GIC in Pagaya For Long Haul

Posted on 04/11/2023

Singapore’s GIC Private Limited will continue to invest in U.S.-Israeli fintech Pagaya Technologies for at least three more years, to follow the original five-year term.  Both parties extended their existing funding agreement and as a result GIC will invest in Pagaya’s financing vehicle on the same terms as the current agreement. GIC also increased its holding of Pagaya’s Class A shares to 9%. GIC is one of the top shareholders of Pagaya, which went public in June 2022 after combining with EJF Acquisition Corp., a special purpose acquisition company, or SPAC.

Pagaya is looking to expand its financial product offerings through the use of AI. Founded seven years ago, Pagaya already uses AI to manage assets for banks, insurance companies, pensions, and sovereign wealth funds. It earns most of its revenue through fees. In 2020, the company raised US$ 102 million in a private funding round led by GIC. Aflac Global Ventures, Bank Hapoalim’s Poalim Capital Markets, Viola and former American Express CEO Harvey Golub also participated.

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