Pagaya nearing $1 billion market cap after shares surge 13% on partnership with auto finance firm Exeter
Exeter Finance said it intends to use the fintech firm's credit-decisioning product across its national network of over 13,000 auto dealers
Israeli company Pagaya Technologies said on Wednesday it has partnered with auto finance firm Exeter Finance, which intends to use the fintech firm's credit-decisioning product across its national network of over 13,000 auto dealers. Pagaya shares climbed 13% on the news.
Financial firms including major banks and fintechs have increased the usage of AI in their operations, with companies such as Symphony, which counts Goldman Sachs and JPMorgan among its clients, teaming up with Google to ramp up its voice analytics offerings to investment firms.
Pagaya, which provides comprehensive consumer credit and residential real estate products for its partners, their customers and investors using an AI-driven approach, said Exeter was the 29th partner to join its network.
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Texas-based Exeter is an indirect auto finance company that has a serviced portfolio of over $9.4 billion.
