TEL AVIV (Reuters) – U.S.-Israeli Pagaya, which uses artificial intelligence (AI) to manage institutional money, said on Wednesday it is issuing another $100 million actively managed asset-backed security (ABS) led by structuring agent Cantor Fitzgerald.
This follows its first ABS fully managed by AI in February.
Pagaya has grown to $650 million in assets under management since its founding in 2016, including a $100 million debt financing deal with Citi.
For this ABS, Pagaya said its AI will analyze millions of data points to select individual loans rather than package a pool of previously assembled assets based on one to two data points.
In April Pagaya raised $25 million in a funding round led by Oak HC/FT.