Pineapple Financial Expands Network with Addition of Two New Affiliate Brokerages and Reports Record Growth in Agent Network
Pineapple Financial Inc. (NYSE American: PAPL) announces the addition of two new affiliate brokerages, Luxe Lending Corp. and Mortgage Magic, expanding its Canadian presence. The company reports that affiliate brokers generated 36.8% of total funded volume and revenue in 2023. With 25 independently licensed firms utilizing Pineapple's white-label solutions, the company achieved record agent growth in October with an 82% year-over-year increase. This growth is supported by improving consumer sentiment and favorable interest rate adjustments. The expansion strengthens Pineapple's position in leveraging AI and data-driven solutions for mortgage services.
Pineapple Financial Inc. (NYSE American: PAPL) annuncia l'aggiunta di due nuove società di intermediazione affiliate, Luxe Lending Corp. e Mortgage Magic, espandendo la sua presenza in Canada. L'azienda riporta che i broker affiliati hanno generato il 36,8% del volume e delle entrate totali finanziati nel 2023. Con 25 aziende indipendenti autorizzate che utilizzano le soluzioni white-label di Pineapple, l'azienda ha raggiunto una crescita record degli agenti in ottobre, con un aumento dell'82% rispetto all'anno precedente. Questa crescita è supportata da un miglioramento del sentiment dei consumatori e da aggiustamenti favorevoli ai tassi d'interesse. L'espansione rafforza la posizione di Pineapple nel sfruttare l'IA e soluzioni basate sui dati per i servizi ipotecari.
Pineapple Financial Inc. (NYSE American: PAPL) anuncia la adición de dos nuevas corredurías afiliadas, Luxe Lending Corp. y Mortgage Magic, ampliando su presencia en Canadá. La empresa informa que los corredores afiliados generaron el 36,8% del volumen total financiado y los ingresos en 2023. Con 25 firmas independientes con licencia que utilizan las soluciones de marca blanca de Pineapple, la empresa logró un crecimiento récord de agentes en octubre, con un aumento del 82% interanual. Este crecimiento está respaldado por una mejora en el sentimiento del consumidor y ajustes favorables en las tasas de interés. La expansión refuerza la posición de Pineapple en la utilización de soluciones impulsadas por IA y datos para los servicios hipotecarios.
파인애플 파이낸셜 주식회사 (NYSE American: PAPL)는 두 개의 새로운 제휴 중개업체인 Luxe Lending Corp.와 Mortgage Magic을 추가하여 캐나다 내 존재감을 확대한다고 발표했습니다. 이 회사는 제휴 중개인이 2023년 총 자금 조달량 및 수익의 36.8%를 생성했다고 보고했습니다. 파인애플의 화이트 레이블 솔루션을 사용하는 25개의 독립 라이센스 기업과 함께 이 회사는 10월에 작년 대비 82%의 기록적인 에이전트 성장을 달성했습니다. 이러한 성장은 소비자 심리 개선 및 유리한 이자율 조정에 힘입은 것입니다. 이 확장은 파인애플이 모기지 서비스를 위한 AI 및 데이터 기반 솔루션을 활용하는 위치를 강화합니다.
Pineapple Financial Inc. (NYSE American: PAPL) annonce l'ajout de deux nouvelles sociétés de courtage affiliées, Luxe Lending Corp. et Mortgage Magic, élargissant ainsi sa présence au Canada. La société rapporte que les courtiers affiliés ont généré 36,8 % du volume total financé et des revenus en 2023. Avec 25 entreprises indépendantes disposant de licences utilisant les solutions en marque blanche de Pineapple, l'entreprise a atteint une croissance record des agents en octobre, avec une augmentation de 82 % par rapport à l'année précédente. Cette croissance est soutenue par une amélioration du sentiment des consommateurs et des ajustements favorables des taux d'intérêt. L'expansion renforce la position de Pineapple en mettant à profit l'IA et des solutions basées sur les données pour les services hypothécaires.
