Pagaya Technologies has secured credit facilities valued at $280 million from the world's top asset managers and financial institutions.
The facility, consisting of a $255 million term loan and a $25 million revolver, will support Pagaya's future growth and provide capital and liquidity to extend the bond maturity to 2029. The global technology company made the announcement on Wednesday (February 7). press release.
Organizations that offer lines of credit include: black rock, UBS O'Connor, JP Morgan Chase, valley bank and israel discount bankAccording to the release.
“This credit facility, led by BlackRock, demonstrates the trust and support of the world's largest and most sophisticated financial institutions as we transform the consumer finance ecosystem in the next stage of our growth journey. Masu.” Gar Krubinersaid Pagaya's co-founder and CEO in a release.
According to the release, Pagaya provides product solutions that leverage artificial intelligence (AI) in the financial ecosystem.
The company leverages machine learning (ML), a vast data network, and sophisticated AI algorithms to deliver consumer finance and residential real estate solutions, according to the release. Our proprietary application programming interfaces (APIs) and capital solutions integrate seamlessly with our partner network to improve user experience and expand access to the mainstream economy.
Dan WorrellBlackRock's managing director said in the release: “We are impressed with our differentiated business model, core product offering and financial strategy that creates more financial opportunities and enables new customer relationships.”
According to a press release, Pagaya is rapidly expanding its network and has secured four new financing partners in the last four months of 2023, including a top bank and a top auto captive.
In one of its recently announced partnerships, Pagaya has teamed up with an automotive fintech company westlake financial Providing Westlake's automotive dealer partners with access to Pagaya's technology-enabled systems credit judgment product.
Additionally, Pagaya recently pre-announced its full-year 2023 financial results, with network volume of more than $8.2 billion and adjusted EBITDA of more than $75 million, it said in a release on Wednesday. This means his annualized run-rate adjusted EBITDA based on the fourth quarter of 2023 will exceed his $110 million.
Proceeds from the credit facility will be used to repay outstanding borrowings from the company's previous facility, invest in product innovation, and expand its network with existing and new financing and investment partners, according to the release.
