Pagaya Technologies LTD. (NASDAQ: PGY), a global technology company focused on AI-driven product solutions for the financial ecosystem, has announced the closing of a new $600 million AAA-rated asset-backed securitization (PAID 2025-4). This transaction is designed to fund personal loans originated through Pagaya’s proprietary network.
The PAID 2025-4 deal was oversubscribed and upsized, attracting participation from 23 investors, including multiple repeat investors. This recent transaction follows the company’s earlier $300 million AAA-rated RPM deal and its inaugural AAA-rated POSH securitization, which collectively generated over $1 billion in funding capacity for new point-of-sale loan originations. These deals underscore Pagaya’s consistent funding performance across various asset classes.
With the completion of this latest securitization, Pagaya has raised over $2.3 billion through ABS transactions in the second quarter of 2025, marking the largest quarterly total in the company’s history. Pagaya’s personal loan ABS program has established itself as an active and recognized issuance platform within capital markets, known for providing scaled access to diversified personal loan assets with consistent performance. The ongoing series of transactions indicates institutional confidence in Pagaya’s sourcing and technology-enabled underwriting capabilities.
Sahil Chandiramani, Pagaya’s Head of Capital Markets, commented, “This transaction reflects both the reliability of our ABS engine and the quality of our personal loan assets. In a market where consistent access to capital is a real differentiator, we’re proud to deliver back-to-back-to-back executions across auto, POS, and personal loans—at scale and with repeat investor support.”
Evangelos Perros, CFO of Pagaya, added, “This record-breaking quarter is a reflection of the strength and precision of our capital markets engine and the exceptional team behind it. We’re proud to be executing at scale, across asset classes, and with consistency that’s rare in today’s environment. There’s much more to come as we continue building our platform to power the next chapter of consumer credit.”
Since 2018, Pagaya has raised nearly $30 billion across 73 ABS transactions. These funds have supported loan originations through its platform, covering personal loans, auto loans, and point-of-sale financing. Pagaya utilizes machine learning, an extensive data network, and an AI-driven methodology to offer consumer credit and residential real estate products for its partners, their customers, and investors. The company’s proprietary API and capital solutions integrate with its partner network, aiming to provide seamless user experiences and broader access to the mainstream economy. Pagaya maintains offices in New York and Tel Aviv.
