimed to avoid unnecessary risks amid mass closures and layoffs around the world, PYMNTS reported<\/a>. But now, businesses have some cautious optimism amid reopening.<\/p>\n The lending arena saw a shake-up following the 2008 recession, with FinTechs able to come in and digitize the borrowing experience while the public was largely shying away from using traditional bank lending.<\/p>\n Snehal Fulzele<\/a>, senior vice president and general manager of Cloud Lending at Q2<\/a>, told PYMNTS that FinTechs should continue to take advantage of new technological ways to account for cash flows and online reviews as ways to determine how a recipient of a loan can eventually pay it back. Fulzele said that will be essential in the post-pandemic world as many small businesses have had to change their overall models to adapt to the financial climate.<\/p>\n Fulzele said he had been heartened by the overall humane responses taking into account the shared difficulties of the times.<\/p>\n Tags:<\/b> Pymnts<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.pymnts.com\/news\/investment-tracker\/2020\/fintech-pagaya-notches-102-million-funding-round\/<\/a>
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Pagaya, a U.S. and Israeli FinTech collaboration, announced a Series D funding round in which it raised $102 million, according to a press release, bringing the company’s issuances to over $1 billion in the past year and a half, the Pagaya said on its website. Participants in the round included Aflac Global Ventures, Poalim Capital Markets, Viola, … Continue reading FinTech Pagaya Notches $102M In Funding Round<\/span><\/a> Continue Reading