Pagaya Technologies LTD. and Varde Partners announced the closing of PAID 2023-S2, continuing a partnership to provide funding and growth for credit unions. In the current macroenvironment, coupled with regulatory requirements and increasing liquidity pressures, there is growing demand from credit unions and banks for solutions to help optimize their balance sheets. This transaction builds on Pagaya's proven track record of partnering with well-capitalized investors like Varde to solve these challenges.

Following a similar deal in May, Pagaya and Varde are partnering to provide over $100 million in capital to a multi-billion dollar credit union, in exchange for consumer credit assets that will be securitized in the PAID 2023-S 2 transaction. Pagaya's unique tech-enabled two-sided network allows financial institutions to grow originations, while offering investors real-time access to diversified assets at scale. By enabling originations and stabilizing balance sheets, Pagaya delivers a scalable solution to the banking ecosystem and connects more people to financial opportunity.