Pagaya Technologies LTD. announced the completion of its acquisition of Theorem Technology, Inc., a machine-learning underwriting technology company. Theorem has powered billions of dollars of credit across its network since its founding in 2014. This acquisition is expected to strengthen Pagaya’s market capabilities and diversify its funding sources.
The combined credit fund platform now exceeds $3 billion in assets under management (AUM). This transaction is also anticipated to drive capital efficiency for Pagaya. Theorem has a history of acquiring over $10 billion of consumer loans for clients and currently manages over $1.7 billion for institutional investors.
Pagaya CEO Gal Krubiner stated that the combined capabilities will better meet institutional demand for consumer credit, diversify funding, and improve capital efficiency. The acquisition is expected to be accretive in 2025, positioning Pagaya for accelerated profitable growth.
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