The company bolsters its commitment to unlocking access to credit for consumers while scaling its machine learning capabilities
Pagaya Technologies Ltd. (“Pagaya”), a financial technology company that enables financial institutions to expand access to more customers through its artificial intelligence network, announced its new partnership with SoFi, the digital personal finance company. The new partnership will enable SoFi to broaden members’ access to its financial products.
“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network, extending its business to a broader audience, so more people can access credit and achieve their financial goals”
Pagaya’s proprietary artificial intelligence, technology and infrastructure enables FinTechs, banks, and other loan providers to offer consumers more robust access to financial products outside the existing traditional credit models. Pagaya’s machine learning models are designed to reduce risk for lenders and help better inform credit decisioning. The company’s partnership with SoFi is the largest deployment of its technology in the fintech marketplace to date.
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“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” said Gal Krubiner, Co-Founder and CEO of Pagaya. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”
“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network, extending its business to a broader audience, so more people can access credit and achieve their financial goals,” said Anthony Noto, CEO of SoFi.
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Pagaya’s ongoing growth includes entering new markets that span personal loans, auto loans, single-family residences, credit cards, point-of-sale financing and more. The company is laser-focused on innovation and expanded access to consumer credit which has been demonstrated through its unwavering commitment to its partners.
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