Broker network raises capital to enhance mortgage platform
Pineapple Financial, a Canadian mortgage brokerage, has announced it will sell approximately $1 million in common shares.
The company will raise around $1 million by selling shares to an institutional investor at $0.60 each. The transaction, expected to close around November 15, will provide the company with capital before deducting fees and expenses, supporting Pineapple’s recent tech and service expansions.
D. Boral Capital LLC is handling the placement as the exclusive agent, while Sichenzia Ross Ference Carmel LLP provides US legal counsel.
Pineapple, with a network of 600 brokers, has been expanding its integrated digital platform to streamline the homebuying process.
Earlier this year, Pineapple partnered with Walnut Insurance to offer home insurance options directly on its mortgage platform, PineappleONE. This integration allows brokers to generate insurance quotes for clients at crucial points in the mortgage process, helping prevent delays by ensuring clients are covered when they need it most.
“This offering makes it super simple for applicants to receive quotes and purchase insurance within our dashboard. We see this as a significant revenue stream going forward," Pineapple Financial CEO Shubha Dasgupta said.
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"The automated PineappleONE enhancement allows brokers to effortlessly shop for property insurance across multiple providers at the most crucial moments," added Kendall Marin, president and COO of Pineapple. “It is particularly beneficial for first-time home buyers, reducing stress and simplifying the overall experience."
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