Israel-based fintech developer Pagaya collected $14m in series B funding from investors including Digital Ventures, the investment arm of financial services firm Siam Commercial Bank, and insurance provider Clal Insurance.
Venture capital fund Oak HC/FT co-led the round with Harvey Golub, former chairman and chief executive of payment processing firm American Express. The round also included venture capital fund Viola Ventures.
Founded in 2016, Pagaya operates an asset management platform that uses artificial intelligence (AI) technology. The offering is aimed at institutional investors such as pension funds, banks and insurance companies and at high-net-worth individuals.
The cash will allow Pagaya to further develop its platform, hire data scientists, AI engineers and sales staff, and launch additional investment strategies. Dan Petrozzo, venture partner at Oak HC/FT, and Golub will join the board of directors.
Viola Ventures, then known as Carmel Ventures, led a $1.3m seed round in 2016. Details about Pagaya’s series A round could not be confirmed.