Pagaya Technologies Ltd. closed a $600 million personal‑loan asset‑backed securitization (PAID 2026‑2) on April 6, 2026. The deal attracted 27 unique investors, 23 of whom had participated in prior Pagaya transactions and four new investors, underscoring continued confidence in the company’s platform.
Pagaya has issued more than $36 billion across 86 ABS transactions since 2018, making this the 87th deal. The new tranche adds a high‑quality, AAA‑rated tranche to the firm’s capital‑market footprint and demonstrates that institutional investors remain willing to back its AI‑driven underwriting model.
The transaction provides Pagaya with additional liquidity and diversifies its funding sources beyond traditional asset‑backed securities. The AAA rating lowers the company’s cost of capital, while the broad investor base mitigates concentration risk and supports the firm’s strategy of leveraging forward‑flow agreements and diversified investor participation to fund its B2B2C lending platform.
Sahil Chandiramani, Pagaya’s Head of Capital Markets, said the deal reflects market confidence in the company’s AI‑driven underwriting and its ability to deliver high‑quality loan portfolios. He added that the transaction aligns with Pagaya’s broader capital‑structure optimization efforts, which have already reduced debt costs and improved cash‑flow generation.
By adding a substantial, high‑quality tranche to its capital‑market footprint, Pagaya enhances its financial flexibility and positions itself to support future growth initiatives. The transaction is consistent with the firm’s focus on profitability, disciplined growth, and the expansion of its technology‑only model that avoids direct credit risk on its balance sheet.
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