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Friday 14 December 2018

LATEST NEWS

Israeli FinTech Pagaya raises $14 million

Written by Peter Walker
31/08/18

Pagaya Investments, a US-Israeli FinTech that uses machine learning and big data analytics to manage institutional money, has raised $14 million in a private funding round.

The round was led by venture capital fund Oak HC/FT and Harvey Golub, the former chairman and chief executive of American Express, who will join Pagaya's board.

GF Investments, Thailand's Siam Commercial Bank, Clal Insurance and Viola Ventures also participated.

Founded in 2016, Pagaya has raised more than $200 million in capital, mainly from institutional investors. It raised $75 million in debt financing from Citi earlier this year.

The latest money raised will go towards Pagaya's expansion and the development of its proprietary algorithm to enter new data-rich asset classes, the company said.

Pagaya's algorithm analyses millions of data points to assess risk in different financial instruments, identify emerging alternative asset classes and generate an excess return in those sectors, such as the multi-trillion-dollar consumer credit lending market.



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