Pagaya and Värde Continue Partnership to Provide Capital Support to Credit Unions
September 18 2023 - 8:30AM
Business Wire
Värde Partners and Pagaya Close $108mm Transaction for
Multi-Billion Dollar Credit Union
Pagaya Technologies LTD. (NASDAQ: PGY) ("Pagaya" or “the
Company”), a global technology company delivering artificial
intelligence infrastructure for the financial ecosystem, and Värde
Partners, a leading global alternative investment firm specializing
in credit and credit-related assets, announced the closing of PAID
2023-S2, continuing a partnership to provide funding and growth for
credit unions.
In the current macroenvironment, coupled with regulatory
requirements and increasing liquidity pressures, there is growing
demand from credit unions and banks for solutions to help optimize
their balance sheets. This transaction builds on Pagaya’s proven
track record of partnering with well-capitalized investors like
Värde to solve these challenges. Following a similar deal in May,
Pagaya and Värde are partnering to provide over $100 million in
capital to a multi-billion dollar credit union, in exchange for
consumer credit assets that will be securitized in the PAID 2023-S2
transaction.
Pagaya’s unique tech-enabled two-sided network allows financial
institutions to grow originations, while offering investors
real-time access to diversified assets at scale. By enabling
originations and stabilizing balance sheets, Pagaya delivers a
scalable solution to the banking ecosystem and connects more people
to financial opportunity.
“We’re pleased to provide asset lending solutions and bring
dependable capital to an increasingly dislocated credit market.
Leveraging Pagaya’s rich data network and ability to execute at
speed, we are able to provide even greater liquidity and financing
support to credit unions and other financial institutions,” said
Aneek Mamik, Partner and Global Head of Financial Services &
Diversified Private Credit at Värde.
“We continue to quickly leverage consumer data to facilitate
capital investment for depository institutions in these volatile
markets,” said Paul Limanni, Chief Capital Officer at Pagaya.
“Together with our like-minded partners at Värde, we’re able to
continue to expand reach and provide attractive capital solutions
to platforms and investors.”
About Pagaya
Pagaya (NASDAQ: PGY) is a global technology company making
life-changing financial products and services available to more
people nationwide, as it reshapes the financial services ecosystem.
By using machine learning, a vast data network and a sophisticated
AI-driven approach, Pagaya provides comprehensive consumer credit
and residential real estate solutions for its partners, their
customers, and investors. Its proprietary API and capital solutions
integrate into its network of partners to deliver seamless user
experiences and greater access to the mainstream economy. Pagaya
has offices in New York and Tel Aviv. For more information, visit
pagaya.com.
About Värde Partners
Värde Partners is a leading global alternative investment firm
specializing in credit and credit-related assets. Founded in 1993,
the firm has invested through multiple credit cycles, building on
its roots in special situations and distressed to invest more than
$95 billion across the credit quality and liquidity spectrum in
both public and private markets. Värde currently manages over $12
billion in assets with teams in North America, Europe, and Asia
Pacific focused on Corporate & Traded Credit, Real Estate, and
Financial Services & Diversified Private Credit. For more
information, please visit www.varde.com. Click here to read Värde’s
latest Värde Views on private credit opportunities in the wake of
tighter U.S. banking regulations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230918165664/en/
Pagaya Contacts
Investors & Analysts Jency John Head of Investor
Relations IR@pagaya.com
Media & Press Emily Passer Head of PR & External
Communications press@pagaya.com
Värde Partners Contacts Communications and Public Affairs
communications@varde.com
Pagaya Technologies (NASDAQ:PGY)
Historical Stock Chart
From Apr 2024 to May 2024
Pagaya Technologies (NASDAQ:PGY)
Historical Stock Chart
From May 2023 to May 2024