Israeli fintech firm Pagaya Investments, a maker of data-driven investment software, is seeking to list shares on Wall Street via a merger with a special purpose acquisition company (SPAC) at a $8 billion valuation, Calcalist reported on Thursday.
The company is in parallel examining a possible initial public offering of shares, the financial website said, without saying from where it got the information.
Pagaya is in talks with several SPACs regarding a merger, led by investment bank JP Morgan. The board of directors of the fintech firm has yet to make a final decision on the matter, but is expected to make one soon, Calcalist said.
Pagaya, founded in 2016 by CEO Gal Krubiner, Yahav Yulzari, Barak Edut and Avital Pardo, uses machine learning and data analytics to manage investments, with a focus on fixed income and alternative credit markets. Customers include high-net worth investors, including banks, pension funds, foundations and private wealth funds, according to the Start-Up Nation Central database.
To date the Tel Aviv-based startup has raised $221 million from investors including Sovereign Wealth Fund (GIC); Poalim Capital Markets; former American Express CEO Harvey Golub; Thailand’s Siam Commercial Bank; Viola Ventures and Clal Insurance.