Dechert Advises Pagaya on Inaugural Point of Sale Securitization

Dechert advised Pagaya Technologies LTD (Pagaya) on its inaugural securitization of point-of-sale loans (POSH 2025-1). The fully pre-funded $300 million issuance (including $220 million of AAA-rated notes) will fund point-of-sale loans. POSH 2025-1 is the first issuance under Pagaya’s new asset-backed revolving securitization program focused on point-of-sale financing, which will establish flexible funding capacity to scale to more than US$1 billion and enable Pagaya to be a growth catalyst for point-of-sale platforms in the U.S.

Point-of-sale financing as an alternative payment method is a growing opportunity for lenders and is expected to reach a value of more than US$81 billion by 2030.

Pagaya is a global technology company delivering AI-driven product solutions for the financial ecosystem. The POSH 2025-1 transaction continues Pagaya’s strong momentum in the asset-backed securities (ABS) markets.

The Dechert team that advised on the POSH 2025-1 transaction was led by global finance partners Andrew Pontano and Sarah Milam, and included global finance counsel Georgina McLeod, associates Tianna Larson, Shlomo Manne, Eric Green and Julia de Caralt and paralegal Hannah Rose.