Pineapple Financial Inc. Becomes First Canadian Mortgage Brokerage to Complete IPO on New York Stock Exchange (NYSE American)

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Nov 15, 2023, 08:05 ET

IPO Capital to Fund Growth Initiatives, R&D, New Products and Technology Innovations, and Geographic Expansion

TORONTO, Nov. 15, 2023 /PRNewswire/ - Pineapple Financial Inc. (NYSE American: PAPL), a tech-focused mortgage brokerage with an integrated network of partner brokerages and agents across Canada, made history last week by becoming the first Canadian mortgage brokerage to launch an Initial Public Offering (IPO) on the prestigious New York Stock Exchange (NYSE American).

Pineapple plans to use the capital raised from its IPO to fund growth initiatives, research and development, and expansion into new product offerings and technology infrastructure.

Pineapple Financial Inc. | PAPL Listed NYSE American (CNW Group/Pineapple Financial Inc.)

These efforts will enable the company to develop new digital innovations in the mortgage industry and provide seamless customer experiences for all Canadians. The IPO will also support Pineapple Financial Inc.'s growth and expansion into new markets. This includes but is not limited to:

Expanding the business into every province across Canada
Adding insurance as a product offering to consumers
Developing new technology and digital innovation that will increase productivity and efficiency across all channels
Exploring new avenues of artificial intelligence (AI) and machine learning to create new opportunities for stakeholders while accelerating the company's journey forward

"The decision to go public was driven by our vision to expand market reach, accelerate growth initiatives, and capitalize on new opportunities," said Shubha Dasgupta, Pineapple CEO & Co-Founder. "With this successful IPO, Pineapple achieved a milestone that reflects its market potential, growth trajectory, and our commitment to excellence."

Pineapple President, COO and Co-Founder Kendall Marin added, "The company is now well-positioned to leverage the capital to invest in research and development, expand its product offering, and further enhance its industry-leading technology infrastructure."

In addition, he said, the IPO may act as a powerful catalyst for increasing visibility and raising the profile and importance of the Canadian mortgage industry internationally.

"We are extremely proud to be the first Canadian mortgage brokerage to IPO on an American stock exchange," said Christa Mitchell, Pineapple Chief Strategy Officer. "We plan to reinvest back into the growth and stability of the industry to strengthen the position of the Canadian mortgage landscape."

Since its founding in 2016, Pineapple has rapidly expanded its presence across Canada and built a network of over 650 agents. In addition, the company has donated significantly to charitable organizations while also making significant advancements in the industry. Pineapple has also won several awards, including the 2023 Award for Digital Innovation in a Brokerage.

About Pineapple
Pineapple is a leader in the Canadian mortgage industry, breaking the mold by 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 utilizes cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their ultimate 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.