Pagaya went public via a SPAC merger with EJF Acquisition in an $8.5bn deal.

Pagaya, a financial technology company, went public via a SPAC merger with EJF Acquisition in an $8.5bn deal. Investors in PIPE included Tiger Global, Whale Rock, GIC, Healthcare of Ontario Pension Plan, G Squared and funds affiliated with EJF Capital. "This is an important milestone not just for us, but also for our partners, their customers and the broader financial services industry. Legacy systems are historically fractured and inefficient. We identified a significant opportunity to address the inefficiencies of the current system by constructing a network powered by our proprietary AI technology. Our combination with EJFA allows Pagaya to combine our expertise with EJF’s deep financial experience. Together, we can continue to expand a leading artificial intelligence network to help our partners grow their businesses and better serve their customers," Gal Krubiner, Pagaya Co-Founder and CEO. On January 11, 2022, Pagaya announced an upsized $350m fully committed common equity PIPE.