Pagaya Technologies LTD. announced the closing of PAID 2023-7, its 45th asset-backed Securitization (ABS) and its 13th in 2023. Kroll Bond Rating Agency rated the transaction. In the transaction, qualified institutional buyers purchased $693 million of asset-backed notes, which are expected to be backed by personal loans originated by lending partners on Pagaya's AI-powered network.

With its fully pre-funded model, capital is raised before Pagaya's lending partners originate the loans. This new ABS transaction comes at a time of increased demand for Pagaya's personal loan product, including the Company's recent onboarding of a Top 5 Bank in the U.S.