Digital Ventures backs Israeli fintech startup Pagaya’s $25m Series C

Photo: Pagaya website

Digital Ventures, the venture capital arm of Thailand’s Siam Commercial Bank, has made a return investment in Israel-based artificial intelligence (AI) driven asset management firm Pagaya, backing its $25-million Series C round.

According to an announcement on Wednesday, the round was led by US-based venture fund Oak HC/FT and joined by seed investor Viola Ventures, Israel’s biggest insurance firm Clal Insurance Ltd, New York-based GF Investments and former American Express chairman and CEO Harvey Golub. All the Series C investors had participated in Pagaya’s Series B round in August 2018 that saw it raise $14 million.

The deal marks the first Series C investment by Digital Ventures.

The Israeli fintech company said it plans to use the fresh funding to further develop its technology and pursue new asset classes such as real estate and other fixed-income assets including auto loans, mortgages and corporate credit.

Pagaya uses machine learning and big data to manage institutional money, with a focus on fixed income and alternative credit. It offers a variety of discretionary funds to institutional investors, including pension funds, insurance companies and banks.

It claims to manage $450 million for banks, insurance firms, pension funds, asset managers and sovereign wealth funds. Its investment team has also expanded from 20 data scientists and AI specialists last year to 30 currently.

In February this year, the company announced $100 million in actively managed asset-backed securities (ABS). It had said that it will use AI to select and purchase individual loans for the ABS, instead of the traditional ABS mechanics of securitizing a pool of previously assembled assets.

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Thailand’s Digital Ventures joins AI-based asset manager Pagaya’s $14m Series B round

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.