Domain Registration

Fintech co Pagaya in talks for SPAC merger at $8b valuation

  • April 22, 2021

Israeli fintech company Pagaya is joining the wave of Israeli tech companies listing on Wall Street through a special purpose acquisition company (SPAC) merger. Sources have informed “Globes” that Pagaya is in talks with several SPACs and is also considering an independent initial public offering (IPO) at a company valuation of $8 billion. Pagaya’s board of directors will make a final decision on the matter soon.

Pagaya was founded in 2016 by by CEO Gal Krubiner, Yahav Yulzari (the former Bnei Yehuda goalkeeper), and Avital Pardo and CEO Gal Krubiner, Pagaya provides P2P credit and loans and specializes in managing alternative investments through technology. Pagya raised $102 million in its most recent financing round nearly a year ago and reportedly manages $2 billion in various debt options.

Pagaya focuses on the US debt market, which is a huge market with much data. The company’s investment management team specializes in using machine learning technologies in order to implement risk management procedures in the investment sector.

Many Israeli tech companies have signed SPAC merger deals in recent weeks for valuations totaling over $40 billion, including trading platform eToro at a company valuation of $10 billion and ironSource at a company valuation of $11 billion.

Published by Globes, Israel business news – en.globes.co.il – on April 22, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021


Article source: https://www.globes.co.il/en/article-1001368493

Related News

Search