(Bloomberg) — Pagaya Technologies Ltd., a financial technology company that’s going public through a blank-check firm, is increasing the size of an equity placement by $150 million as part of the deal, according to people with knowledge of the matter.
The new investors include Tiger Global, Whale Rock, Singapore sovereign wealth fund GIC Pte, Healthcare of Ontario Pension Plan and G Squared, the people said, asking not to be identified discussing private information. With the new agreement, the size of the private investment in public equity, or PIPE, will increase to $350 million from $200 million, the people said.
Pagaya announced in September that it was merging with EJF Acquisition Corp. EJF Capital, the backer of the special purpose acquisition company, or SPAC, had agreed to invest $200 million in a PIPE to support the transaction.
Representatives for Pagaya and EJF declined to comment on the expanded PIPE agreement.
The new Pagaya transaction values the combined company at about $8.5 billion including debt, the people said. As part of the new equity agreement, EJF’s portion of the transaction will be reduced, the people said.
Pagaya develops machine learning and big data analytics technologies for financial services companies. Its products allow users to augment processes such as lending.
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