Fintech, Pagaya, announces $8.5 billion SPAC deal


0


Israeli fintech company Pagaya has announced a merger agreement with special purpose acquisition firm (SPAC) EJF Acquisition Corp (Nasdaq: EJFA). The deal will see Bajaya listed on the Nasdaq Stock Exchange at a valuation of $8.5 billion. When the merger is complete, Bajaya will receive $288 million in total proceeds from the EJFA cash fund, assuming no redemptions, and an additional $200 million in private placement in public equity (PIPE) from EJFA-related entities. Related Articles Pagaya has been involved in talks on a $8 billion SPAC merger Israeli fintech firm Pagaya has raised $102 million and Migdal has invested $400 million in Pagaya funds Pagaya has developed a platform that allows lenders to analyze credit applications using AI and learning techniques automated. The P2P platform makes financial transactions more efficient, allowing lenders to extend more credit and enabling more people to borrow more money. The company was founded in 2016 by CEO Gal Krubiner, Yahav Yolzari and Avital Pardo. Bajaya has raised $146 million so far, including $102 million in a Series D funding round last year led by Singapore’s sovereign wealth fund (GIC). The company is said to be managing more than $2 billion in various debt options. Krupiner said, “This is an important milestone not only for us, but also for our partners, their customers, and the broader financial services industry. Legacy systems are historically ineffective. We have identified an important opportunity to address the shortcomings of the current system by creating a network powered by our AI technology. It allows Our integration with EJFA for Pagaya combines our expertise with EJF’s deep financial expertise. Together, we can continue to expand a leading artificial intelligence network to help our partners grow their businesses and better serve clients.” With offices in New York and Tel Aviv, Bajaya focuses on the US debt market and has 350 employees. Customers include banks, credit card companies, and auto finance companies. Published by Globes, Israel business news – en.globes.co.il – September 15, 2021 Copyright Globes Publisher Itonut (1983) Ltd. 2021


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Mitchel

0 Comments

Your email address will not be published. Required fields are marked *