Toronto, Ontario--(Newsfile Corp. - August 21, 2024) - Pineapple Financial Inc. (NYSE American: PAPL), a leading Canadian fintech company, today announced early-stage success showcasing the transformative impact of its PineappleONE platform. Designed to streamline mortgage processing, PineappleONE has significantly increased broker efficiency, resulting in a substantial rise in loan volumes and revenue for the company.
Key Findings:
Pineapple Financial's internal analysis revealed that brokers utilizing PineappleONE experienced a 32% reduction in deal processing time due to the platform's advanced automation features. This efficiency boost directly contributed to a 22.72% growth in mortgage loan volumes in Q3 fiscal 2024, with the company generating $377.64 million in residential mortgages, up from $307.73 million in the same period last year.
Additionally, the platform's automation capabilities-such as document management, automated lender submissions, and real-time client updates-enabled brokers to handle more transactions with greater accuracy. This increased efficiency led to a 20.43% rise in revenue, with Q3 fiscal 2024 revenue reaching $736,448, compared to $603,231 in Q3 fiscal 2023.
Shubha Dasgupta, co-founder and CEO of Pineapple Financial, commented on the platform's impact, stating, "PineappleONE has proven to be a game-changer for our brokers. By automating key aspects of the mortgage process, we've not only reduced the time brokers spend on administrative tasks but also improved their ability to close deals faster. This early data clearly demonstrates the direct correlation between increased efficiency and our impressive loan volume and revenue growth."
Efficiency Drives Revenue:
The findings further highlighted that brokers who fully adopted PineappleONE's features saw their individual loan volumes increase by an average of 28%, with some top-performing brokers reporting a 37.5% reduction in time spent per transaction. This efficiency not only allowed brokers to take on more clients but also enhanced client satisfaction, leading to higher referral rates and repeat business.
As a result, Pineapple Financial has not only grown its mortgage originations but also strengthened its market position by enhancing broker productivity and client outcomes. The success of PineappleONE has set a new standard in the mortgage industry, showcasing the potential of technology to drive both operational efficiency and financial performance.
Continued Innovation:
Building on this success, Pineapple Financial is committed to further enhancing PineappleONE with additional features aimed at increasing automation and broker support. The company plans to introduce AI-driven tools to optimize lead management and client retention, further empowering brokers to maximize their productivity and revenue potential.
"We are just beginning to tap into the full potential of PineappleONE," added co-founder and COO, Kendall Marin. "As we continue to innovate and expand the platform's capabilities, we expect even greater efficiencies and financial gains for our brokers and our company."
About Pineapple Financial Inc.
Pineapple Financial Inc. 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.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. 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, including the expectation that the Offering will be successfully completed. 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.
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Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
Media Contact:
For media inquiries, please contact Alexandria Guo, Marketing Manager at Pineapple
Email: alexandria@gopineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple
Email: shubha@gopineapple.com
Phone: +1 (416) 669-2046
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220622
SOURCE: Pineapple Financial Inc.
