Pagaya launches $350m revolving personal loan ABS deal

January 20, 2026

Pagaya Technologies, a global technology company delivering AI-driven product solutions for the financial ecosystem, has closed a new revolving asset-backed securitisation backed by personal loans.

The transaction, named PAID 2025-REV1, is a $350m asset-backed securitisation (ABS) backed by consumer loans originated on the Pagaya network. It represents the first revolving ABS structure for Pagaya’s personal loan business and complements the company’s existing public ABS platform.

PAID 2025-REV1 was completed in partnership with affiliates of 26North Partners LP and introduces a hybrid public and private revolving structure.

The structure includes a 24-month revolving period, allowing Pagaya to reinvest capital as underlying loans are repaid. While the initial issuance totals $350m, the revolving feature effectively increases the total funding capacity to up to $700m over the life of the transaction.

Pagaya anticipates onboarding several new lending partners in 2026 across its Personal Loan, Auto Loan and Point of Sale Loan segments. The company expects the new structure to deliver efficient and sustainable funding as it expands its presence in the personal loan market.

Sahil Chandiramani, Pagaya head of capital markets, said, “We designed this structure in a liquid security format with a 24-month revolving period for insurance capital and asset managers seeking access to consumer credit with attractive carry and reinvestment potential.

“We focus on bringing market-ready structures that are built for our investors and provide sustainable funding to enable our Lending Partners to grow. We are excited to partner with 26North on this new format and build a longstanding relationship.”

Pagaya CFO Evangelos Perros said, “In a market of persisting uncertainty, we continue to drive product innovation as a leader in consumer credit structuring and we’re kicking off the year focused on highly disciplined growth.

“We will continue to diversify our funding and our lending partner network through innovative structures and products. We are thrilled to partner with 26North, an alternatives-focused platform strategically aligned with Pagaya.”