In a significant stride towards its nationwide growth strategy, Pineapple Financial Inc., a tech-focused mortgage brokerage, has officially opened its doors in Metro Vancouver, British Columbia. The move follows the company’s recent expansions into Manitoba, Saskatchewan, Alberta, and British Columbia, solidifying its position as a key player in the Canadian mortgage industry.*
The newly established office, located on Glen Drive in Coquitlam, is strategically positioned to serve as the central hub for Pineapple Financial’s operations and strategic initiatives in Western Canada. The announcement has garnered significant attention, leading to a surge in the company’s stock. Pineapple Financial closed Thursday’s trading session at $1.46, and following the announcement, it commenced Friday’s trading at $1.61.
At the time of this publication, Pineapple Financial Inc stock (PAPL) has witnessed a surge.
Pineapple Financial Inc
Current Price: $1.89
Change : +0.43
Change (%): (29.47%)
Source: Tomorrow Events Market Data
Christa Mitchell, Chief Strategy Officer at Pineapple Financial, emphasized the significance of this expansion, stating, “This move 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.”
According to Pineapple Financial, the Metro Vancouver office is anticipated to generate $300 million CAD in new mortgage origination, projecting a 10% increase in gross revenue over the next twelve months.
Shubha Dasgupta, CEO of Pineapple Financial, sees this expansion as a pivotal move in the company’s growth 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.”
With the establishment of the new office, Pineapple Financial has expanded its Western Canada network by adding 50 new mortgage professionals. Among them are key partners such as Pineapple Canada Lending House Corporation, The Meaghan Golden Team, The Ajay Menezes Team, The Brad Gavin Team, The Cherie Birch Team, The Jan Reyes Team, and The Marilyn Magtoto Team.
Since its inception in 2016, Pineapple Financial has seen remarkable growth, boasting a network of over 650 agents and achieving a staggering three-year growth rate of 1,452%. This success has earned Pineapple Financial the 27th spot on the Globe and Mail’s Report on Business Top Growing Companies list for 2023.
Pineapple Financial made its mark on the financial landscape with its Initial Public Offering on the NYSE American on November 3, 2023, further solidifying its position as a leader in the tech-focused mortgage brokerage industry. The company continues to chart an impressive trajectory, offering innovative solutions and expanding its footprint across Canada.