AI-powered institutional asset manager Pagaya, with headquarters in New York and Tel Aviv, has secured $102m in Series D investment led by a strategic financial institution.

The fundraising was supported by Aflac Global Ventures, Bank Hapoalim’s investment banking unit Poalim Capital Markets, Viola, and Oak HC/FT.

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They were joined by Pagaya board member and former American Express CEO Harvey Golub, Clal Insurance, GF Investments, and Siam Commercial Bank through its Digital Ventures arm.

Using the fresh funds, Pagaya plans to expand its team of data scientists and develop its technology.

The firm will also use the infusion to continue its pursuit of new asset classes including real estate along with other fixed-income assets such as auto loans, mortgages, and corporate credit.

Golub stated: “The firm continues to significantly and effectively innovate in a space that has failed to evolve for decades. Pagaya is driving the future of asset management.”

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Pagaya focuses on fixed income and alternative credit.

The firm manages more than $1.6bn for asset managers, pensions funds, sovereign wealth funds, banks, as well as insurance firms.

Pagaya CEO and co-founder Gal Krubiner said: “The world is changing quickly and investors need a performance edge — more and more are turning to Pagaya,” said,

“We continue to unlock unprecedented value with our AI even during extreme market stress. Closing a round of this magnitude, with such a high-quality group of investors, is a testament to the hard work of the Pagaya team.”