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Pagaya expands its Personal Loan PAID ABS platform through an innovative, hybrid Public/Private revolving ABS structure
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Inaugural $350 million PAID 2025-REV1 transaction provides Pagaya with an additional form of long-term funding capacity over a two-year revolving period tailored to insurance capital and asset managers
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Transaction establishes up to $700 million in flexible funding capacity, creating a new scalable, long-term source of capital for Pagaya
Pagaya Technologies LTD. (“Pagaya” or “the Company”), a global technology company delivering AI-driven product solutions for the financial ecosystem, announced the closing of PAID 2025-REV1, a $350 million asset-backed securitization (ABS) backed by consumer loans originated on the Pagaya network.
This transaction is the first of its kind for Pagaya’s personal loan business and establishes another form of long-term capital supplementing Pagaya’s market-leading public ABS platform. This initial revolving structure was completed in partnership with affiliates of 26 North Partners LP.
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This new revolving Personal Loan ABS product, structured by Pagaya’s Capital Markets team, is designed for insurance capital and asset managers. The revolving nature of the deal structure enables Pagaya to reinvest capital as loans are repaid over a 2-year period, further diversifying Pagaya’s asset funding platform. The inaugural $350 million PAID 2025-REV1 transaction features a 24-month revolving period, effectively doubling the total transaction funding capacity to up to ~$700 million over the life of the deal.
“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,” said Sahil Chandiramani, Pagaya’s Head of Capital Markets. “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 is expected to onboard several new lending partners in 2026 across its Personal Loan, Auto Loan, and Point of Sale Loan segments. This structure, which is similar to the Point of Sale ABS structures previously launched in 2025, will create efficient and sustainable funding for Pagaya’s expected expansion of their personal loan market.
“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,” said Evangelos Perros, Chief Financial Officer of Pagaya. “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.”
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