Asset management support service Pagaya has collected $102m in its Series D round, which was led by an unnamed strategic financial institution.
Contributions also came from Aflac Global Ventures, Poalim Capital Markets, Viola, Oak HC/FT, Clal Insurance, GF Investments, former American Express chairman and CEO Harvey Golub and Siam Commercial Bank.
The company, which has been in operation for four years, manages more than $1.6bn of assets for banks, insurance companies, pension funds, asset managers and sovereign wealth funds.
With the capital, Pagaya will look to hire more data scientists, bolster its technology development and pursue additional asset classes such as real estate, auto loans, mortgages and corporate credit.
Israel-based Pagaya uses machine learning algorithms to and big data analytics to support the asset management markets. The robo-advisory service improves risk management, scalable results, and is focused on short duration, high-yield investment strategies.
Pagaya CEO and co-founder Gal Krubiner said, “The world is changing quickly and investors need a performance edge — more and more are turning to Pagaya.
“We continue to unlock unprecedented value with our AI even during extreme market stress. Closing a round of this magnitude, with such a high-quality group of investors, is a testament to the hard work of the Pagaya team.”
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