Pagaya Sells Bond Backed by Personal Loans

Fintech firm Pagaya Technologies Ltd. raised $350 million through a bond backed by personal loans in a so-called hybrid private-public transaction, the first for the company using such collateral.

The bond has a two-year revolving tenor, allowing the company to raise as much as $700 million in total over that time period, Pagaya said in a statement on Friday. Alternative asset manager 26 North Partners LP was among the initial investors in the bond.