Pagaya wins 2023 Fintech Breakthrough Award for innovation in consumer lending
Prestigious International Awards Program honors outstanding products and companies in financial technology
NEW YORK & TEL AVIV, March 23, 2023–(BUSINESS WIRE)–Pagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya” or the “Company”), a global technology company providing artificial intelligence infrastructure for the financial ecosystem, today announced that it has been selected as the recipient of “Consumer Lending Innovation Award” in the 7th annual FinTech Breakthrough Awards program, which recognizes the best companies, technologies and products in the global FinTech market today.
Pagaya has developed a unique AI-powered network that connects its partners – financial service providers who produce assets using Pagaya’s technology – with third-party institutional investors, who gain access to consumer credit and real estate assets at scale. More than 25 financial services providers are connected to Pagaya’s network, giving the company a unique vantage point into the financial ecosystem and an unparalleled consumer behavior data engine. The company’s AI technology leverages machine learning and data science to provide a more holistic view of creditworthiness than traditional methods, enabling its partners to approve incremental customers. In challenging liquidity and credit conditions, as originators tighten underwriting standards, the value of Pagaya’s AI network becomes even more relevant, enabling consistent growth for its partners and investors.
“By connecting to our network, our partners can provide increased access to financial products and services to their customers, helping to create a more inclusive economy,” said Ashok Vaswani, President of Pagaya. “We remain focused on the expansion of our network and believe that our unique business model allows us to remain nimble in changing market conditions.”
The FinTech Breakthrough Awards is a premier awards program founded to recognize FinTech innovators, leaders and visionaries from around the world. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from around the world.
“The more innovative lenders are turning to AI and other advanced methods of data analytics to expand the scope of their lending population,” said James Johnson, CEO, FinTech Breakthrough. “Pagaya has successfully recreated traditional insurance systems for financial institutions, bringing us closer to solving the problem of financial inclusion in this country and around the world. Congratulations on a real breakthrough and as the winner of the 2023 Consumer Lending Innovation Award.”
To learn more about our award-winning technology and how Pagaya creates value for our partners, their customers and investors, visit pagaya.com.
About Pagaya
Pagaya (NASDAQ: PGY) is a global technology company that makes life-changing financial products and services available to more people across the country. Using machine learning, a large data network and a sophisticated AI-powered approach, Pagaya offers comprehensive consumer credit and real estate solutions for its partners, their customers and investors. Its proprietary API and capital solutions integrate with its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York, Tel Aviv and Boston. For more information, visit pagaya.com.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20230323005470/en/
Contacts
Investors and analysts
Jency John
Head of Investor Relations
[email protected]
Media and press
Emily Passer
Head of PR and external communications
[email protected]
