Israeli fintech firm Pagaya has introduced a merger settlement with particular objective acquisition firm (SPAC) EJF Acquisition Corp. (Nasdaq: EJFA). The deal will see Pagaya listed on Nasdaq at a $8.5 billion valuation.
On completion of the merger, Pagaya will obtain $288 million in gross proceeds from EJFA’s money in belief, assuming no redemptions, and a further $200 million in personal placement in public fairness (PIPE) from entities related to EJFA.
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Pagaya has developed a platform that enables lenders to research credit score functions utilizing synthetic intelligence and machine studying applied sciences. The P2P platform makes monetary transactions extra environment friendly, permitting lenders to increase extra credit score and enabling extra individuals to borrow more cash.
The corporate was based in 2016 by CEO Gal Krubiner, Yahav Yulzari, and Avital Pardo. Pagaya has raised $146 million up to now together with $102 million in a Collection D financing spherical final yr led by the Singapore Sovereign Wealth Fund (GIC). The corporate reportedly manages over $2 billion in numerous debt choices.
Krubiner stated, “This is a vital milestone not only for us, but additionally for our companions, their clients and the broader monetary companies trade. Legacy methods are traditionally fractured and inefficient. We recognized a big alternative to handle the inefficiencies of the present system by setting up a community powered by our proprietary AI know-how. Our mixture with EJFA permits Pagaya to mix our experience with EJF’s deep monetary expertise. Collectively, we will proceed to increase a number one synthetic intelligence community to assist our companions develop their companies and higher serve their clients.”
With workplaces in New York and Tel Aviv, Pagaya focuses on the US debt market and has 350 staff. Clients embody banks, bank card firms, and auto finance firms.
Printed by Globes, Israel enterprise information – en.globes.co.il – on September 15, 2021
Copyright of Globes Writer Itonut (1983) Ltd. 2021