The firm issued $3.7 billion of ABS during the second quarter, a 76.2% sequential jump. Pagaya aggregates auto loans, unsecured consumer loans and point-of-sale financing products.

Fitch ratings found that early-stage delinquencies and cumulative default rates for consumer ABS deals are higher following a servicer bankruptcy or originator wind-down.

The firm started offering credit cards in 2024 and is poised to top more than one million cardholders this year. The monthly payment rate on Robinhood’s gold card is well above MPRs for cards from many other firms, thanks to the 3% cash back offered on all transactions.