Pagaya Technologies LTD, a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, announced the closing of RPM 2023-3, its 42nd asset-backed securitization (ABS) and its 10th in 2023.

Pagaya has funded more than $900 million of auto loans through its ABS program this year. In this latest deal, qualified investors purchased $268 million of asset-backed notes, expected to be secured by $281 million in auto loans originated by auto lending partners connected to Pagaya’s network. It is the company’s second rated transaction in the auto ABS market.

Utilizing its unique fully pre-funded model, Pagaya has issued over $4.3 billion in ABS transactions year-to-date across multiple products, reflecting its ability to consistently raise capital to fund lending partner originations.

“This transaction continues to showcase our leadership in the auto ABS market,” said Paul Limanni, Pagaya’s chief capital officer. “Both new and existing investors understand and appreciate the robust benefits of our programmatic funding model, AI capabilities and relationships with originators.”