Pagaya Technologies has appointed Jason Gardner, founder of Marqeta, to its board of directors following shareholder approval in August. Gardner brings extensive experience in building and scaling payments platforms, adding industry-specific expertise that could influence Pagaya's development of its AI-driven financial technology offerings. The appointment comes as Pagaya was added to the Zacks Rank #1 (Strong Buy) list, following a double-digit increase in earnings estimates. Analysts project $2.0 billion in revenue and $394.6 million in earnings by 2029, with some estimates suggesting a fair value of $28.80, representing a 41% upside to current price. However, investors face risks including regulatory scrutiny of AI underwriting, credit risks, and potential commoditisation of AI underwriting technology. More cautious analysts forecast around $2.1 billion in 2029 revenue and $421.7 million in earnings.

Pagaya Technologies has secured a $700 million forward flow agreement with Neuberger Specialty Finance for auto loans sourced through its lending network. This marks Pagaya's second auto forward flow deal and its first such agreement with Neuberger, despite an existing multi-transaction relationship between the firms. The deal supports what Pagaya describes as record growth in its auto platform whilst reinforcing its strategy of building predictable, long-term funding through diversified capital solutions. Neuberger Specialty Finance, Neuberger's Asset Based Finance arm, manages over $5 billion across more than 50 portfolio companies. Since its 2018 inception, the group has invested over $16 billion through 80 global origination partners.

Pagaya Technologies and Enova International both operate in technology-enabled lending but use different models. Pagaya provides AI-powered credit technology to banks and fintech partners, connecting loans with institutional investors. Enova lends directly to consumers and small businesses. Pagaya has expanded beyond personal loans into auto lending and point-of-sale financing. The company works with over 170 institutional partners and uses forward flow agreements where investors commit to purchasing loans in advance, providing funding stability. Pagaya's asset-light structure limits credit risk, as loans transfer quickly to asset-backed securities vehicles or investors. In the first half of 2026, revenues rose to $705 million from $616.4 million year-over-year, while operating expenses increased modestly to $519.2 million from $512.2 million. Management expects 2026 GAAP net income of $155-180 million and adjusted EBITDA of $460-490 million.