Pagaya Expands Partnership with Upgrade for Flex Pay
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
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Source: Newsfilter
- Partnership Expansion: Pagaya's long-term collaboration with Upgrade deepens as it expands into Upgrade's Flex Pay Buy Now, Pay Later solution, marking a significant move into a new asset class beyond personal loans, which is expected to enhance customer payment options and experiences.
- Technology Integration: By integrating Pagaya's AI-driven credit decisioning into Flex Pay, Upgrade can offer more customers simple, surprise-free payment options at the point of purchase, thereby strengthening its competitive position in the market.
- Market Focus: The initial expansion targets the travel merchant segment, where Flex Pay is a trusted payment method for many leading global brands; by leveraging Pagaya's real-time underwriting, Upgrade will extend seamless financing options to more customers across its extensive travel partner network.
- Strategic Implications: Pagaya's President, Sanjiv Das, noted that this partnership expansion not only underscores the strength of their long-term relationship but also supports Flex Pay's growth in new asset classes, aligning with Pagaya's strategy to extend its point-of-sale business towards more purpose-driven transactions.
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Analyst Views on PGY
Wall Street analysts forecast PGY stock price to rise
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 14.500
Low
35.00
Averages
43.33
High
54.00
Current: 14.500
Low
35.00
Averages
43.33
High
54.00
About PGY
Pagaya Technologies Ltd is an Israel-based company. It is primarily engaged in financial technology (FinTech) industry. The Company develops data science, machine learning and AI technology (Artificial Intelligence) analytics, enabling accurate, real-time customer credit assessments. Company's customers are lending companies that, by connecting to the AI Pagaya network, have the opportunity to discover and approve new customers that meet their credit criteria. Thanks to the Company's solutions, its customers gains a customer without undue risk. Pagaya Technologies Ltd delivers technology that provides loan assistance such as personal, car and credit card loans. The Company serves its clients all over the world.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
- Partnership Expansion: Pagaya's long-term collaboration with Upgrade deepens as it expands into Upgrade's Flex Pay Buy Now, Pay Later solution, marking a significant move into a new asset class beyond personal loans, which is expected to enhance customer payment options and experiences.
- Technology Integration: By integrating Pagaya's AI-driven credit decisioning into Flex Pay, Upgrade can offer more customers simple, surprise-free payment options at the point of purchase, thereby strengthening its competitive position in the market.
- Market Focus: The initial expansion targets the travel merchant segment, where Flex Pay is a trusted payment method for many leading global brands; by leveraging Pagaya's real-time underwriting, Upgrade will extend seamless financing options to more customers across its extensive travel partner network.
- Strategic Implications: Pagaya's President, Sanjiv Das, noted that this partnership expansion not only underscores the strength of their long-term relationship but also supports Flex Pay's growth in new asset classes, aligning with Pagaya's strategy to extend its point-of-sale business towards more purpose-driven transactions.
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- Earnings Estimate Increase: Pagaya Technologies Ltd. (PGY) has seen its current year earnings estimate rise by 12.2% over the last 60 days, indicating the effectiveness of its product-focused strategy, which could drive stock price appreciation and enhance market confidence.
- Significant Growth Outlook: TTM Technologies, Inc. (TTMI) has experienced a 27.5% increase in its current year earnings estimate over the past 60 days, reflecting strong demand in the printed circuit board manufacturing sector, which is expected to boost overall company performance.
- Fintech Potential: Green Dot Corporation (GDOT) has seen a 12.8% increase in its current year earnings estimate over the last 60 days, showcasing its ongoing innovation and market expansion capabilities in the fintech space, likely attracting more investor interest.
- Strong Energy Sector Performance: Occidental Petroleum Corporation (OXY) has had its current year earnings estimate raised by 67.2% over the past 60 days, demonstrating robust performance in oil and gas development, which could lead to significant shareholder returns.
