August 22, 2019 / 11:41 AM / in 6 months

Fintech firm Pagaya issuing $115 million asset-backed security

TEL AVIV (Reuters) - U.S.-Israeli Pagaya, which uses artificial intelligence (AI) to manage institutional money, said on Thursday it is issuing a $115 million consumer credit asset-backed security (ABS) led by structuring agent Cantor Fitzgerald.

This transaction is Pagaya’s largest to-date and the third in six months, bringing total assets under management to more than $750 million.

Pagaya partnered with Prosper Marketplace for this transaction.

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

In April it raised $25 million in a funding round led by Oak HC/FT.

Reporting by Tova Cohen; Editing by Steven Scheer

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