Pagaya Investments

Pagaya Investments

Pagaya Investments was founded in 2016 by Gal Krubiner, along with co-founders Yahav Yulzari and Avital Pardo. The firm operates as an asset manager that uses artificial intelligence to underwrite, price, and manage credit portfolios primarily on behalf of institutional investors. Its wealth origin traces to founding team expertise rather than a single family fortune. Pagaya focuses on consumer credit — personal loans, auto loans, and point-of-sale financing — originated through partnerships with fintech lenders. The firm deploys a machine learning platform called Pagaya Intelligence to evaluate risk and optimize portfolio returns. As of 2023, Pagaya had facilitated over $10 billion in loan originations across its network (per the firm, 2023), working with partners like SoFi and LendingClub. The firm structures investments using asset-backed securities (ABS) and private credit vehicles. Pagaya estimated to have roughly 500 employees across its New York headquarters and offices in Tel Aviv and London. The company went public via a SPAC merger with EJF Acquisition Corp in 2022, raising approximately $400 million. Its team includes data scientists, engineers, and investment professionals. In August 2023, Pagaya announced a $500 million forward-flow agreement with a global asset manager to finance personal loans (per the firm, August 2023). Pagaya distinguishes itself through proprietary AI underwriting — a capital-markets conduit that matches institutional buyers with algorithmically curated consumer credit portfolios. Unlike traditional asset managers that rely on manual deal sourcing, Pagaya operates as a technology-driven origination-to-balance-sheet vehicle, absorbing credit risk before distributing it to investors. Its SPAC listing also gives it a rare public-equity transparency window for a firm of its type.