Business & Investment

Fintech coPagaya announces $ 8.5 billion valuation SPAC deal

Israeli fintech companies Pagaya Announced a merger agreement with a special purpose acquisition company (SPAC) EJF Acquisition Corp. (Nasdaq: EJFA). The deal will put Pagaya on the Nasdaq with a valuation of $ 8.5 billion.

Upon completion of the merger, Pagaya will receive a total revenue of $ 288 million from EJFA’s trust cash and an additional $ 200 million in public offering (PIPE) from EJFA-related entities, assuming no redemption. increase.

Pagaya has developed a platform that allows lenders to analyze credit applications using artificial intelligence and machine learning technology. P2P platforms make financial transactions more efficient, allow lenders to expand more credit, and allow more people to borrow more money.

The company was founded in 2016 by CEOs Gal Krubiner, Yahav Yulzari, and Avital Pardo. Pagaya has raised $ 146 million so far, including $ 102 million in last year’s Series D lending round led by the Singapore Sovereign Wealth Fund (GIC). The company reportedly manages over $ 2 billion in various debt options.

“This is an important milestone not only for us, but for our partners, their customers, and the broader financial services industry. Legacy systems have historically been destroyed and inefficient. We have identified an important opportunity to address efficiency. By building a network that leverages unique AI technology, in combination with EJFA, Pagaya can combine our expertise with EJF’s deep financial experience. Increasingly, we can continue to expand our state-of-the-art artificial intelligence network to help our partners grow their businesses and provide better services. Customers. “

With offices in New York and Tel Aviv, Pagaya focuses on the US fixed income market and employs 350 people. Customers include banks, credit card companies and car finance companies.

Israeli Business News, Published by Gloves- -September 15, 2021

Copyright of Globes Publisher Itonut (1983) Ltd.2021

Fintech coPagaya announces $ 8.5 billion valuation SPAC deal Fintech coPagaya announces $ 8.5 billion valuation SPAC deal

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