/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

SoFi and Pagaya team up

Source: Pagaya

Pagaya Technologies Ltd. (“Pagaya”), a financial technology company that enables financial institutions to expand access to more customers through its artificial intelligence network, today announced its new partnership with SoFi, the digital personal finance company.

The new partnership will enable SoFi to broaden members’ access to its financial products.

Pagaya’s proprietary artificial intelligence, technology and infrastructure enables FinTechs, banks, and other loan providers to offer consumers more robust access to financial products outside the existing traditional credit models. Pagaya’s machine learning models are designed to reduce risk for lenders and help better inform credit decisioning. The company’s partnership with SoFi is the largest deployment of its technology in the fintech marketplace to date.

As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency for lenders and access for their customers,” said Gal Krubiner, Co-Founder and CEO of Pagaya. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

“We are excited to work with Pagaya to provide more opportunities and access to credit products for current and future members,” said Anthony Noto, CEO of SoFi.

Pagaya’s ongoing growth includes entering new markets which span personal loans, auto loans, single-family residences, credit cards, point-of-sale financing and more. The company is laser-focused on innovation and expanded access to consumer credit which has been demonstrated through its unwavering commitment to its partners.

On September 15, 2021, Pagaya announced that it had entered into a definitive agreement for a business combination with EJF Acquisition Corp. (NASDAQ: EJFA), a publicly traded special purpose acquisition company. Upon closing of the transaction, the combined company will operate as Pagaya. The transaction reflects a pro forma enterprise value for the combined company of approximately $8.5 billion. The business combination, which has been unanimously approved by the boards of directors of both Pagaya and EJFA, is targeted to close in early 2022, subject to shareholder approvals and other customary closing conditions. 

Comments: (0)