Fintech companies, especially in lending, are embracing AI beyond theoretical applications, with firms like Pagaya and Upstart operationalizing advanced AI across their services. Pagaya, in particular, is carving out a niche by using AI to underwrite loans that traditional lenders often reject, thus partnering with financial institutions to broaden credit accessibility while minimizing risk. Recently, it issued a $300 million bond for buy now, pay later loans, showcasing its innovation and real-world impact in the rapidly evolving lending landscape, driven largely by AI enhancements.
Pagaya's unique AI capabilities allow it to underwrite loans traditional lenders might miss, partnering with institutions to enhance credit access while managing risk.
This influx of AI into lending, exemplified by Pagaya and Upstart, shows a strategic operational shift that aims to fundamentally alter the credit landscape.
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