Pineapple Financial Inc. Launches Two New Offices in Winnipeg, Manitoba

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Jan 30, 2024, 08:05 ET

TORONTO, Jan. 30, 2024 /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 it has established two offices in Winnipeg, Manitoba, marking a significant milestone in the company's expansion strategy across Canada.

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

According to Pineapple, the Manitoba market holds significant growth potential, particularly in Winnipeg, the most affordable housing market among the seven largest cities in the country. The newly established office locations are anticipated to yield over $100 million in new mortgage originations within the next twelve months.

Leading the Pineapple National branded office located at 267 Mountain Avenue in Winnipeg is Marilyn Magtoto and her team of experienced brokers who recently transitioned from other networks. With over two decades of experience in the banking and mortgage industry and a recent move to Pineapple from RBC in 2023, Ms. Magtoto stated, "What sets Pineapple apart is not only its technology but also its support - no other company has advocated for me in the same way or actively championed my success."

Ms. Magtoto added, "The move was also a strategic step towards enhancing our client and partner relationships. The location on Mountain Avenue, marked by the prominent Pineapple National sign, is a key intersection offering great visibility and easy accessibility for our clients citywide. The other tenants in the building have become partners in our success, driving additional traffic to our business and contributing to our revenue growth as complimentary service providers."

Spearheading the other new office at 196 Osborne Street in Winnipeg is 18-year banking and mortgage industry expert Jan Reyes, who also transitioned to Pineapple from CIBC last year, bringing a wealth of experience and a growing team of seven brokers. Mr. Reyes stated, "Our office is owned by Realtors and located in a bustling area with heavy foot traffic. This unique setup positions us as their in-house mortgage team for their client's needs, creating a distinctive advantage to increase our revenue potential."

Anticipating a booming Manitoba market in 2024, Mr. Reyes said he plans to stand out and drive success by leveraging Pineapple's new AI tools and delivering education-focused marketing campaigns to prepare clients ahead of the market shift to seize opportunities at the right time.

Pineapple chief strategy officer Christa Mitchell added, "With decades of experience in this region, Marilyn and Jan are the ideal mortgage professionals to spearhead our efforts in this promising market. Their proven track record and understanding of the local landscape will allow them to capitalize on Manitoba's growth potential and deliver exceptional value to our clients."

Pineapple Financial is headquartered in Toronto, Ontario, with offices in six provinces across Canada housing approximately 700 brokers.

About Pineapple Financial:

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 700 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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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 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.

SOURCE Pineapple Financial Inc.