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                              September 14, 2022

       Gal Krubiner
       Chief Executive Officer
       Pagaya Technologies Ltd.
       Azrieli Sarona Bldg, 54th Floor
       121 Derech Menachem Begin
       Tel-Aviv 6701203, Israel

                                                        Re: Pagaya Technologies
Ltd.
                                                            Amendment No. 1 to
Registration Statement on Form F-1
                                                            Filed August 30,
2022
                                                            File No. 333-266228

       Dear Mr. Krubiner:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.
Unless we note
       otherwise, our references to prior comments are to comments in our
August 10, 2022 letter.

       Amendment No. 1 to Registration Statement on Form F-1

       Cover Page

   1.                                                   We note your response
to our prior comment 5. We note that the public warrants
                                                        and 5,166,667 private
placement warrants have recently been out of the money. Please
                                                        disclose the likelihood
that warrant holders will not exercise their warrants and provide
                                                        similar disclosure in
the prospectus summary, risk factors, MD&A and use of proceeds
                                                        section and disclose
that cash proceeds associated with the exercises of the warrants are
                                                        dependent on the stock
price. As applicable, describe the impact on your liquidity and
                                                        update the discussion
on the ability of your company to fund your operations on a
                                                        prospective basis with
your current cash on hand.
 Gal Krubiner
Pagaya Technologies Ltd.
September 14, 2022
Page 2
Summary of the Prospectus
Company Overview, page 1

2.     In light of the significant number of redemptions and the potential that
the company will
       not receive significant proceeds from exercises of the warrants because
of the disparity
       between the exercise price of the warrants and the current trading price
of the Class A
       common stock (we note that the public warrants and 5,166,667 private
placement warrants
       were recently out of the money), expand your discussion of capital
resources to address
       any changes in the company   s liquidity position since the business
combination. If the
       company is likely to have to seek additional capital, discuss the effect
of this offering on
       the company   s ability to raise additional capital.
The securities being offered in this prospectus represent a substantial
percentage of our
outstanding Class A Ordinary Shares, page 57

3.     We note your response to comment 2. We note your disclosure addressing
that the
       Sponsor, private placement investors, PIPE investors, and other selling
securityholders
       may experience a positive rate of return if share prices decline. Please
revise to clearly
       state that the public securityholders may not experience a similar rate
of return on the
       securities they purchased if there were such a price drop. In addition,
in an appropriate
       place in your prospectus, state that while the Sponsor, private
placement investors, PIPE
       investors, and other selling securityholders may experience a positive
rate of return based
       on the current trading price, due to differences in the purchase prices
and the current
       trading price, the public securityholders may not experience a similar
rate of return.
Management's Discussion and Analysis of Financial Condition and Results of
Operations, page
76

4.     Please update your disclosure in the Liquidity and Capital Resources
section, and
       elsewhere, to specifically address the fact that you may miss your 2022
Adjusted EBITDA
       projection and explain how that has impacted or may impact your
financial position and
       create further risks to your business operations and liquidity, if
applicable.

       Please contact Tonya K. Aldave at 202-551-3601 or John Dana Brown at
202-551-3859
with any questions.



                                                             Sincerely,
FirstName LastNameGal Krubiner
                                                             Division of
Corporation Finance
Comapany NamePagaya Technologies Ltd.
                                                             Office of Finance
September 14, 2022 Page 2
cc:       Andrea Nicolas, Esq.
FirstName LastName