Pagaya Technologies Ltd (NASDAQ: PGY) is a financial technology company that uses AI-powered credit underwriting technology to connect lending partners with institutional investors across personal loans, auto loans, point-of-sale financing, and single-family rental assets. Revenue is primarily fee-based, derived from Network Volume, defined as the gross dollar value of assets originated by lender partners with the assistance of Pagaya's AI technology and subsequently acquired through Financing Vehicles. Pagaya was incorporated on March 20, 2016 under Israeli law, relocated its corporate headquarters to 335 Madison Ave, New York, NY in February 2024, and operates its technology development from Tel Aviv, Israel. Revenue from fees totaled $1.26B in FY2025, up from $1.00B in FY2024 and $772.8M in FY2023. The company reached operating income of $263.8M in FY2025, compared to $66.8M in FY2024 and an operating loss of $24.4M in FY2023. Partners range from fintech lenders to incumbent banks. Financing Vehicle investors include pension funds and sovereign wealth funds.

Revenue model

Pagaya earns fees based on Network Volume, the gross dollar value of loans and rental assets originated by lender partners using its AI technology and placed into Financing Vehicles including funds, securitization vehicles, and special purpose vehicles. Revenue from fees was $1.26B in FY2025, $1.00B in FY2024, and $772.8M in FY2023. Additional income includes interest income of $48.4M in FY2025 and $32.3M in FY2024.

Products and services

Pagaya's product suite is organized by asset class (personal loan, auto loan, point-of-sale) and function. Core products include Decline Monetization (second-look underwriting for rejected applications), Dual Look (review of both approved and declined applications), a customer acquisition tool for affiliate channel origination, Direct Marketing Engine for partner outreach, and FastPass for friction reduction in borrower verification. The company also manages Financing Vehicles, including funds and securitization vehicles, through which institutional investors purchase originated assets.

Customers and end markets

Pagaya serves two customer groups. Lender partners, called Partners, include high-growth fintech companies and incumbent banks and financial institutions, all U.S.-domiciled as of the FY2025 10-K filing. Investors in Financing Vehicles include large institutional investors such as pension funds and sovereign wealth funds. End markets are U.S. consumer credit (personal loans, auto loans, point-of-sale financing) and U.S. single-family residential real estate.

Value-chain role

Pagaya sits between originating lenders and institutional capital markets. It provides AI-based underwriting decisioning to lender partners via API integration, then packages qualifying assets into Financing Vehicles for institutional investors. This positions Pagaya as a technology-enabled conduit rather than a balance-sheet lender, with revenue tied to origination volume rather than credit spread.

Geographic exposure

Substantially all business is conducted in the United States, where all Partners and SFR Partners are domiciled as of the FY2025 10-K filing. Corporate headquarters are in New York, NY. Technology and operations offices are maintained in Tel Aviv, Israel.

Source: SEC 10-K, filed 2026-03-02

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