SoFi partners Pagaya to boost access to financial services

Digital finance firm SoFi has partnered with US-Israeli fintech Pagaya Technologies as it looks to expand access to its financial products through the latter’s AI network.

The mobile-first financial services firm is based in San Francisco

SoFi will look to tap into Pagaya’s network to extend its credit lending services to a broader audience.

The firm will integrate Pagaya’s AI-driven credit analysis tech into its own infrastructure through an API. Pagaya says this will allow SoFi to offer more consumers access to financial products outside existing traditional credit models.

SoFi offers borrowing, saving, spending and investing products to help customers “achieve financial independence”.

Pagaya, which secured $102 million of Series D funding in June last year, claims the partnership with SoFi is the largest deployment of its technology in the fintech marketplace to date.

Co-founder and CEO Gal Krubiner says the firm will use its AI technology to help SoFi “extend capital to more people” in a way that will “create less risk”.

SoFi CEO Anthony Noto adds originating loans through Pagaya’s AI network means “more people can access credit and achieve their financial goals”.