Clal Insurance Invests in Pagaya

Tel-Aviv-based Pagaya , a company that manages institutional assets using machine learning and big data, has raised a $14m Series B round co-led by Oak HC/FT and Harvey Golub, former Chairman and CEO of American Express. Additional investors include Viola Ventures, GF Investments, Siam Commercial Bank, and Clal Insurance, one of the largest insurance companies in Israel. Earlier this year the company has secured $75m in debt financing from Citigroup.

Founded in 2016 by Yahav Yulzari, Avital Pardo and Gal Krubiner, Pagaya’s algorithm analyzes millions of data points to assess risk in different financial instruments, identify emerging alternative asset classes and generate an excess return in those sectors for institutional investors.

“AI will be a massive part of institutional finance in the future , and the top-notch team at Pagaya has developed the most advanced approach to implementing AI in investment management. We’re excited to be on board as their vision and solutions lead the industry forward.” – Venture Partner at Oak HC/FT, Dan Petrozzo.

“Even today with an increase in the use of technology in underwriting, there’s a gap between institutions and good borrowers which limits consumer access to the right capital. Pagaya is closing that gap with their AI. I’m thrilled to join them as they modernize our global financial ecosystem.” – former Chairman and CEO of American Express, Harvey Golub.