Pagaya Technologies a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, with GIC, one of the world's leading global institutional investors, announced today that they have strengthened their strategic partnership. GIC and Pagaya extended their existing funding agreement earlier this week, by which GIC invests in the Company's financing vehicles, for an additional 3 years on top of the original 5-year term, on the same terms as the existing agreement. Additionally, last week, GIC increased its holding of PGY Class A ordinary shares to approximately 9% of Pagaya's outstanding Class A shares as of March 31, 2023. GIC is one of Pagaya's top shareholders and has supported Pagaya's ability to deliver a comprehensive, one-stop solution for institutional investors to invest at scale in consumer credit and real estate assets originated by more than 25 financial institutions and growing. Pagaya is at the forefront of leveraging AI and advanced analytics to differentiate in a highly competitive environment and both GIC and Pagaya believe that building smarter financial infrastructure leads to better, more inclusive asset selection.

Pagaya Technologies (NASDAQ:PGY) recently completed its business combination with EJF Acquisition Corp. and became a public company with a valuation of around $8 billion. The company has yet to report any formal earnings but I will talk about why I like its prospect in this article. Pagaya is an Israeli company founded in 2016 by the current CEO Gal Krubiner. It is a fintech company that is revolutionizing how financial companies approve and recruit consumers by utilizing AI (artificial intelligence). It enables accurate, real-time consumer credit evaluation through the use of robust AI-driven credit and analytical technology.