Pagaya, a Fintech within the asset administration sector, is increasing operations to the US west coast with a number of new government hires. In response to the corporate, origination groups in Phoenix and Los Angeles will see the additions of Jason Hass as Senior Vice President of Originations and Mike Cannatella as a Vice President of Originations, based mostly in Phoenix and Los Angeles respectively.
Hass and Cannatella be part of Pagaya’s Originations Group, alongside Theo Ellis who got here on board in Fall 2019 as a Vice President of Originations.
Pagaya says the growth indicators “continuing demand for Pagaya’s data-driven investment strategies” which have apparently delivered above-market returns for buyers.
Hass has beforehand labored at Aire Labs, TrueAccord, and Credit score Karma.
Cannatella started his profession at Moody’s Analytics the place he specialised in credit score threat fashions. He then ran enterprise improvement at Finsight earlier than becoming a member of Pagaya.
Ellis joined Pagaya from a software program startup he co-founded, Riveted Labs. Previous to coming into the tech trade, Ellis was a Vice President at PIMCO, and earlier in his profession, he was a guide at McKinsey & Firm.
Led by Benjamin Blatt, Pagaya’s Head of Capital Markets and Originations, the Origination Group is chargeable for figuring out and establishing asset acquisition channels and strategic partnerships with a deal with client industries, resembling bank card receivables, unsecured client installment loans, and auto loans. The Group can be trying into alternatives in residential mortgages, and residential fairness traces of credit score.
“We’re committed to helping lenders navigate this difficult, uncertain time by unlocking more opportunities that would otherwise go untouched,” mentioned Blatt. “With Jason and Mike on board, we’re doubling-down on this mandate.”
Pagaya’s AI analyzes hundreds of thousands of knowledge factors to pick out and buy particular person loans as an alternative of securitizing a pool of beforehand assembled belongings. Pagaya studies having closed six securitizations previously yr, all of that are actively managed by its AI.