Pagaya Technologies has announced its new partnership with SoFi, the digital personal finance company. The new partnership will enable SoFi to broaden members’ access to its financial products.
Pagaya’s proprietary artificial intelligence, technology and infrastructure enables FinTechs, banks, and other loan providers to offer consumers more robust access to financial products outside the existing traditional credit models. Pagaya’s machine learning models are designed to reduce risk for lenders and help better inform credit decisioning. The company’s partnership with SoFi is the largest deployment of its technology in the fintech marketplace to date.
Pagaya’s ongoing growth includes entering new markets that span personal loans, auto loans, single-family residences, credit cards, point-of-sale financing and more.
“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” said Gal Krubiner, Co-Founder and CEO of Pagaya. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”
“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network, extending its business to a broader audience, so more people can access credit and achieve their financial goals,” said Anthony Noto, CEO of SoFi.
