Pagaya Technologies Ltd acquires leading proptech platform By CIOTechOutlook Team

Pagaya Technologies Ltd acquires leading proptech platform

CIOTechOutlook Team | Thursday, 12 January 2023, 03:41 IST

A major proptech platform, Darwin Homes, Inc., has been purchased by Pagaya Technologies Ltd, a worldwide technology firm that provides artificial intelligence infrastructure for the financial ecosystem. This is the business's first acquisition. Together, they produce a technologically advanced, data-rich solution for all players in the SFR market, including consumers, investors, and service providers.

By combining Darwin's unique software, integrated operations, and mobile app with Pagaya's core AI technology and data network, the company is changing the SFR landscape. In the future, Pagaya will provide a first-rate, full-service product at scale, guided by data-driven decision-making.

Ryan Broderick and Zach Kinloch, two founding members of DoorDash, founded Darwin in Austin. Darwin is now a fully owned subsidiary of Pagaya, and they will continue to oversee the integrated platform.

“Acquiring Darwin positions us as one of the most tech-forward real estate platforms in the industry, further proving the crossover applicability of our AI,” said Gal Krubiner, co-Founder and CEO of Pagaya. “We evaluated many players in the SFR space and felt that Darwin’s tech and stellar team were the best and most differentiated by a substantial margin. By elevating the living experience for residents and seamlessly integrating the full spectrum of services through best-in-class technology, overall performance is optimized and everyone benefits.”

“On behalf of Zach and the incredible Darwin team, we are thrilled to be a part of Pagaya,” said Ryan Broderick, co-founder and CEO of Darwin Homes. “Similar to what we were able to accomplish at DoorDash, we founded Darwin to reshape a large, fragmented industry by integrating purpose-built software and operations. We have made immense progress, and joining Pagaya will accelerate our ability to build an ecosystem of products and services that drive better real estate investment performance and redefine what it means to rent a home for residents.”

Pagaya initially made a name for itself in the real estate market in 2020, and last year, an SFR securitization obtained the company's first AAA rating. Along with personal loans, auto loans, credit cards, and point-of-sale finance, it is one of the company's five core products. The SFR business of Pagaya and Darwin operates in more than 30 markets across the United States.