U.S.-Israel Israeli fintech firm Pagaya raises $102 mln in funds

TEL AVIV, June 17 (Reuters) – U.S.-Israeli Pagaya, which makes use of synthetic intelligence (AI) to retain an eye on institutional money, acknowledged on Wednesday it raised $102 million in a private funding round.

Insurer Aflac Inc’s Aflac World Ventures, Bank Hapoalim’s Poalim Capital Markets, Viola, Oak HC/FT, Harvey Golub – the old CEO of American Recount – Clal Insurance protection and Siam Commercial Bank participated within the round.

Pagaya manages over $1.6 billion of resources for banks, insurance corporations, pensions funds, asset managers, and sovereign wealth funds the usage of AI.

Pagaya in Might perchance well perchance simply issued a $200 million shopper credit score asset-backed security, the firm’s seventh deal to this level. Its total ABS issuance has exceeded $1 billion in a 365 days and a half.

The company will use the investment to rent extra files scientists, develop its technology extra and pursue unusual asset classes, such as valid property and other fastened-earnings resources esteem auto loans, mortgages, and company credit score. (Reporting by Tova Cohen Editing by Steven Scheer)