U.S.-Israeli fintech firm Pagaya Investments secured $75 million in debt finance from Citigroup Inc.
Pagaya, which uses big data analytics and machine learning in asset management, also announced the start of an Opportunity Fund to channel interest from institutional investors in consumer credit. The investment points to the rise of consumer credit as an asset class and "growth opportunity," said Citi's head of consumer finance, Ari Rosenberg.
Online lender Prosper Funding LLC will sell loans to the Opportunity Fund.
