Pineapple Financial Reports Significant Growth Amid Economic Challenges | News Direct

Pineapple Financial Reports Significant Growth Amid Economic Challenges

Pineapple Financial Inc
News release by Pineapple Financial Inc

facebook icon linkedin icon twitter icon pinterest icon email icon Vancouver, Canada | May 07, 2024 01:35 PM Eastern Daylight Time


Pineapple Financial CEO Shubha Dasgupts joined Steve Darling from Proactive to announce the launch of a groundbreaking deal management system expected to propel the company's growth further. The unveiling coincides with the release of Pineapple Financial's second-quarter fiscal results for 2024, highlighting significant revenue growth and strategic expansions.

The centerpiece of Pineapple Financial's growth strategy is PineappleONE, a first-of-its-kind platform designed to revolutionize broker operations in the mortgage market. PineappleONE streamlines the entire deal process, from origination to submission, providing brokers with a comprehensive view of mortgage deal details in a single interface. The system automates time-consuming tasks such as generating lender-specific notes and assembling document packages, empowering brokers to focus on client interactions and business expansion. Notably, PineappleONE is adaptive, evolving with broker behavior, recognizing preferences, and learning from actions to enhance efficiency continuously.

Developed by Pineapple's award-winning technology team, PineappleONE is poised to drive revenue growth through accelerated deal submissions and improved acceptance rates.

Dasgupts highlighted Pineapple Financial's strong second-quarter performance, with a remarkable 59.04% year-over-year increase in revenue to $784,869. Residential mortgage loans also grew by 17.6% during the same period, reaching $314.963 million. Despite a 33.3% increase in selling, general, and administrative expenses attributed to expansion and traveling costs, the company managed to reduce its net loss by 4% to $657,456 compared to the second quarter of 2023.

Pineapple Financial reported a robust cash position of $1,339,618 as of February 29, 2024, reflecting an increase of $159,642 compared to the previous year.

Furthermore, Pineapple Financial expanded its operations by opening offices in metro Vancouver, Ottawa, Winnipeg, and Alberta during the quarter. Additionally, the company enhanced its service offerings with an improved online mortgage application for brokers and custom advertising banner management software aimed at enhancing lead conversion.

With PineappleONE's launch and strong fiscal performance, Pineapple Financial is well-positioned for continued growth and innovation in the mortgage market, solidifying its position as a leader in the industry.


Contact Details


Proactive North America


+1 604-688-8158

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