Fintech startup Pagaya nears $9 billion SPAC deal - Fox Business

Pagaya Technologies Ltd. is close to an agreement to go public through a merger with a special-purpose acquisition company that would value the financial-technology startup at about $9 billion, said people familiar with the matter.

Based in New York and Tel Aviv, Pagaya operates an artificial-intelligence network to make financial transactions like lending more efficient and give more people the ability to borrow. Banks and other financial-services providers use its platform, which analyzes troves of data to help partners serve more customers. Pagaya is nearing a deal to combine with SPAC EJF Acquisition Corp. , the people said. The merger could be announced as soon as this week.

Pagaya is led by co-founder and Chief Executive Gal Krubiner and works with companies in markets like consumer loans, auto finance, credit cards and real estate. Its sales grew to roughly $95 million in the second quarter, and the company hopes to expand into mortgages and insurance products, the people said.

Founded in 2016, Pagaya would join a number of startups in the sector in going public and raising large sums of cash with investors excited about how software can disrupt finance. Shares of AI-lending firm Upstart Holdings Inc. are up some 560% in 2021, giving the company a market value of about $20 billion, according to FactSet, after it went public through a traditional initial public offering late last year.

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