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Israeli fintech startup Pagaya to go public at $8.5 billion valuation

Pagaya nears SPAC merger with EJF Acquisition Corp. The AI for the financial institution’s company announced 379% growth.

Israeli Fintech
Pagaya Founders (photo source company website)

Pagaya Technologies, an Israeli fintech startup, revealed that its sales for 2021 will reach $475 million, beating its prediction by 17%. Additionally, Pagaya said that it has filed a Form F-4 Registration Statement with the Securities and Exchange Commission of the United States in anticipation of the completion of its merger with SPAC (special-purpose acquisition company) EJF Acquisition Corp.

Pagaya is planning to list on the New York Stock Exchange in the second quarter of 2022, with a market capitalization of $8.5 billion.

Pagaya also announced an increased $350 million PIPE in January with a prestigious group of investors including Tiger Global, Whale Rock, GIC, Healthcare of Ontario Pension Plan (HOOPP), and G Squared.

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Pagaya manages institutional money with machine learning and big data analytics, with a focus on a fixed income and alternative credit. Pagaya Pulse, the company’s technological platform, is powered by a suite of artificial intelligence technologies and cutting-edge algorithms. CEO Gal Krubiner, CTO Avital Pardo, and CRO Yahav Yulzari started the company in 2016.

Pagaya said on Thursday that its network volume will reach $4.9 billion in 2021, up 208 percent from $1.6 billion in 2020. Its revenue of $474.7 million in 2021 was a 17 percent rise over its earlier prediction of $407 million in 2021 and a 379 percent increase over its revenue of $99 million in 2020.

“Enabling access to broader financial products continues to be at the forefront of the financial services ecosystem,” said Gal Krubiner, Co-Founder and Chief Executive Officer of Pagaya.

“Today, banks and other financial service providers are increasingly turning to Pagaya to help meet this demand and expand access to more financial products and technology for their customers. We exited 2021 with accelerating top-line metrics driven by partner expansion and strong execution. As we continue to grow in 2022, we remain focused on building our partner network and delivering our seamless embedded credit technology and capital solution.”



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