Following Pagaya’s record 3Q earnings, CFO Evangelos Perros joined KBW’s Fintech Payments Conference this week on stage with KBW’s Sanjay Sakhrani to discuss the health of the consumer, the macro environment, and Pagaya’s long-term growth strategy. 

In a wide-ranging conversation, EP highlighted how our disciplined approach, B2B model, and diversified funding engine position Pagaya for resilience and sustained performance across all cycles. 

Some key takeaways from EP: 

• “On the macro side, the consumer remains very healthy and resilient and we’re not seeing any shift in that behavior. The industry looks stable as well.”
• "Our credit performance across Personal Loan, Auto, and POS continues to be very strong, as reflected in the sustained demand from institutional investors. We deliberately adopted a more conservative and disciplined underwriting posture at the start of the year, which has positioned us well in today’s environment."
• "Adding partners to our network requires no incremental cost, it simply increases application flow. Even maintaining our consistent ~1% conversion rate allows us to grow meaningfully without expanding credit risk. We’re not immune to the cycle, but our model is far more acyclical than traditional B2C lenders."
• "We partner with originators to help enhance and scale their growth profiles. Our goal is steady, disciplined 20% year-over-year growth. There’s no need to overshoot, because our model delivers exceptional flow-through, with incremental fee revenue translating directly into profitability."

Watch the full conversation here.