Pagaya
- Company typePublic
- Founded2016
- HeadquartersNew York, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingSoftware
Pagaya firmographics
Firmographics- Name
- Pagaya
- Legal name
- Pagaya Technologies Ltd.
- Website
- https://pagaya.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Ownership category
- akta.pro rank
Pagaya industry classification
Industry- Product category
- AI Lending Network / Consumer Credit Infrastructure
- NAICS
- Mortgage and Nonmortgage Loan Brokers (52231), Nondepository Credit Intermediation (5222)
- SIC
- Loan Brokers (6163)
- akta.pro primary industry
- Marketplace & Loan Aggregation Platforms (Borrower-Lender Matching) (FSAGAHAL)
- akta.pro secondary industries
- Alternative Data & Credit Scoring (Cashflow, Telco, Utility, Open Banking) (FSAGAHAC), Collateral, Lien & Asset Valuation Platforms (Auto, Equipment, Real Estate) (FSAGAHAG)
Keywords
Where Pagaya is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Markets served
Pagaya business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- Technology & Underwriting Fees: Fee-based revenue earned primarily from the consumer lending side in exchange for integrating AI underwriting technology into banks, non-banks, fintechs, and BNPL providers. Capital-light B2B2C model where originated loans never touch Pagaya's balance sheet. Fee revenue less production costs (FRLPC) reached $121M in Q1 2026, up 5% YoY.
- Capital Markets Securitization Fees: Earns fees structuring and issuing asset-backed securitizations (ABS) across PAID (personal loans), RPM (auto loans), POSH (point-of-sale) and resecuritization programs. Total lifetime issuance of $40 billion across 91 ABS transactions backed by more than 165 institutional investors.
- Forward Flow Whole Loan Sales: Sells seasoned whole loans across personal, auto, and POS asset classes to private credit managers via forward flow agreements. Active partners include Blue Owl ($2.4B), Castlelake ($1B consumer + $500M auto + $2.5B personal loans), Sound Point Capital ($720M POS).
- Managed Services & Advisory (Historical): Operated single-family rental management platform (Darwin Homes, divested 2024) and previously generated revenue through real estate investment portfolio management before exiting that segment to focus on AI credit infrastructure.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom enterprise B2B2C contracts — quote-based |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels10 records
Pagaya product offering
Product offeringCore offering
Pagaya operates an AI-powered lending network that integrates with banks, credit unions, fintechs, and BNPL providers via APIs to underwrite personal loans, auto loans, and point-of-sale financing in real time using machine learning models. The platform evaluates loan applications, converts approved loans into funded credit via off-balance-sheet asset-backed securitization, and connects 30+ lending partners with 165 institutional investors, generating $43B+ in new credit across $3.7T of evaluated applications.
Product overview
Pagaya operates a single unified AI Lending Network as its core platform, augmented by six named product modules organized into two categories. Under "Decision Engine" are three credit decisioning modules: Decline Monetization (re-evaluates declined applications), PGY First Look (expands the credit box for new segments), and PGY Dual Look (presents best offers to maximize conversion). Under "Pagaya Intelligence" are three optimization modules: Fast Pass (Intelligent Stipulations decisioning to accelerate funding), Affiliate Optimizer Engine (marketplace penetration), and Direct Marketing Engine (predictive targeting and cross-sell). The platform also supports Pagaya Capital Markets, an institutional franchise funding $39B+ across 91 ABS transactions through three securitization shelves — PAID for personal loans, RPM for auto loans, and POSH for point-of-sale loans — plus private forward flow and pass-through structures connecting 30+ lending partners with 165 funding partners.
Differentiator
Problem solved
Functional benefit
Brands
- PAID: Pagaya AI Debt program / shelf for personal loan ABS transactions (pre-funded, revolving, and resecuritization variants).
- RPM
- POSH
- PGY First Look
- PGY Dual Look
- Decline Monetization
- Fast Pass
Products and services
- Pagaya Network (AI Lending Network) Core AI-powered lending platform connecting 30+ lending partners with 165 institutional investors across personal loans, auto loans, and point-of-sale financing. Uses proprietary machine learning to evaluate loan applications in real time, generating $43B+ in new credit and evaluating $3.7T in applications since inception, and routing approved loans to appropriate financial vehicles without balance sheet impact.
