Founders of Rego (Photo by Udi Goren)
The fintech company Reigo, has signed a deal to sell a loan portfolio in the amount of $ 100 million. The deal is in fact a follow-up to a previous deal signed in July with Kantor Fitzgerald in which the company sold a $ 100 million loan portfolio. Today, the company signed an expansion of the deal by another $ 100 million so that in total it will stand at $ 200 million.
As part of the deal, Rego will significantly increase the volume of short-term loans it grants to entrepreneurial transactions in the U.S. residential market, using artificial intelligence tools that allow using statistical models to assess loan repayment ability and significantly reduce the risk of lending and insolvency.
The deal significantly increases the volume of Rigo’s managed assets to about $ 280 million, just 3 years since the company began operations. To date Rego has been involved in underwriting over 850 loans, with about half of them already repaid in full (principal and interest).
Recall that in October 2021, Rego completed a $ 13 million round of funding. The fundraising is intended for the further development of Rigo’s unique technology in the field of lending, combining big data and AI and for entering new markets in the field of lending and alternative financing, beyond existing activities in the US real estate market.
Riga CEO and Founder Yariv says: “The deal is an expression of the industry’s confidence in the technology and staff of Riga, and in our ability to create technological change in the traditional world of real estate lending. “It will lead to an increase in the supply of alternative financing. Rego is in an excellent starting point to become a market leader in the field.”
Senior Director, Cantor Fitzgerald, Diadra Harrington: “Cantor Fitzgerald is excited about the success of Rego in increasing their initial securitization. On the residential lending sector (RTL) and on expanding to other sectors. ”
Reigo, which operates in the field of short-term mortgages on US real estate assets based on artificial intelligence, was founded in 2019 by founders Yariv Omer, Itai Goren, CEO and founder of Boligo Capital, which specializes in real estate investments in the US , And Uri Tzurur, Chief Revenue Manager, Meitav-Dash Investment House holds about 20% of the shares in Reigo, and is a partner of Reigo in the ‘Reigo Meitav Dash’ fund, which currently manages over $ 85 million.
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