Pagaya lands $280m credit facility from BlackRock, UBS, JPMorgan Chase

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US-based fintech firm Pagaya Technologies has secured a $280 million credit facility with participation from funds managed by BlackRock, UBS, JPMorgan Chase, Valley Bank and Israel Discount Bank.

The facility, for a period of five years, consists of a $255 million term loan and a $25 million revolver, and will be used towards providing the company with the required capital and liquidity needed to support its growth, extend its corporate debt maturity to 2029 and validates investors’ confidence in its business model and financial strength. Proceeds will also be used to pay off outstanding debt from Pagaya’s previous facility, product development and network growth.

Founded in 2016 and headquartered in New York, Pagaya leverages machine learning, artificial intelligence and data networks to provide consumer credit and residential real estate solutions for its partners, including financial institutions.

For Dan Worrell, managing director at BlackRock, what attracted them to the company was its “differentiated business model, core product offering, and financial strategy to create more financial opportunities and to enable new customer relationships”.

Commenting on the new facility, Pagaya’s interim chief financial officer Evangelos Perros said: “The capital commitment demonstrates our ability to access new and diverse capital sources, bolstering our financial flexibility and fortifying our business as we consistently pursue further scale.”

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