- Decline Monetization Converts declined loan applications into funded loans by approving qualified applicants who fall outside the lender's traditional credit parameters, via off-balance-sheet AI underwriting. Provides zero-risk revenue growth because all loans funded are off-balance-sheet. Available for Personal Loans, Auto Loans, and Point-of-Sale.
- PGY First Look First-look credit decisioning that expands the lender's credit box with zero credit risk by originating off balance sheet. Reaches underserved customer segments while maintaining the lender's brand presence. Available for Personal Loans, Auto Loans, and Point-of-Sale.
- PGY Dual Look Best-offer presentment model that generates optimized dual credit offers for each applicant, maximizing conversion while operating within lender credit parameters. Available for Personal Loans, Auto Loans, and Point-of-Sale.
- Fast Pass (Intelligent Stipulations) Frictionless conversion decisioning that accelerates the purchase journey, reduces verification expenses, and minimizes application fall-out using intelligent stipulations decisioning. Built for Personal Loans and Auto Loans.
- Affiliate Optimizer Engine Marketplace-lending activation engine that integrates via pre-built APIs to approve qualified applicants in leading affiliate marketplaces. Expands credit offerings without balance-sheet risk. Built for Personal Loans.
- Direct Marketing Engine Predictive intelligence for proactive firm offers and customer cross-sell, using proprietary data and industry knowledge to define optimal consumer targeting strategies. Built for Personal Loans and Point-of-Sale.
- Pagaya Capital Markets (ABS Platform) Programmatic asset-backed securitization issuance platform across PAID (personal loans, $30.4B+ funded), RPM (auto loans, $8.1B+ funded), and POSH (point-of-sale, $0.6B+ funded) shelves, with pre-funded, funded, revolving, forward-flow, and pass-through structures. Top personal loan ABS issuer in the U.S., supporting $39B+ funded across 91 ABS transactions.
Quantifiable outcome
- $43B in new credit generated across the Pagaya Network
- +8 more outcomes
Companies that use Pagaya
Customer profileNamed customers17 records
Segments6 records
Ideal customer profiles4 records
Pagaya technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
AI capability7 records
Feature9 records
Pagaya partnerships and signals
Strategic signalPartnerships
21 partnerships are on record, tiered flagship, core and minor.
- UpgradeflagshipMulti-year partnership to integrate Pagaya's AI-driven credit decisioning into Upgrade's Flex Pay Buy Now, Pay Later solution. Initially focused on travel merchants. Previously focused on personal loans; expanded into POS June 2026.
- ExperianflagshipStrategic partnership integrating Pagaya's AI-driven lending technology into Experian Marketplace, providing real-time underwriting and credit recommendations to over 80 million Experian members via Experian's AI-enabled Activate platform.
- SezzleflagshipPartnership to embed Pagaya's AI underwriting platform at Sezzle's point-of-sale, enabling Sezzle customers to access longer-term installment loan products issued by WebBank. Aims to drive higher approval rates and larger transaction baskets.
- UpstartflagshipNetwork partner contributing personal loan collateral to Pagaya's ABS transactions, including the June 2026 $800M PAID 2026-4 deal. Upstart appears as a new network partner alongside Achieve.
- AchieveflagshipPartnership launched December 2025 to expand access to personal loans, integrating Pagaya's AI-powered underwriting technology. Enabled Achieve to lower minimum APR from 8.99% to 6.25% by March 2026.
- Best EggflagshipAI underwriting integration partner for personal loans. Featured on Pagaya's homepage as a primary lending partner.
- AvantcoreAI underwriting integration partner for personal loans. Featured on Pagaya's homepage as a primary lending partner.
- LendingClubflagshipLending partner and co-acquirer (with Pagaya) of Tally Technologies assets (October 2024). LendingClub is featured on the Pagaya homepage as a lending partner.
