Israeli fintech company Pagaya signed a merger with Spack tonight at a value of $ 8.5 billion

Posted on Sep 15, 2021 by Ifi Reporter

A huge deal in Israeli high-tech. The fintech company Pagaya, which operates in the growing field of providing credit and valuing financial assets, signed a merger with Spack tonight at a value of $ 8.5 billion.
Pagaya merges with Spack under the name EJF Acquisition (NYSE: EJFA). $ 488 million, $ 288 million raised by Spock and $ 200 million from PIPE will be raised to Pagaya.
Last April it was revealed that Pagaya is in talks with Spock at a value of $ 8 billion. Bank J. Pi Morgan led the contacts on behalf of the company.

The same report revealed that the company ended the first three months of the year with an annual revenue rate of about $ 300 million and a net profit that reflects a net profit of $ 100 million a year. In 2019, revenues were $ 100 million.
Pagaya was founded in 2016 by entrepreneurs Gal Krubiner, who serves as CEO; Avital Pardo, who serves as Chief Technology Officer (CTO); and Yahav Yolzeri, who serves as Chief Revenue Officer (CRO).
Pagaya has developed a unique technology platform that enables credit issuers to increase and improve their lending, through sophisticated underwriting and risk assessment capabilities. The company has enjoyed a sharp jump in the use of its products since the outbreak of the corona plague in March last year, and today it provides its solutions to most US online credit-providing platforms, as well as to many banks.
In the past year, Pagaya has tripled its number of employees, so that today it employs 350 workers, 250 of them in Israel and the rest in New York.
In June 2020, Pagaya raised $ 102 million in a round of funding led by the Singapore Government's wealth fund. Pagaya, which specializes in managing alternative investments through technology, has raised a total of $ 146 million since its inception. Viola Ventures was the first investor in the company and investors in it also operate capital markets and Clal Insurance.


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