- SoFi Technologies (SOFI +5.4%), a financial services company, has entered into a partnership with Pagaya Technologies, a financial technology company.
- Under the partnership, SoFi will be able to expand financial products offered to its members, adding Pagaya's proprietary artificial intelligence, technology and infrastructure.
- Pagaya allows fintech companies, banks and other loan providers to access more financial products outside conventional credit models.
- This latest partnership is the largest deployment of Pagaya's technology so far in the fintech marketplace.
- SoFi's Chief Executive Officer Anthony Noto said: "We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network, extending its business to a broader audience, so more people can access credit and achieve their financial goals."
- SOFI shares raised over 25% in over a month.
Last month, in a bullish analysis, Leo Imasuen stated that future catalysts and continued operational momentum should see SOFI shares recover.