- Tally Technologies (acquired)coreCo-acquired assets of Tally Technologies with LendingClub in October 2024.
- OneMain FinancialflagshipNew lending partnership announced August 2024 to broaden enterprise collaboration around auto loans. COO Micah Conrad quoted: 'Our partnership with Pagaya allows us to continue to serve hardworking Americans by furthering access to auto loans'.
- Theorem Technology, Inc. (acquired)corePagaya announced agreement to purchase leading consumer credit funds manager Theorem Technology, Inc. (July 2024).
- MastercardflagshipMastercard Engage Program partner announced June 2024 to offer installment financing solutions for banks and merchants across Mastercard's payment network.
- U.S. BankflagshipPartnership announced February 2024 to offer personal loans to borrowers with non-traditional underwriting criteria. Head of Consumer Lending Partnerships Mike Shepard quoted on homepage: 'By expanding access to responsible credit solutions, we are giving clients access to funds when they need it the most'.
- Exeter FinancecoreAuto lending partnership announced December 2023 to further scale Pagaya's auto lending product. Exeter originates auto loans sourced to Pagaya's RPM ABS shelf.
- Sunlight Financial (acquisition target)minorPagaya's $75 million Oak HC/FT investment in April 2023 was earmarked to support strategic acquisitions including a potential takeover of Sunlight Financial.
- Darwin Homes (acquired/divested)coreAcquired Darwin Homes in January 2023 to power tech-enabled single-family rental platform; later exited the single-family rental business to focus on AI credit infrastructure.
- Westlake FinancialflagshipPartnership announced September 2023 showcasing strength of Pagaya's auto lending product. Group President Ian Anderson quoted: 'Their AI-powered network empowers Westlake to help more car buyers get their loans faster'.
- AllyflagshipPartnership to expand Ally's access to more customers through Pagaya's AI underwriting network for personal loans (announced February 2022). Ally is featured as a primary partner on the Pagaya homepage.
- VisaflagshipStrategic relationship announced January 2022 to enhance access to credit for Visa's merchant and issuing bank partners using Pagaya's AI technology. Visa is featured as a primary partner on Pagaya's homepage and products page.
- KlarnacoreFormer point-of-sale underwriting partnership initiated 2022. Pagaya filed a lawsuit against Klarna in U.S. District Court for the District of Delaware alleging misappropriation of trade secrets related to subprime POS underwriting and breach of license and loan sale agreements. Klarna terminated the relationship in March 2026.
- SoFiflagshipPartnership to enhance access to financial services using Pagaya's AI technology, allowing both companies to offer more robust credit solutions while reducing risk for lenders. SoFi is featured as a primary partner on Pagaya's homepage.
Scale indicators15 records
Recent moves7 records
Expansion highlights5 records
Pagaya competitors and assessment
Company assessmentDirect peers
- Upstart Holdings: Upstart is the most direct comparable to Pagaya, operating an AI-driven lending marketplace that connects bank and credit union partners with institutional capital. Both companies apply ML to credit decisioning and offer API-based integration. Upstart is also a Pagaya network partner feeding personal loan collateral into PAID ABS, making them simultaneously competitor and collaborator.
- Affirm Holdings: Affirm is a leading BNPL and point-of-sale financing provider that uses underwriting technology to extend credit at merchant checkout. Like Pagaya, Affirm partners with banks and merchants, raises ABS funding, and is expanding into longer-duration installment lending where Pagaya's Decline Monetization and POS underwriting compete directly.
- LendingClub Corp. LendingClub is an online lending marketplace bank and a Pagaya network partner. The two co-acquired Tally Technologies in October 2024. LendingClub originates personal loans that flow through Pagaya's network, making it both a customer and a competitor in the digital personal loan space.
- Enova International: Enova operates online lending and credit analytics businesses serving non-prime consumers and small businesses using data and AI-driven underwriting. It uses securitization and whole loan sales for funding, mirroring Pagaya's off-balance-sheet model, and competes in the subprime and near-prime personal loan segment.
