PineappleONE Adoption Boosts Broker Efficiency, Leading to a 22.72% Increase in Loan Origination to $377 Million

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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.