US-Israeli Pagaya, which uses artificial intelligence (AI) to manage institutional money, has raised $102 million in a private funding round led by Singapore sovereign wealth fund GIC.
Insurer Aflac’s Aflac Global Ventures, Bank Hapoalim’s Poalim Capital Markets, Viola, Oak, Harvey Golub – the former CEO of American Express – Clal Insurance and Siam Commercial Bank also participated in the round.
The company will use the investment to hire more data scientists, develop its technology further and pursue new asset classes, such as real estate and other fixed-income assets like auto loans, mortgages, and corporate credit.
Pagaya manages over $1.6 billion of assets for banks, insurance companies, pensions funds, asset managers, and sovereign wealth funds using AI.
Pagaya in May issued a $200 million consumer credit asset-backed security, the firm’s seventh deal to date. Its total ABS issuance has exceeded $1 billion in a year and a half.