Dechert has provided advisory services to Pagaya Technologies LTD on its first securitization of point-of-sale loans, known as POSH 2025-1. This $300 million issuance, which includes $220 million of AAA-rated notes, is set to fund point-of-sale loans. POSH 2025-1 marks the beginning of Pagaya’s asset-backed revolving securitization program that targets point-of-sale financing. This program aims to create a flexible funding capacity that could scale beyond US$1 billion and support Pagaya’s role as a growth driver for U.S. point-of-sale platforms.
The market for point-of-sale financing is expanding rapidly as an alternative payment method and is projected to exceed US$81 billion by 2030.
Pagaya operates globally, providing AI-driven product solutions within the financial ecosystem. The POSH 2025-1 transaction represents another step in Pagaya’s ongoing success in the asset-backed securities markets.
The Dechert team advising on this transaction was led by global finance partners Andrew Pontano and Sarah Milam. The team also included global finance counsel Georgina McLeod, associates Tianna Larson, Shlomo Manne, Eric Green, Julia de Caralt, and paralegal Hannah Rose.
