Pagaya Announces Addition of Two New Partners, Scaling Its Lending Network with a Top Five Bank

(Oct. 25, 2023)

Pagaya Technologies Ltd. (NASDAQ: PGY) a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, announced it has onboarded two new partners to its premier tech-enabled, two-sided lending network: a top five bank in the US and a top four auto captive lender. With the addition of these two new strategic partners, the Company expects to be able to substantially grow its network volume.

Pagaya’s unique tech-enabled credit-decisioning product suite enables its new top tier bank and auto captive partners to approve more consumer loans, as well as new and used auto loans. By connecting to Pagaya's integrated and seamlessly embedded lending technology, these partners will have the ability to expand and deepen their customer relationships to a more diverse group of borrowers, grow origination volumes, strengthen brand affinity and increase revenues, all without taking on incremental credit risk.

“These two new additions to the Pagaya lending network represent a step function change in our scale and ability to work with the largest financial institutions in the US. We remain laser-focused on helping banks and auto captive lenders grow their customer base through our unique product offering, which I will expand upon in our upcoming earnings call on November 2nd,” said Gal Krubiner, Co-Founder and CEO of Pagaya. “These new partnerships continue to pave the way for a more inclusive financial ecosystem, which is core to our mission of enabling more financial opportunities to more people, more often.”