Pineapple Financial Inc. Launches Two New Offices in Winnipeg, Manitoba

Rhea-AI Summary

Pineapple Financial Inc. (NYSE American: PAPL) expands its presence by establishing two offices in Winnipeg, Manitoba, aiming to capitalize on the significant growth potential in the Manitoba market. The company anticipates over $100 million in new mortgage originations within the next twelve months. The move is spearheaded by experienced professionals Marilyn Magtoto and Jan Reyes, who transitioned from other networks to Pineapple, leveraging the company's technology and support to enhance client and partner relationships. The strategic locations and unique setups of the offices are expected to drive revenue growth and increase the company's market share.

Insights

Market Research Analyst

The establishment of two new Pineapple Financial Inc. offices in Winnipeg represents a strategic move to capitalize on the region's affordable housing market. The anticipated $100 million in new mortgage originations within the next year suggests a robust entry into the market, which could signal increased revenue streams for the company. The Manitoba market, particularly Winnipeg, is highlighted for its growth potential, which is a critical factor for investors assessing the scalability of Pineapple's business model.

Furthermore, the recruitment of experienced brokers from other networks, such as Marilyn Magtoto and Jan Reyes, indicates a competitive edge in talent acquisition. Their expertise and established client relationships could facilitate a smoother market penetration and quicker realization of projected origination volumes. This move may also resonate positively with investors, as it demonstrates Pineapple's ability to attract industry veterans, which could be a catalyst for future growth and market share expansion.

Financial Analyst

From a financial perspective, the opening of new offices and the expected increase in mortgage originations could enhance Pineapple Financial's top-line growth. Investors should monitor the company's quarterly earnings reports for updates on the actual versus projected originations and revenue impact from the Winnipeg expansion. It is also important to consider the costs associated with this expansion, such as operational expenses and the investment in AI tools, as these could affect the company's profitability margins in the short term. However, if the strategic positioning and technology integration yield the expected market capture, this could result in a favorable long-term return on investment.

Real Estate Market Analyst

Analyzing the real estate market dynamics, Winnipeg's status as the most affordable housing market among Canada's seven largest cities is significant. Affordability could drive higher demand for mortgages, particularly if the national housing market experiences a shift towards more cost-effective regions. Pineapple Financial's use of AI tools and targeted marketing campaigns, as mentioned by Jan Reyes, could differentiate the company's service offerings and improve customer acquisition and retention. These tools may allow for more precise risk assessment and personalized mortgage solutions, which could be particularly advantageous in a competitive market where buyers are increasingly looking for tailored financial products.

TORONTO, Jan. 30, 2024 /PRNewswire/ - Pineapple Financial Inc. (NYSE American: PAPL), a tech-focused mortgage brokerage with an integrated network of partner brokerages and agents across Canada, today announced it has established two offices in Winnipeg, Manitoba, marking a significant milestone in the company's expansion strategy across Canada.

According to Pineapple, the Manitoba market holds significant growth potential, particularly in Winnipeg, the most affordable housing market among the seven largest cities in the country. The newly established office locations are anticipated to yield over $100 million in new mortgage originations within the next twelve months.

Leading the Pineapple National branded office located at 267 Mountain Avenue in Winnipeg is Marilyn Magtoto and her team of experienced brokers who recently transitioned from other networks. With over two decades of experience in the banking and mortgage industry and a recent move to Pineapple from RBC in 2023, Ms. Magtoto stated, "What sets Pineapple apart is not only its technology but also its support - no other company has advocated for me in the same way or actively championed my success."

Ms. Magtoto added, "The move was also a strategic step towards enhancing our client and partner relationships. The location on Mountain Avenue, marked by the prominent Pineapple National sign, is a key intersection offering great visibility and easy accessibility for our clients citywide. The other tenants in the building have become partners in our success, driving additional traffic to our business and contributing to our revenue growth as complimentary service providers."

Spearheading the other new office at 196 Osborne Street in Winnipeg is 18-year banking and mortgage industry expert Jan Reyes, who also transitioned to Pineapple from CIBC last year, bringing a wealth of experience and a growing team of seven brokers. Mr. Reyes stated, "Our office is owned by Realtors and located in a bustling area with heavy foot traffic. This unique setup positions us as their in-house mortgage team for their client's needs, creating a distinctive advantage to increase our revenue potential."

Anticipating a booming Manitoba market in 2024, Mr. Reyes said he plans to stand out and drive success by leveraging Pineapple's new AI tools and delivering education-focused marketing campaigns to prepare clients ahead of the market shift to seize opportunities at the right time.

Pineapple chief strategy officer Christa Mitchell added, "With decades of experience in this region, Marilyn and Jan are the ideal mortgage professionals to spearhead our efforts in this promising market. Their proven track record and understanding of the local landscape will allow them to capitalize on Manitoba's growth potential and deliver exceptional value to our clients."

Pineapple Financial is headquartered in Toronto, Ontario, with offices in six provinces across Canada housing approximately 700 brokers.

About Pineapple Financial:

Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokerages, as well as the overall experience of homeowners. With approximately 700 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

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 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:
https://gopineapple.com
http://empoweredbypineapple.com 

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SOURCE Pineapple Financial Inc.

FAQ

What is the ticker symbol for Pineapple Financial Inc.?

The ticker symbol for Pineapple Financial Inc. is PAPL on the NYSE American.

Where is Pineapple Financial Inc. headquartered?

Pineapple Financial Inc. is headquartered in Toronto, Ontario.

How many offices does Pineapple Financial Inc. have in Canada?

Pineapple Financial Inc. has offices in six provinces across Canada.

Who are the professionals spearheading Pineapple Financial Inc.'s expansion in Winnipeg?

Marilyn Magtoto and Jan Reyes are the experienced professionals spearheading Pineapple Financial Inc.'s expansion in Winnipeg.

What is the anticipated new mortgage originations value within the next twelve months?

Pineapple Financial Inc. anticipates over $100 million in new mortgage originations within the next twelve months in Winnipeg, Manitoba.