U.S.-Israeli Pagaya, which uses artificial intelligence (AI) to manage institutional money, said on Wednesday it raised $102 million in a private funding round led by Singapore sovereign wealth fund GIC [GIC.UL].
Insurer Aflac Inc’s Aflac Global Ventures, Bank Hapoalim’s Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub – the former CEO of American Express – Clal Insurance and Siam Commercial Bank also participated in the round.
Pagaya manages over $1.6 billion of assets for banks, insurance companies, pensions funds, asset managers, and sovereign wealth funds using AI.
Pagaya in May issued a $200 million consumer credit asset-backed security, the firm’s seventh deal to date. Its total ABS issuance has exceeded $1 billion in a year and a half.
The company will use the investment to hire more data scientists, develop its technology further and pursue new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.