Pagaya Technologies, a technology company delivering artificial-intelligence-driven product solutions for the financial ecosystem, closed a $280 million credit facility with participation from funds and accounts managed by BlackRock U.S. Private Capital, UBS O’Connor, JPMorgan Chase, Valley Bank and Israel Discount Bank. Jefferies served as sole arranger on the transaction.

The facility, which consists of a $255 million term loan and a $25 million revolver, provides the capital and liquidity needed to support the company’s future growth and extends its corporate debt maturity to 2029. Pagaya will use proceeds from the facility to pay off outstanding borrowings from the company’s previous facility, invest in product innovation and grow its network with both existing and new lending and investor partners.

“This credit facility, led by BlackRock, showcases the confidence and support from some of the largest and most sophisticated financial institutions in the world as we transform the consumer finance ecosystem in the next phase of our growth journey,” Gal Krubiner, co-founder and CEO of Pagaya, said.

“We are pleased to partner with Pagaya and support its next stage of growth through this facility,” Dan Worrell, managing director at BlackRock, said. “We are impressed by the company’s differentiated business model, core product offering and financial strategy to create more financial opportunities and to enable new customer relationships.”

“The capital commitment demonstrates our ability to access new and diverse capital sources, bolstering our financial flexibility and fortifying our business as we consistently pursue further scale,” Evangelos Perros, interim CFO of Pagaya, said.