Israeli fintech company Pagaya announced a merger agreement with special purpose vehicle (SPAC) EJF Acquisition Corp. (Nasdaq: EJFA). The deal will cost Pagayu on the Nasdaq worth $ 8.5 billion.
Upon completion of the merger, Pagaya will receive $ 288 million in EJFA’s trusted gross cash proceeds, assuming no redemption, and an additional $ 200 million in private equity (PIPE) from EJFA-related entities.
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Pagaya has developed a platform that allows lenders to analyze credit requirements using artificial intelligence and machine learning technologies. The P2P platform makes financial transactions more efficient, allowing lenders to approve more loans and allowing more people to borrow more money.
The company was founded in 2016 by CEO Gal Krubiner, Yahav Yulzari and Avital Pardo. Pagaya has raised $ 146 million so far, including $ 102 million in last year’s Serie D funding round run by the Singapore Sovereign Welfare Fund (GIC). The company reportedly manages more than $ 2 billion in various debt options.
Krubiner said: “This is an important milestone not only for us, but also for our partners, their clients and the wider financial services industry. Inherited systems are historically broken and inefficient. We have identified a significant opportunity to address the inefficiencies of the current system by building our network. proprietary AI technology. Our combination with EJFA allows Pagaya to combine our expertise with EJF’s deep financial experience. Together we can continue to expand our leading artificial intelligence network to help our partners grow their business and better serve their customers. “
With offices in New York and Tel Aviv, Pagaya focuses on the U.S. debt market and has 350 employees. Clients are banks, credit card companies and auto finance companies.
Published by Globes, business news in Israel – en.globes.co.il – September 15, 2021
Copyright by Globes Itonut (1983) Ltd. 2021
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