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The bond issuance may lead to increased liquidity and consumer lending growth for PGY, similar to previous bond issues supporting growth in fintech firms.
What happened, with direct paths to the underlying reporting
Pagaya issues $300 million in bonds for buy now, pay later loans. Higher yields demanded by investors compared to competitors like Affirm. Pagaya focuses on second-look loans using AI for lower credit borrowers. Buy now, pay later loans are a rapidly growing consumer lending segment. Klarna's expansion supported by Pagaya's funding, enhancing its loan approval rates.
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