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Fintech Startup Pagaya Raises $14 Million in Private Funds
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by Reuters and Algemeiner Staff
The US and Israeli flags. Photo: Reuters / Amir Cohen.
Pagaya Investments, a US-Israeli financial technology provider that uses machine learning and big data analytics to manage institutional money, said on Thursday it raised $14 million in a private funding round.
The round was led by venture capital fund Oak HC/FT and Harvey Golub, the former chairman and CEO of American Express, who will join Pagaya’s board.
GF Investments, Thailand’s Siam Commercial Bank, Clal Insurance Ltd., and Viola Ventures also participated, Pagaya said.
Founded in 2016, Pagaya has raised more than $200 million in capital, mainly from institutional investors. It raised $75 million in debt financing from Citi earlier this year.
Pagaya, which uses artificial intelligence technologies, manages $250 million in capital.
The latest funding will go towards Pagaya’s expansion and further help the development of its proprietary algorithm to enter new data-rich asset classes, the company said.
Pagaya’s algorithm analyses millions of data points to assess risk in different financial instruments, identify emerging alternative asset classes and generate an excess return in those sectors, such as the multi-trillion-dollar consumer credit lending market, for institutional investors.
