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Pagaya Israel General Manager: "We are going to be profitable already this year"

Pagaya Israel General Manager: "We are going to be profitable already this year"

Yariv Hasar, General Manager of Pagaya Israel, spoke at Calcalist’s Financial Innovation conference in Tel Aviv about how they are using AI to increase inclusion and diversity

Irad Atzmon Schmayer | 16:05, 26.06.23

"50% of loan requests in the United States are rejected. This is a failure of the mainstream market and an opportunity we’ve identified at Pagaya," said Yariv Hasar, General Manager of Pagaya Israel, speaking at Calcalist’s Financial Innovation conference in Tel Aviv. "Pagaya is a tech company, and we integrate AI technology through a large and high quality AI team. We use generative AI and other machine learning technologies to analyze credit risks and seize opportunities.

"We take data from public information provided by the American authorities, data which we are registered to access. We examine the loan applicant's history and assess the risk associated with granting a loan to them. We generate a typical profile of that person, which allows us to assess their ability to pay back the loan," explained Hasar.

Yariv Hasar Yariv Hasar Yariv Hasar

"Our platform is highly flexible; SaaS, cloud-based, with the best security and privacy standards on one hand, yet very easy to integrate with all financial platforms on the other."

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Hasar added that they support a diverse array of loan applicants, “50% are women, 25% are low-income individuals, and a diverse ethnic group that is not typically represented in the American market.

"We are committed to explaining why we provide a loan to one person and not another. We are committed to ensuring that we do it in a fair and supportive way, as we have always done.” This work is overseen by the investment arm of Pagaya, based in the U.S. Their R&D operations remain headquartered in Israel.

“Pagaya is seven-years-old. Exactly one year ago we went public and we are going to be profitable already this year. We have 25 large financial institutional partners that absorb consumer credit. Last year we transferred $7.3 billion in loans to people. These are numbers that give a lot of opportunities to people. We are showing that AI can increase diversity and inclusion in the field of credit.”

In recent months, Pagaya's consumer credit fund has experienced the challenges resulting from the rise in interest rates and has informed its investors that there will be significant delays in its ability to honor redemptions. In addition, the fund yielded a negative return of 4.9% in May.

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