Pagaya and Visa Announce Collaboration to Support Visa’s Partners to Expand Access to Credit

Pagaya, a tech firm building AI infrastructure for the financial ecosystem, and Visa (NYSE: V), which facilitates over 160 billion payments transactions globally, have announced a strategic relationship that will “enable Visa’s expansive network of merchant partners and issuing co-brand financial institutions to leverage Pagaya’s technology to expand customers’ access to financial products.”

Pagaya’s proprietary AI tech and infrastructure is designed to “enable banks, originators, and merchants to offer robust access to financial products through a seamless and white-labeled customer experience.”

As mentioned in the announcement, partners leveraging Pagaya’s technology and funding solutions “benefit from the ability to expand credit available to their customers leading to greater customer acquisition, purchasing power, and brand loyalty.”

This collaboration will “seek to drive growth for Visa’s network of merchants and issuing financial institutions.”

Leslie Gillin, Chief Growth Officer of Pagaya, stated:

“This groundbreaking partnership with Visa will accelerate financial institutions’ ability to leverage our highly effective AI data-driven technology. Pagaya has demonstrated a history of delivering substantial growth for all our partners. We are committed to ensuring Visa, its merchant partners, and issuing financial institutions benefit from our ability to deliver at scale and look forward to the collaborative effort to integrate these partners in the coming months,”

The Visa network will have preferred access to Pagaya’s tech, which “enables a material increase in access to credit to its partners’ customers.”

Jack Funda, SVP and Global Head of Merchant Sales Partnerships at Visa, remarked:

“Expanding access to financial tools and services is core to Visa’s purpose – uplifting everyone everywhere – and we’re excited to work with companies who bring new technologies to this challenge. Through our partnership with Pagaya, we’re providing our issuing bank clients and co-brand partners with next-generation technology to expand their customer base, boost conversion rates, increase purchasing power, and thus grow their revenue,”

As noted in a release, Pagaya is a Fintech firm working to “reshape the financial industry by using machine learning, big data analytics, and sophisticated AI-driven credit and analysis technology.”

Pagaya was specifically built to offer a “comprehensive solution to enable key financial industries to deliver their customers a positive experience while simultaneously enhancing the broader ecosystem.”

Its proprietary API integrates into its next-gen infrastructure network of partners “to deliver a premium customer user experience and help drive greater access to credit.”

Pagaya and EJF Acquisition Corp. (NASDAQ: EJFAU, EJFA, EJFAW) announced in September that they have “entered into a definitive business combination agreement, valued at an estimated enterprise value of approximately $8.5 billion at closing.”

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