Pineapple Financial Expands Into Western Canada With New Corporate Office In Metro Vancouver, British Columbia

Author: Benzinga Newsdesk | December 01, 2023 09:18am

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.

Posted In: PAPL