Pineapple Financial Inc. Adds Six Brokerages to Its Affiliate Network
Pineapple Financial (NYSE American: PAPL), a tech-focused mortgage brokerage, announced the addition of six new affiliate brokerages in Ontario, Canada. This expansion brings Pineapple's affiliate network to 25 firms, representing 36.8% of its total funded volume and revenue in the 2023 fiscal year. The new affiliates include CRE Capital Canada, Top Notch Financial, Tailored Finance Inc., PrimeRock Capital Corp., Reign Mortgage Group Inc., and Newcastle Financial, each led by experienced brokers. This strategic expansion aims to boost revenue and volume growth while providing enhanced mortgage solutions. Pineapple leverages AI-driven technology to streamline the mortgage process, catering to the evolving needs of borrowers.
- Addition of six new affiliate brokerages to Pineapple's network.
- Expansion increases affiliate network to 25 firms.
- Affiliate network contributed 36.8% of Pineapple's total funded volume and revenue in 2023.
- Expected significant growth in revenue and volume.
- Enhanced service provision through AI-driven technology.
- Strategic partners bring a wealth of experience and expertise.
- Potential risks associated with rapid expansion.
- Dependence on the performance of new affiliate brokerages for revenue growth.
- Integration challenges with new brokerages could affect service consistency.
Pineapple provides its users (mortgage brokers) with diverse avenues through which they can access and leverage its platform and services. Mortgage brokers can opt to operate independently under its corporate brand or collaborate as affiliate partners, enabling independently licensed mortgage brokerage firms to access and benefit from Pineapple's full suite of tools and services while retaining their brand and identity. This strategic approach allows Pineapple to extend its services across broader markets, efficiently reach a more extensive user base, and scale the business exponentially.
In the 2023 fiscal year, the Pineapple affiliate broker network comprised 36.8 percent of Pineapple's total funded volume, equating to 36.8 percent of overall revenue. The Company's affiliate network was 19, and now 25 independently licensed firms that white-label its solutions to create better efficiencies and technology enablement for their businesses and clients. With the addition of six affiliate brokerages, Pineapple anticipates significant growth in both revenue and volume.
The six brokerages joining Pineapple's affiliate network are:
- CRE Capital Canada, led by Anne Ananda, Principal Broker,
Toronto, Ontario . - Top Notch Financial, led by Judith Virgo, Principal Broker,
Maple, Ontario . - Tailored Finance Inc., led by Sharmain Foster, Principal Broker,
Uxbridge, Ontario . - PrimeRock Capital Corp., led by Tayo Adedapo, Principal Broker, and David Asaam, Managing Partner,
Windsor, Ontario . - Reign Mortgage Group Inc., led by Zorie Campbell, Principal Broker,
Oshawa, Ontario . - Newcastle Financial, led by Amit Mistry, Principal Broker,
Toronto, Ontario .
Each of these brokerages brings a wealth of experience, expertise, and a commitment to excellence in serving clients' mortgage needs. By aligning with Pineapple, they signal their dedication to providing unparalleled service and access to a diverse range of commercial and residential mortgage products tailored to the unique requirements of individuals and families throughout
"We are thrilled to welcome these six exceptional brokerages to our network," said Christa Mitchell, Pineapple Chief Strategy Officer. "Their addition underscores our commitment to delivering exceptional mortgage technology solutions and further strengthens our ability to serve clients across
Pineapple's network expansion also reflects its ongoing efforts to leverage AI-driven technology to streamline clients' mortgage processes. Through these AI initiatives, the company aims to continue delivering personalized mortgage solutions that cater to the evolving needs of borrowers in
"We are confident that our collaboration with these six new brokerages will lead to remarkable achievements and drive revenue in 2024," stated Pineapple CEO Shubha Dasgupta. "Pineapple remains committed to supporting our partners' growth and success as we expand across
For more information about Pineapple Financial Inc. and its network of affiliate brokerages, please visit https://gopineapple.com/brokers/brokerage-partners.
Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network. It focuses on the long-term success of agents and brokerages and the overall experience of homeowners. With approximately 700 brokers within the network, Pineapple creates cutting-edge cloud-based technology 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
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SOURCE: Pineapple Financial Inc. (NYSE American: PAPL)
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Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and 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 financial 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 you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and 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.
Related Links:
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SOURCE Pineapple Financial Inc.
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