Pagaya, a global, data-driven financial technology company reshaping the future of finance, has announced Ashok Vaswani as its President.
This additional key hire “is a pivotal next step to continue the company’s recent growth and expected ascent to becoming a publicly traded company in June.”
Gal Krubiner, Pagaya’s Co-founder and CEO, said:
“We are excited to welcome Ashok as President of Pagaya. He has a proven track record of building and growing businesses at international scale. His values and experience align with Pagaya’s mission to continue empowering banks and financial service providers to deliver access to broader financial products and enable customer engagement through A.I.”
As President, Ashok will “leverage his 30+ years of financial services industry expertise to lead all commercial, risk, regulatory, compliance, and legal efforts with current and prospective bank partners.”
Pagaya remains focused “on continuing to onboard bank partners into its network, enabling access to broader financial products for their customers.”
President, Ashok Vaswani remarked:
“Pagaya is a pioneer in revolutionizing the financial ecosystem by harnessing the power of A.I. and big data. There is a real opportunity to enable not just one financial institution but the entire ecosystem. I am thrilled to join Pagaya and partner with its executive team to drive this change that many of us at traditional institutions have been trying to effect for years.”
Prior to Pagaya, Ashok Vaswani was “a member of Barclays Group Executive Team.”
During his tenure at Barclays, Ashok “led the drive to digitize the UK Retail Bank and transformed the consumer and payments businesses.”
Ashok also “served as Barclay’s Chief Executive Officer of consumer banking & payments and Barclays Bank UK.”
He spent twenty years “with Citigroup, and served as their CEO, Asia Pacific.”
As noted in an update shared with CI, Pagaya “is a financial technology company working to reshape the lending marketplace, for investors, by using machine learning, big data analytics, and sophisticated AI-driven risk analysis.”
With its current focus on consumer credit and real assets, Pagaya’s proprietary suite of solutions and pipelines to banks, fintech lenders and others “was created to actively find greater value for institutional investors.”
Pagaya’s models “create additional value to that pipeline as well, by increasing liquidity and, in turn, increasing opportunities for access to credit.”
As noted in the update, EJF Acquisition Corp. “is a blank check company sponsored by EJF Capital LLC and affiliates formed for the purpose of partnering with a high-quality financial services business.”
EJFA’s management team and Board of Directors “are composed of veteran financial service industry executives and founders, including Manny Friedman, Chairman, Neal Wilson, Vice Chairman, Kevin Stein, Chief Executive Officer, and Thomas Mayrhofer, Chief Financial Officer.”