The venture capital arm of Thailand’s Siam Commercial Bank participates in Pagaya’s Series C funding

Thailand-based Digital Ventures, the VC arm of Siam Commercial Bank, has returned to join the US$25-million Series C funding of Israel-based AI-powered asset management firm Pagaya, as reported by Deal Street Asia.

This round was led by US-based venture fund Oak HC/FT and besides Digital Ventures, participating in the round were seed investor Viola Ventures, Israeli insurance firm Clal Insurance Ltd, New York-based GF Investments, and former American Express chairman and CEO Harvey Golub, all has participated in Pagaya’s Series B round in August 2018 raising US$14 million.

Pagaya said it plans to use the funding to develop its technology and pursue new asset classes such as real estate and other fixed-income assets including auto loans, mortgages, and corporate credit.

Using machine learning and big data, Pagaya manages institutional money focussing on fixed income and alternative credit like pension funds, insurance companies, and banks.

The company claims to manage US$450 million for banks, insurance firms, pension funds, asset managers, and sovereign wealth funds.

Also Read: Cryptocurrency platform Liquid.com closes the first part of Series C funding, seals unicorn status

A US$100 million actively managed asset-backed securities (ABS) was announced by the company in February. It will use AI to select and purchase individual loans for the ABS, instead of the traditional ABS mechanics of securitising a pool of previously assembled assets.
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