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- Valuation Advantage: Pagaya Technologies' stock trades around $13 with a P/E ratio of 11 and a forward P/E of just 4, indicating its potential as a value stock, while its five-year PEG ratio stands at a mere 0.03, highlighting significant growth potential.
- Revenue Growth: In Q1, Pagaya generated $317 million in revenue, a 10% year-over-year increase, with 94% of this revenue coming from loan placement fees, showcasing its strong performance in the non-prime loan market.
- Network Expansion: The company's network volume rose by 9% in Q1 to $2.6 billion, driven by growth in auto loans and point-of-sale loans, particularly through its partnership with Sezzle, which is expected to further boost its business growth.
- Optimistic Outlook: Pagaya anticipates network volume reaching between $11.45 billion and $13 billion by 2026, with revenue forecasts of $1.4 billion to $1.575 billion this year, and net income expected to rise by 67%, reflecting strong growth prospects that have garnered significant attention from Wall Street analysts.
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- Upstart's Market Performance: Upstart achieved approximately $1.1 billion in revenue for FY 2025, a 58.9% increase year-over-year, with a net income of $53.6 million, demonstrating rapid expansion and improved profitability in the AI lending market, thereby enhancing its competitive position in fintech.
- Pagaya's Financial Health: Pagaya generated around $1.3 billion in revenue for FY 2025, reflecting a 25.6% growth from the previous year, with a net income of $81.4 million and a net margin of 6.5%, marking a successful transition from early investment to a mature operating model, increasing its market appeal.
- Risk Analysis: Upstart faces risks from macroeconomic factors such as high interest rates that may dampen loan demand, while Pagaya is sensitive to fluctuations in the real estate market and the complexities of capital acquisition, which could impact its business stability and market share.
- Valuation Comparison: As of December 2025, Upstart's forward P/E ratio stands at 13.1x and P/S ratio at 2.7x, while Pagaya's forward P/E is 9.7x and P/S ratio is 0.9x, indicating that Pagaya appears more attractive in terms of valuation, potentially offering better long-term returns for investors.
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- Revenue Growth Comparison: Upstart's revenue reached approximately $1.1 billion in FY 2025, reflecting a 58.9% increase, while Pagaya generated about $1.3 billion, marking a 25.6% growth, indicating differing growth trajectories and market acceptance in the AI lending space.
- Profitability Analysis: Upstart reported a net income of nearly $53.6 million, showcasing its ability to enhance profitability during expansion, whereas Pagaya achieved a net income of approximately $81.4 million with a net margin of 6.5%, indicating a transition from early investment to a mature operating model.
- Financial Health Status: As of December 2025, Upstart's debt-to-equity ratio stood at 2.3x with a current ratio of 3.0, reflecting its short-term debt repayment capability; in contrast, Pagaya's debt-to-equity ratio was 1.9x with a current ratio of 5.6, suggesting greater financial flexibility.
- Market Risk Assessment: Upstart faces risks from high interest rates that may reduce loan demand, while Pagaya is sensitive to fluctuations in the real estate market and capital costs, with both companies' market performance closely tied to economic conditions, necessitating cautious evaluation by investors.
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- Leadership Expansion: Pagaya Technologies has appointed Terry O'Neil as Chief Commercial Officer, tasked with driving the company's partnerships and growth functions, which is expected to accelerate the establishment of new relationships and enhance market competitiveness.
- Strategic Growth Focus: O'Neil will concentrate on deepening product adoption to increase the impact of Pagaya's offerings in the U.S. consumer lending market, ensuring the company maintains its position as a preferred technology partner for major lenders.
- Extensive Industry Experience: With over 20 years of strategic expertise in consumer financial services, O'Neil has held several key leadership roles at Citi, where he managed P&L and advanced payment capabilities, bringing valuable industry insights to Pagaya.
- Optimistic Market Outlook: O'Neil expressed that Pagaya's growth story is undeniable, highlighting the company's unique ability to leverage vast data to create more opportunities for both lenders and consumers, indicating strong growth potential ahead.
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