Pineapple Financial Inc. (NYSE American: PAPL) gibt die Hinzufügung zweier neuer Partnervermittlungsgesellschaften, Luxe Lending Corp. und Mortgage Magic, bekannt, wodurch die Präsenz in Kanada erweitert wird. Das Unternehmen berichtet, dass die angeschlossenen Broker 2023 36,8% des gesamten finanzierten Volumens und Umsatzes generiert haben. Mit 25 unabhängig lizenzierten Unternehmen, die die White-Label-Lösungen von Pineapple nutzen, erzielte das Unternehmen im Oktober ein Rekordwachstum der Agenten mit einem Anstieg von 82% im Vergleich zum Vorjahr. Dieses Wachstum wird durch eine Verbesserung der Verbraucherstimmung und günstigere Zinsanpassungen unterstützt. Die Expansion stärkt die Position von Pineapple in der Nutzung von KI- und datengestützten Lösungen für Hypothekendienste.
- Affiliate broker network contributed 36.8% of total funded volume and revenue in 2023
- 82% year-over-year increase in agent growth in October
- Network expansion with two new affiliate brokerages
- Improving market conditions with favorable interest rates
- None.
Insights
The expansion of Pineapple Financial's affiliate network represents significant business development with two key metrics standing out: affiliate brokers currently generate
The white-label strategy allows Pineapple to scale operations efficiently without the capital intensity of direct expansion. This asset-light model, combined with their technology platform, positions them well for margin expansion as they grow. However, investors should monitor the revenue concentration from affiliates, as it represents both an opportunity and potential risk if key partners were to leave the network.
The timing of this expansion aligns with favorable market conditions in the Canadian mortgage sector. Consumer sentiment reaching a 30-month high, coupled with stabilizing interest rates, creates an opportune environment for mortgage origination growth. The company's focus on AI and data-driven solutions positions them well to capitalize on the digital transformation in the mortgage industry.
However, the Canadian housing market remains sensitive to interest rate movements and affordability concerns. The company's diversification across multiple affiliates helps mitigate regional market risks, while the technology platform provides a competitive advantage in attracting both brokers and end consumers.
Toronto, Ontario--(Newsfile Corp. - November 12, 2024) - Pineapple Financial Inc. (NYSE American: PAPL) ("the Company" or "Pineapple"), an award winning mortgage and insurance fin-tech with a national footprint, is excited to announce the addition of two new affiliate brokerages, Luxe Lending Corp. and Mortgage Magic, expanding its reach and capabilities across Canada. This expansion strengthens Pineapple's position as a leader in the Canadian mortgage industry and aligns with its strategy to offer technology-enabled solutions to a wider audience.
In the 2023 fiscal year, Pineapple's affiliate broker network accounted for
Pineapple also reported record agent growth in October, with an impressive
"We are thrilled to welcome Luxe Lending Corp and Mortgage Magic into the Pineapple family," said Christa Mitchell, Chief Strategy Officer of Pineapple. "Their decision to align with us highlights our shared commitment to leveraging technology to deliver exceptional service and results for clients. By partnering with Pineapple, these new affiliates gain access to our robust suite of tools and resources, empowering them to drive growth and achieve operational excellence."
As Pineapple's affiliate network continues to grow, the company remains focused on leveraging AI and data-driven solutions to enhance the mortgage experience. These innovations allow Pineapple to provide personalized mortgage options that address the unique needs of borrowers, further solidifying its role as a leader in the industry.
"With our expanded affiliate network and favorable market conditions, we anticipate strong revenue and market share growth in the coming quarters," stated Shubha Dasgupta, CEO of Pineapple. "Our mission is to support the success of our partners and provide Canadians with efficient, technology-enabled mortgage solutions that help them reach their homeownership goals."
About Pineapple
Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
SOURCE: Pineapple Financial Inc. (NYSE American: PAPL), Nanos Research Report
Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
Media Contact:
For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
Email: shubha@gopineapple.com
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Pineapple Financial Inc.
ir@gopineapple.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229576
FAQ
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