Pagaya Technologies has closed a $460 million revolving personal loan facility, expanding its funding options as the fintech company diversifies its capital strategy.
The revolving facility provides Pagaya with flexible access to capital for its personal lending operations. The move reflects the company's effort to reduce reliance on any single funding source and strengthen its balance sheet.
Pageya, which uses AI and machine learning to assess creditworthiness and streamline lending decisions, operates across multiple markets including the U.S. and Europe. The company generates revenue through origination fees, servicing fees, and technology licensing.
The facility adds to Pagaya's existing funding mechanisms, which include securitizations, warehouse lines, and institutional partnerships. Access to diverse funding channels is critical for fintech lenders, as it ensures consistent capital availability to fund loan originations and manage portfolio growth.
Pageya went public via SPAC merger in 2021. The company has faced market volatility alongside broader fintech sector headwinds but continues to pursue growth in consumer lending.
The U.S. health department under RFK Jr. is preventing states from placing new COVID-19 vaccine orders for children, citing a need to verify orders are "appropriate."
Revolut is testing a new point-of-sale system that enables customers to pay for purchases using facial recognition technology. The pilot aims to expand the fintech company's merchant services across UK businesses.
Disney increased prices for Disney+ and Hulu streaming services by up to 13 percent, with the ad-free Disney+ plan now exceeding Netflix's pricing. The hikes come as Disney's streaming division doubled its profits.
A data center developer backed by Blue Owl Capital raised $1.1 billion through a junk-bond offering at a 9.25% yield to finance AI infrastructure expansion.