Pagaya, a startup bringing AI to the asset management industry, has raised $102 million in a Series D funding round led by an unnamed "prominent financial institution".
Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC/FT, former American Express CEO Harvey Golub, Clal Insurance, GF Investments, and Siam Commercial Bank joined the round for US-Israeli Pagaya.
In the four years since launching, Pagaya has grown to manage over $1.6 billion of assets for banks, insurance companies, pensions funds, asset managers, and sovereign wealth funds entirely with its sophisticated AI.
The new funding will be used to hire more data scientists and to pursue new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.
"The world is changing quickly and investors need a performance edge — more and more are turning to Pagaya," says Gal Krubiner, Pagaya CEO. "We continue to unlock unprecedented value with our AI even during extreme market stress."