Pagaya
“Can an AI credit-decisioning network sit behind every consumer lender in the U.S. and absorb their declined-applicant overflow into ABS-funded loan portfolios?”
Founded 2016 as an Israeli AI investment-management firm sourcing consumer-credit assets for institutional investors. Evolved into an embedded AI-credit-decisioning network that sits behind partner lenders (banks, fintechs, BNPL providers, auto lenders) to approve borrowers who fall outside the partner's credit box — with Pagaya taking the loans into ABS vehicles it sponsors. Went public via SPAC in 2022. In 2025-2026, expanded from personal and auto loans into point-of-sale financing via POSH securitizations and a Sezzle partnership, becoming a multi-asset credit-as-a-service infrastructure layer rather than a direct-to-consumer lender.