Fintech Startup Pagaya Secures Additional $115 Million Asset-Backed Security

Tel Aviv and New York-based fintech startup Pagaya Investment Israel Ltd. has closed an additional consumer credit asset-backed security (ABS) at $115 million, the company announced Thursday. Pagaya will manage the ABS, led by New York-headquartered financial services company Cantor Fitzgerald & Co.

Last month, the company announced it had secured $100 million for investment in asset-backed securities, also led by Cantor Fitzgerald. In February, the company announced its first $100 million in asset-backed securities.

Founded in 2016, Pagaya uses machine learning algorithms and big data analytics to manage institutional assets. With this additional funding, Pagaya now has more than $750 million in assets under management, according to the company’s statement. The company’s investors include Israel's Bank Leumi, former American Express CEO Harvey Golub, and Thai bank Siam Commercial Bank.