Pineapple Financial Expands Into Western Canada with New Corporate Office in Metro Vancouver, British Columbia
TORONTO, Dec. 1, 2023
TORONTO, Dec. 1, 2023 /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 that it has established an office in Metro Vancouver, British Columbia to accommodate the Company's expansion into Western Canada.
The new location, on Glen Drive in Coquitlam, British Columbia, serves as the central hub for the Company's operations and strategic initiatives in Western Canada and follows Pineapple's recent expansion into Manitoba, Saskatchewan, Alberta, and British Columbia.
According to Pineapple, the new office is expected to generate $300 million CAD in new mortgage origination, which equates to a projected 10% increase in gross revenue in the next twelve months.
"This expansion solidifies our unwavering commitment to delivering exceptional mortgage solutions to Canadians, contributing to the economic landscape by creating job opportunities and fostering mutually beneficial partnerships," said Christa Mitchell, Pineapple's Chief Strategy Officer.
Shubha Dasgupta, Pineapple CEO, added that he believed this latest expansion represents a pivotal move in the Company's expansion strategy. "Not only does this new office reinforce our commitment to nationwide growth, innovation, and unparalleled service excellence, but it also will play a crucial role in introducing our cutting-edge AI-driven technology solutions to local brokerages and clients and drive significant revenue growth in British Columbia."
Mr. Dasgupta said that, with the new office in British Columbia, Pineapple has now added 50 new mortgage professionals to the Company's Western Canada network. These include:
- Franchise brokerage partner, Pineapple Canada Lending House Corporation, operating across British Columbia with offices in Delta, Kelowna, Vancouver, and Victoria
- The Meaghan Golden Team, operating in Delta and North Vancouver, British Columbia
- The Ajay Menezes Team, operating in St. Albert and Edmonton, Alberta
- The Brad Gavin Team, operating in Lethbridge and Calgary, Alberta
- The Cherie Birch Team, operating in Calgary, Alberta
- The Jan Reyes Team, operating in Winnipeg, Manitoba and the surrounding area
- The Marilyn Magtoto Team, operating in Winnipeg, Manitoba
Since its establishment in 2016, Pineapple Financial has expanded its reach across Canada, fostering a network of over 650 agents and achieving a three-year growth rate of 1,452 percent, awarding the Company recognition as number 27 on the Globe and Mail's Report on Business Top Growing Companies list for 2023.
The Company had its Initial Public Offering on the NYSE American on November 3, 2023.
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 650 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.
SOURCE: Pineapple Financial Inc. (NYSE American: PAPL)
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.
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SOURCE Pineapple Financial Inc.