Pagaya Teams Up with SoFi to Expand Access to Financial Services, Create Opportunities for Clients

Pagaya Technologies Ltd., a financial technology firm that enables financial institutions to expand access to more clients via its artificial intelligence network, announced earlier this week that it formed a new partnership with SoFi (NASDAQ: SOFI), the digital personal finance company.

The new partnership will enable SoFi to “broaden members’ access to its financial products,” according to a release.

Pagaya’s AI, technology and infrastructure enables Fintech firms, banking institutions, and other loan providers to provide consumers with more robust access to financial products “outside the existing traditional credit models.”

Pagaya’s machine learning models are developed to lower risk for lenders and help “better inform credit decisioning.” The firm’s partnership with SoFi is “the largest deployment of its technology in the fintech marketplace to date,” the announcement noted.

Gal Krubiner, Co-Founder and CEO of Pagaya.

“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. 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.”

Anthony Noto, CEO of SoFi, remarked:

“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.”

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.”

The firm is focused on innovation and expanded access to consumer credit “which has been demonstrated through its unwavering commitment to its partners.”

As covered, Pagaya is a financial technology company “working to reshape the lending marketplace by using machine learning, Big Data analytics, and sophisticated AI-driven credit and analysis technology.”

Pagaya was launched to offer a complete solution to enable the credit industry to “deliver their customers a positive experience while simultaneously enhancing the broader credit ecosystem.”

Its proprietary API seamlessly “integrates into its next-gen infrastructure network of partners to deliver a premium customer user experience and greater access to credit.”

As previously reported, SoFi helps people achieve financial independence to realize their ambitions. Their products for borrowing, saving, spending, investing and protecting “give [their] over two million members fast access to tools to get their money right.

SoFi membership comes with “the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people.”

SoFi is also “the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams.”