September 23, 2019 / 11:51 AM / a month ago

Fintech firm Pagaya issuing $200 mln asset-backed security

TEL AVIV, Sept 23 (Reuters) - U.S.-Israeli Pagaya, which uses artificial intelligence (AI) to manage institutional money, said on Monday it was issuing a $200 million consumer credit asset-backed security (ABS) led by structuring agent Cantor Fitzgerald.

This transaction is Pagaya’s largest to date and the fourth in seven months, bringing the firm’s total ABS issuance to $515 million.

Pagaya’s AI analyses millions of data points to select and purchase individual loans instead of scrutinizing a pool of previously assembled assets.

“We’re seeing huge demand from institutions looking for better returns in this low-rate climate while not overexposing themselves,” Pagaya CEO Gal Krubiner said.

In April the firm raised $25 million in a funding round led by Oak HC/FT. (Reporting by Tova Cohen Editing by Ari Rabinovitch)

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