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 36.8% of the company's total funded volume, generating the same percentage of overall revenue. With a network of 25 independently licensed firms that white-label Pineapple's solutions, our affiliates benefit from enhanced operational efficiencies and cutting-edge technology to better serve their clients. The addition of these two new affiliates further underscores Pineapple's commitment to growth, positioning the company for substantial increases in revenue and funded volume as we continue expanding our partner network.
Pineapple also reported record agent growth in October, with an impressive 82% year-over-year increase. This growth momentum is supported by improving consumer sentiment-at its highest level in 30 months-and recent adjustments to interest rates, which are creating an increasingly favorable environment for homebuyers and refinancing clients. These factors collectively position Pineapple for accelerated revenue growth as market conditions continue to improve.
"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.
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SOURCE: Pineapple Financial Inc. (NYSE American: PAPL),
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 .
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For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
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