Pineapple Announces Strategic Partnership with BMO to Expand Homeownership Accessibility in Canada #CanadaFinance
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New alliance positions Pineapple for continued growth in mortgage origination with the launch of BMO BrokerEdge(TM) channel.
Toronto, Ontario–(Newsfile Corp. – November 25, 2024) – Pineapple Financial (NYSE American: PAPL) is excited to announce its strategic partnership with Bank of Montreal (TSX: BMO), one of Canada’s top financial institutions, marking a transformative step for Pineapple as BMO re-enters the mortgage broker channel through its new BMO BrokerEdge™ initiative. This collaboration positions Pineapple to further extend its influence and revenue potential in the mortgage space while providing greater access for Canadian homebuyers to BMO’s leading suite of home financing solutions.
This partnership with BMO unlock significant opportunities for Pineapple’s expansive network of agents, enhancing their ability to serve clients with competitive and flexible financing solutions from one of Canada’s most trusted financial brands. This collaboration also highlights Pineapple’s exceptional platform scalability, enabling it to onboard major Canadian lenders seamlessly and effectively supporting agents with the tools they need to accelerate growth and deepen client relationships.
Growth and Revenue Potential for Pineapple
The BMO BrokerEdge™ partnership is anticipated to be a powerful driver for Pineapple’s revenue growth, enhancing value for both agents and investors. Access to BMO’s home financing products will increase Pineapple agents’ reach, enabling them to capture a greater share of Canada’s substantial mortgage market, which was valued at nearly $1.8 trillion in 2023. As the BrokerEdge™ rollout begins, Pineapple is positioned to support this expansion, seamlessly incorporating BMO’s offerings into its advanced technology platform for brokers.
The Canadian mortgage broker channel continues to expand, with an increasing share of consumers opting for broker services, particularly among first-time homebuyers. This collaboration leverages Pineapple’s tech-driven platform, which provides brokers with real-time insights and automated services designed to optimize client experience. By empowering brokers with quick access to product options like those from BMO, Pineapple can capture new market segments, grow its origination volume, and establish its brand further in the high-growth mortgage brokerage space.
As BMO’s entry into the broker channel is projected to amplify origination volume across the industry, Pineapple’s partnership represents a distinct competitive advantage, giving investors a front-row seat to the continued expansion and modernization of the Canadian mortgage industry. With Canada’s population growing at a record pace and demand for housing accelerating, Pineapple and BMO’s alliance positions Pineapple to capture both immediate and long-term growth in mortgage origination revenues, further establishing Pineapple as a top choice for consumers, brokers, and investors alike.
Through BMO’s BrokerEdge™ platform and Pineapple’s advanced tech ecosystem, this partnership sets a new standard in the mortgage brokerage space, offering both flexibility for homebuyers and a compelling growth opportunity for stakeholders.
About Pineapple
Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of 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.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They 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 economic 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 that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It 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.
Media Contact:
For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
