Pagaya Statement on Silicon Valley Bank (SVB)
Pagaya Statement on Silicon Valley Bank (SVB)
03/12/2023
Pagaya does not have material direct exposure to Silicon Valley Bank (SVB). The Company has an uninsured cash deposit account of approximately $15 million with SVB, which made up less than 5% of its total cash and cash equivalents as of December 31, 2022. The Company does not utilize SVB for its operating cash or securities accounts. Additionally, SVB is one bank of a syndicate of 5 banks in the Company’s revolving credit facility, which the Company does not rely upon for the funding needs of its business.