- OneMain Holdings: OneMain is a large consumer finance company focused on non-prime personal loans and auto lending. As a flagship Pagaya network partner (using AI underwriting for personal loan and auto expansion), OneMain is both a customer and a same-segment competitor in the non-prime consumer credit market.
- Figure Technologies: Figure Technologies operates a blockchain-enabled lending and capital markets platform with home equity, personal loan, and HELOC products. Figure is comparable to Pagaya as a fintech using technology-led underwriting, securitization, and forward flow funding to originate and distribute consumer credit.
Broad incumbents
- SoFi Technologies: SoFi is a diversified digital financial services platform and a flagship Pagaya network partner. SoFi operates personal loans, student loans, banking, and investing. While SoFi uses Pagaya's AI for credit decisioning, it is also a much larger, broadly diversified incumbent in the same consumer credit space.
- Ally Financial: Ally is a major US digital bank and consumer auto lender, and a flagship Pagaya partner. While Ally uses Pagaya's AI underwriting to expand personal loan and auto credit access, it operates its own large-scale direct lending platform and competes in overlapping consumer credit segments.
- Synchrony Financial: Synchrony is a large consumer financial services company specializing in private label credit cards and installment lending. Comparable to Pagaya as a major originator and ABS issuer of consumer credit, with a much broader, diversified product set and a long-running card-network partner footprint.
- Discover Financial Services: Discover is a major US card issuer and consumer banking institution with significant personal loan and student loan franchises. It is comparable to Pagaya as a large-scale consumer credit originator and ABS issuer operating across multiple asset classes, though with a traditional rather than AI-driven underwriting approach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Pagaya social profiles
Digital presencePagaya compliance and trust
Trust signalCompliance5 records
Pagaya financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pagaya leadership team
Management profileNumber of profiles
Profiles14 records
Pagaya subsidiaries and ownership
Company hierarchySubsidiaries3 records
Pagaya funding detail
Funding detailFunding overview
Funding rounds31 records
Investors31 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pagaya M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pagaya
What does Pagaya do?
Pagaya operates an AI-powered lending network that integrates with banks, credit unions, fintechs, and BNPL providers via APIs to underwrite personal loans, auto loans, and point-of-sale financing in real time using machine learning models. The platform evaluates loan applications, converts approved loans into funded credit via off-balance-sheet asset-backed securitization, and connects 30+ lending partners with 165 institutional investors, generating $43B+ in new credit across $3.7T of evaluated applications.
Is Pagaya a public or private company?
Pagaya is a public company. It is classified as public and is currently operating.
When was Pagaya founded?
Pagaya was founded in 2016. It employs 501 to 1,000 people.
Where is Pagaya based?
Pagaya is headquartered in New York, United States, in the North America region.
How does Pagaya make money?
Four revenue lines are on record. Technology & Underwriting Fees are the primary driver. The others are capital Markets Securitization Fees, forward Flow Whole Loan Sales and managed Services & Advisory (Historical).
Who are Pagaya's main competitors?
Direct peers on record are Upstart Holdings, Affirm Holdings, LendingClub Corp., Enova International, OneMain Holdings and Figure Technologies. Broad incumbents are SoFi Technologies, Ally Financial, Synchrony Financial and Discover Financial Services.
Does Pagaya have an API?
Yes. Pagaya offers a partner-facing API that enables lenders to integrate their Loan Origination Systems (LOS) with the Pagaya Network. The API processes customer loan applications with 0% latency, runs AI-powered review for real-time decisions, and returns approvals directly to the lender's origination system. Affiliate Optimizer Engine provides pre-built APIs to instantly activate marketplace presence. APIs are used for off-balance-sheet loan decisioning across personal loans, auto loans, and point-of-sale products. Public documentation URL is not specified.
What industry is Pagaya in?
Pagaya's product category is AI Lending Network / Consumer Credit Infrastructure. Its primary akta.pro industry code is FSAGAHAL, Marketplace & Loan Aggregation Platforms (Borrower-Lender Matching), with a secondary code of FSAGAHAC, Alternative Data & Credit Scoring (Cashflow, Telco, Utility, Open Banking). Its NAICS code is 52231 and its SIC code is 6163.