Pagaya Technologies LTD. (NASDAQ: PGY), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, announced a partnership with a group of alternative investment firms – Angelo Gordon, ATLAS SP Partners, and Värde Partners – to provide funding for a multi-billion dollar credit union.
Despite current market conditions in the regional banking sector and rising interest rates, credit unions and banks “continue to focus on the well-being of their members and the communities they serve.”
Tightened credit boxes and credit policies are “putting more liquidity pressure on these institutions.”
Pagaya’s funding network and AI capabilities are “well-positioned to solve this challenge by helping to stabilize the credit union’s balance sheet and provide a scalable solution to the banking ecosystem.”
T.J. Durkin, Head of Structured Credit at Angelo Gordon, said:
“The volatility in the financial markets over the last twelve months has enabled our platform to prove its ability to identify and execute on interesting opportunities in the face of a rapidly evolving environment and expanding opportunity set. Leveraging the Pagaya AI network accelerated our ability to both analyze the underlying data of loans being sold and provide efficient liquidity to the sellers of those credits.”
A spokesperson for ATLAS SP Partners, said:
“Since the inception of ATLAS SP Partners as a new, independent franchise, we have been focused on delivering innovative asset-backed financing solutions and enabling commercial activity and economic growth for our clients. We are proud to have worked with a longstanding partner, Pagaya, in an expedited timeline to provide replicable financing alternatives for our clients in this market environment.”
Aneek Mamik, Partner and Head of Financial Services at Värde, said:
“We are pleased to bring private capital solutions to credit unions and other financial institutions looking to make room for growth in their balance sheets. The collaboration with Pagaya and other like-minded investors expands our financing reach, improves our underwriting capabilities, and enhances our ability to bring dependable capital to an increasingly dislocated credit market.”
Gal Krubiner, Co-Founder and CEO of Pagaya, said:
“Our AI network has two key pillars of differentiation: capital strategy and sustained origination growth through our AI, leveraging FCRA-compliant consumer data. We remain laser-focused on bringing together leading U.S. and global investors and continuing to enable originators to offer consistent financial products. We offer a scalable solution to the current macro environment and look forward to replicating this for other institutions in the future.”
