Pagaya buys Darwin Homes to capitalise on rental market
New York-based AI and data-led fintech company Pagaya has acquired proptech Darwin Homes for an undisclosed sum.
Targeting the single-family rental (SFR) market, Pagaya intends to merge its AI tech and data network with Darwin’s software, operations and mobile app in order to create a “tech-forward” real estate platform that benefits residents, investors and service operators.
Pagaya has been in the real estate business since 2020. The company also offers personal loans, auto loans, credit cards and point of sale (POS) financing.
Combined, Pagaya and Darwin’s SFR business operates in more than 30 markets across the US.
“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,” says Gal Krubiner, co-founder and CEO of Pagaya.
Austin-based Darwin, which is now a wholly-owned subsidiary of Pagaya, was founded by Ryan Broderick and Zach Kinloch, who will continue to lead the integrated platform.
Broderick says 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”.