Mind the Tech NY
"In the coming years, Pagaya aims to have all 20 major U.S. banks adopt our technology"
Pagaya co-founder and CEO Gal Krubiner added at Mind the Tech NY: "Our mission is to expand financial opportunities for more people in the U.S. through artificial intelligence."
Gal Krubiner - Mind the Tech NY
(Tomeriko - Live Focus)
"Today, we will discuss Pagaya's journey from Tel Aviv to Wall Street. We founded Pagaya on Kalisher Street in Tel Aviv, and today it is a major company, one of the most prominent in its field in the US," said Gal Kroviner, CEO and co-founder of the fintech company Pagaya, at Mind the Tech New York.
Pagaya is a technology company that leverages artificial intelligence to underwrite loans and invests in the credit sector through the funds it manages. Its algorithm enables consumers rejected by U.S. banks to access credit by using extensive data to accurately assess borrower risk. The company collaborates with some of the largest banks in the United States.
"We founded Pagaya in 2016 and went public on Wall Street in 2022. As a company that bridges finance and artificial intelligence, it was evident we would list in the U.S., the global hub of finance and innovation. When I consider the unique business connection between Israel and the U.S., it begins with Israel’s high-quality human capital. This drives significant collaborations between Israeli and American companies and fuels the success of Israeli firms in the U.S. The Israeli ecosystem is incredibly robust. Over the past decade, 2,000 startups have emerged in Israel, supported by an exceptional workforce. At Pagaya, for instance, 25% of our employees have served in the reserves since the war began.
"As for the U.S., Pagaya embodies the American dream—we aim to succeed here. Our mission is to expand financial opportunities for more people in the U.S. through artificial intelligence. This is especially meaningful in a country where 70% of GDP relies on consumer spending. Our technology has boosted consumer credit by 23% and evaluated loans totaling an impressive $2.6 trillion. We partner with some of the world’s most prestigious firms, including U.S. Bank—the fifth-largest bank in the U.S.—as well as Visa, Vally Bank, Klarna, SoFi, and other fintech leaders. We also raise capital from top-tier institutions like GIC. Remarkably, we’ve achieved all this in less than nine years since our founding.
"We secured our first million dollars from the Viola fund, and in 2024, EY named us Entrepreneurs of the Year. When we started in 2016, our revenues were $2.6 million; by the end of 2024, we reached $1 billion. This growth showcases the ability of Israeli talent to seize opportunities and build substantial, impactful companies. In the coming years, we aim to have all 20 major U.S. banks adopt our technology. We’ve already partnered with fintech giant Klarna, a massive player collaborating with us."
In conclusion, Kroviner stated, "Our story is one of two nations and their collaboration—Israel and the U.S. Looking ahead, we will do everything to highlight the strength of Israeli high-tech. We believe that in these times, we can cultivate the next generation of Israeli startups to propel the ecosystem forward. We are proud Israelis."
You can watch the full presentation in the video above.
