The story
Pagaya Technologies was founded in Israel in 2016. The company was founded by Gal Krubiner, Avital Pardo, and Yahav Yulzari with the aim of using AI and machine learning in lending to replace traditional credit checks. Initially, the company acted as an asset manager for institutional clients and, at the same time, developed a data-driven credit model. With the help of private funds and asset-backed securities (ABS), consumer loans were financed at an early stage; by 2020, Pagaya managed assets of more than US$1.6 billion for banks and other institutions and had issued over US$1 billion in ABS. Among the investors in the company was Singapore's sovereign wealth fund GIC.
In September 2021, Pagaya announced a merger with the US acquisition company EJF Acquisition Corp. The SPAC (special purpose acquisition company) transaction valued Pagaya at approximately US$8.5 billion. During the listing process, development and administrative activities were divided between Tel Aviv and New York, and the company claimed that the number of employees grew to aprroximately 1,000 by 2022.
In January 2024, management also announced that it would relocate its headquarters to New York, as the majority of its partners and sales are based in the US; however, the technical development site in Tel Aviv remained unchanged.
At the 2025 Mind the Tech conference in New York, CEO Gal Krubiner presented his vision of the platform serving all major US banks, with the company seeing itself as a bridge between Israeli technology culture and the US financial market.
From Wikipedia’s article on Pagaya Technologies, shared under CC BY-SA 4.0.7