The fund was established by Pagaya Technologies in the Cayman Islands and commenced operations in February 2019. The fund provides credit for auto purchases in the US. Pagaya Technologies is a fintech company that developed a unique algorithm for the underwriting of consumer credit. The algorithm is based on big data that allows to choose the most profitable loans.
The fund purchases loans to finance the purchase of vehicles in the United States, using Pagaya’s technological underwriting ability. The loans are backed by collateral, which is the vehicle that the borrower purchases through the financing.
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