Pagya Technologies Has secured $280 million worth of credit facilities from top global 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 extend its corporate debt maturity to 2029, the global technology company said in a statement on Wednesday (Feb 7). will provide capital and liquidity to expand News for the newspaper.
Credit facilities are included. Black rock, UBSO Connor, JP Morgan Chase, Valley Bank And Israel Discount Bankaccording to the release.
“This credit facility, led by BlackRock, demonstrates the confidence and support from the world’s largest and most innovative financial institutions as we take the next step in our growth journey to transform the consumer financial ecosystem. have been.” Gal Krobinerco-founder and CEO of Pagaya said in the release.
According to the release, Pagaya provides artificial intelligence (AI)-enabled product solutions in the financial ecosystem.
With machine learning (ML), a vast data network and advanced AI algorithms, the company offers customers credit and residential real estate solutions, the release said. Its proprietary application programming interface (API) and capital solutions integrate seamlessly with partner networks, enhancing user experiences and expanding access to the mainstream economy.
Dan WorrellBlackRock’s managing director said in the release: “We are impressed with the company’s differentiated business model, core product offering and financing strategy to create more financing opportunities and enable new customer relationships.”
According to the press release, Pagaya is rapidly expanding its network by acquiring four new lending partners, including a top bank and top AutoCapto, in the last four months of 2023. .
In a recently announced partnership, Pagaya teamed up with an automotive fintech company. Westlake Financial To provide Westlake’s auto dealer partners with access to Pagaya’s tech enabled Credit decision making Products
Additionally, Pagaya recently announced full-year 2023 financial performance in advance, with network volume exceeding $8.2 billion and adjusted EBITDA exceeding $75 million, Wednesday’s release said. This implies an annualized run rate adjusted EBITDA of more than $110 million based on the fourth quarter of 2023.
According to the release, the proceeds from the credit facility will be used to repay outstanding debt from the company’s previous facility, invest in product innovation, and expand its network with existing and new lenders and investment partners. will be done for