Pagaya Technologies
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| Company type | Public |
|---|---|
| NYSE: PGY | |
| Industry | Financial services |
| Founded | 2016 |
| Founders | Gal Krubiner Avital Pardo Yahav Yulzari |
| Headquarters | New York City, U.S. and Tel Aviv, Israel |
Key people | Gal Krubine (CEO & co-founder) |
| Services | |
| Revenue |  US$1,032 million (2024)[1] |
 US$–488.0 million (2024)[1] | |
| US$–401.4 million (2024)[1] | |
| Total assets | US$1.291 billion (2024)[1] |
| Total equity | US$441.5 million (2024)[1] |
Number of employees | 553 (2024)[1] |
| Website | pagaya |
Pagaya Technologies is an Israeli-American financial technology company based in New York City. The company evaluates loan applications using artificial intelligence (AI) with the aim of modernizing credit checks.[2][3][4] The company has been listed on the New York Stock Exchange since 2022. According to its own figures, Pagaya had assessed loan applications with a volume of around US$2.6 trillion and brokered a cumulative loan volume of around US$28 billion by 2024. Its customers are mainly banks and other financial service providers.[5][6]
Pagaya Technologies was founded in Israel in 2016. The company was founded by Gal Krubiner, Avital Pardo, and Yahav Yulzari with the aim of using AI and machine learning in lending to replace traditional credit checks.[7][8][9] Initially, the company acted as an asset manager for institutional clients and, at the same time, developed a data-driven credit model. With the help of private funds and asset-backed securities (ABS), consumer loans were financed at an early stage; by 2020, Pagaya managed assets of more than US$1.6 billion for banks and other institutions and had issued over US$1 billion in ABS.[10] Among the investors in the company was Singapore's sovereign wealth fund GIC.[11]
In September 2021, Pagaya announced a merger with the US acquisition company EJF Acquisition Corp. The SPAC (special purpose acquisition company) transaction valued Pagaya at approximately US$8.5 billion and enabled the fintech company to go public in June 2022.[7][12] During the listing process, development and administrative activities were divided between Tel Aviv and New York, and the number of employees grew to almost 1,000 by 2022.[13]
In July 2024, Pagaya agreed to acquire US fund manager Theorem Technology, which uses machine learning for credit funds. The acquisition was completed in October 2024 and increased Pagaya's assets under management to over US$3 billion, diversifying the company's funding and providing investors with access to the credit receivables generated through the Pagaya platform.[14] In January 2024, management also announced that it would relocate its headquarters to New York, as the majority of its partners and sales are based in the US; however, the technical development site in Tel Aviv remained unchanged.[15][16]
At the 2025 Mind the Tech conference in New York, CEO Gal Krubiner presented his vision of the platform serving all major US banks, with the company seeing itself as a bridge between Israeli technology culture and the US financial market.[5]