The artificial intelligence (AI) infrastructure platform Pagaya Technologies Ltd. and digital payments giant Visa on Tuesday (January 25th) launched a strategic partnership to give Visa’s network of merchant partners access to Pagaya’s technology, expanding customer access to financial products.
Pagaya’s proprietary AI technology and infrastructure “enable banks, originators, and merchants to deliver robust access to financial products through a seamless, white-labeled customer experience,” the statement said. announcement said.
Pagaya users can offer extended credit to their customers, giving them greater customer acquisition capabilities, more buying power, and greater brand loyalty. According to the announcement, the Pagaya-Visa partnership will “seek to drive the growth of the network of Visa-issuing merchants and financial institutions.”
“This groundbreaking partnership with Visa will accelerate the ability of financial institutions to take advantage of our highly effective AI data-driven technology,” said Leslie Gillin, Chief Growth Officer of Pagaya. “Pagaya has demonstrated a history of substantial growth for all of our partners.
“We are committed to ensuring that Visa, its merchant partners and issuing financial institutions benefit from our ability to deliver at scale and look forward to the collaborative effort to onboard these partners in the months ahead.”
Visa will have privileged access to Pagaya’s technology, the joint announcement says, enabling increased access to credit for its partners’ customers.
“Expanding access to financial tools and services is central to Visa’s purpose – to uplift everyone everywhere – and we are excited to work with companies that are bringing new technologies to this challenge,” said Jack Fonda, senior vice president and global head of commercial partnerships at Visa.
“Through our partnership with Pagaya, we are providing our issuing bank customers and co-brand partners with next-generation technology to expand their customer base, increase conversion rates, increase purchasing power and thereby increase their income,” continued Funda.
Related: Pagaya partners with SoFi to simplify access to credit
In October, Pagaya collaborated with digital personal finance company SoFi, enabling SoFi to expand member access to its financial products through Pagaya’s AI, technology and infrastructure.