Market Overview

Pagaya Raises $14 Million in Series B Funding

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Co-Led By Oak HC/FT and Harvey Golub, Former American Express
Chairman and CEO

Pagaya, a global financial technology company using AI to reshape the
asset management and institutional investment markets, today announced a
$14 million Series B funding round co-led by Oak
HC/FT
(a premier venture capital fund) and Harvey Golub, former
Chairman and CEO of American Express. A diverse group of world-class
investors participated in the round, including GF Investments (a New
York-based family office), Siam
Commercial Bank
(one of the largest banks in Thailand, through
Digital Ventures), Clal
Insurance Ltd.
(one of the largest insurance companies in Israel),
and Pagaya's seed investor, Viola
Ventures
(a leading Israeli fintech investor). As part of the
investment, Golub will join the company's board, as well as Dan
Petrozzo, Venture Partner at Oak HC/FT, former Partner and Global Head
of Investment Management Technology at Goldman Sachs, and former Chief
Information Officer of Fidelity Investments.

Co-founded in 2016 by Yahav Yulzari, Avital Pardo and Gal Krubiner (CEO
of Pagaya), Pagaya has successfully opened new investment markets for
sophisticated institutional investors with its AI-based asset
management. This funding fuels Pagaya's scalable, tech-driven approach
to asset management and will help further the development of its
proprietary algorithm to enter new data-rich asset classes. Pagaya will
also use the funding to grow its 20-person-strong investment team of
high-caliber data scientists and AI specialists, build a global sales
force and launch new investment strategies in the coming year.

"The investment validates the strength of Pagaya's technology, and it's
an honor to work with investors and bring on new board members who
believe in our long-term vision," said Krubiner. "We can't wait to put
this funding to work and continue to reshape how technology is used in
asset management."

With its technology, Pagaya manages institutional money by investing in
market opportunities previously inaccessible to the asset management
industry. The company has a diverse client base that spans banks,
insurance companies, pension funds, asset managers and high net worth
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," said Petrozzo. "We're excited
to be on board as their vision and solutions lead the industry forward."

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 (such as the
multitrillion-dollar consumer credit lending market) for institutional
investors.

"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," said Golub. "I'm thrilled to join them as they modernize our
global financial ecosystem."

"We backed the Pagaya team since the company's inception because we are
tremendous believers in the way they're disrupting the asset management
industry," said Avi Zeevi, the Founding General Partner of Viola
Ventures and Pagaya's Chairman. "We're honored to be joined by such
marquee investors to continue supporting the Pagaya team and their
growth."

The funding comes on the heels of a banner year for the company, as
Pagaya closed a $75 million debt-financing deal with Citi and hired Ed
Mallon (a 20-year BlackRock veteran) as its Chief Investment Officer.
Pagaya manages $250 million in capital, principally from institutional
investors.

About Pagaya

Pagaya is a financial technology company reshaping the asset management
space using machine learning and big data analytics to manage
institutional money. With a focus on fixed income and alternative
credit, Pagaya offers a variety of discretionary funds to institutional
investors, including pension funds, insurance companies and banks.
Pagaya's unique technology platform, Pagaya Pulse, runs on a suite of
artificial intelligence technologies and state-of-the-art algorithms to
consistently deliver a high and scalable performance edge. The company
was founded in 2016 by seasoned finance and technology professionals
with offices in New York and Tel Aviv.

About Oak HC/FT

Founded in 2014, Oak HC/FT (http://oakhcft.com)
is the premier venture growth-equity fund investing in Healthcare
Information & Services ("HC") and Financial Services Technology ("FT").
With $1.1 billion in assets under management, we are focused on driving
transformation in these industries by providing entrepreneurs and
companies with strategic counsel, board-level participation, business
plan execution and access to our extensive network of industry leaders.
Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and
San Francisco. Follow Oak HC/FT on Twitter,
LinkedIn,
and Medium.

About Clal Insurance Company, Ltd.

Clal Insurance is one of the leading and biggest insurance companies in
Israel.

About GF Investments

GF Investments is a leading family office based in New York City that
specializes in private equity investments.

About Siam Commercial Bank / Digital Ventures

Siam Commercial Bank PCL is one of Thailand's leading universal banks.
Established by Royal Charter in 1906 as the first Thai bank, SCB ranks
second in market capitalization among Thai financial institutions as of
the end of June 2018 (US$ 12.3 billion). The Bank's total assets are US$
94.5 billion (as of Aug 2018). More information is available on the
Bank's website at www.scb.co.th.
Founded in 2016, Digital Ventures, a subsidiary of Siam Commercial Bank,
is a company that promotes innovation in financial technology. Following
the bank's strategy to enter digital transformation, Digital Ventures
aims to be a part of driving changes in the banking industry through
investment, innovation and supporting Thai businesses to grow with SCB.
For more information, visit www.dv.co.th.

About Viola Ventures

Viola Ventures is a venture capital firm, empowering early stage
start-ups to become global leaders. Founded in 2000, Viola Ventures
manages over $1B across five funds, with a significant number of
investors from the US, Asia, Europe, and Israel. It is managed by six
investing partners, solely dedicated to early-stage tech investments,
and has backed a substantial share of Israel's exits, including
Actimize, RedBend, DesignArt, CopperGate, Exelate and ECI. The fund is
part of Viola - Israel's leading technology-oriented investment group
with over $3B assets under management. The group has invested in over
200 technology companies. For more information, www.viola-group.com.

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