Pineapple

What Pineapple does

Pineapple Financial Inc. is a Canadian mortgage brokerage and fintech platform headquartered in Toronto, founded in 2016 by Shubha Dasgupta, Kendall Marin, and Drew Green, and publicly listed on NYSE American under the ticker PAPL since November 1, 2023. The company operates a network of 700+ individual mortgage brokers/agents and 20+ partner brokerages across Canada, with multi-provincial licences (Ontario 12830, BCFSA, AMF, RECA, Saskatchewan, Nova Scotia) and a Western Canada regional hub in Coquitlam, BC. Its core offering is a single sign-on, Salesforce-powered broker platform called Pineapple Core that consolidates CRM, compliance, payroll, training (Pineapple Juice LMS), document management, and deal origination into one Google Workspace login, augmented by a mobile CRM (MyPineapple / Pineapple+), an online mortgage application, and a document portal.

The company generates revenue primarily through mortgage origination commissions paid by lenders (FY2025 revenue of $3.0M, Q2 fiscal 2026 revenue of $0.7M against $3.3M gross billings), with ancillary income from underwriting service fees ($500/transaction for higher-split agents) and a $100M Injective (INJ) Digital Asset Treasury launched in September 2025 targeting approximately 12% passive yield from staking. A mortgage tokenization platform launched in December 2025 converts the company's $13.7B mortgage portfolio into digital assets on the Injective blockchain, with $716M+ CAD initially tokenized. The company sells to three primary customer segments: Canadian homeowners (first-time buyers, current owners, investors, newcomers) reached through a direct-to-consumer online channel, individual mortgage brokers/agents recruited into the Pineapple network, and partner brokerages that join the affiliate channel. Its distribution is supported by content marketing, organic social, events (Xchange with 600+ attendees, CoinDesk Consensus, D. Boral Capital), and an extensive public-relations footprint including FinTech TV, Cheddar News, and Global News.

Operationally, Pineapple has reported a 50%+ reduction in monthly cash burn, $1.5M+ annualized cost savings, and a Q2 2026 adjusted EBITDA of $0.4M versus a prior-year loss, alongside an expanded share repurchase program of up to $15M. However, an explanatory paragraph in the March 30, 2026 audit report cited uncertainty about the company's ability to continue as a going concern. Strategic priorities now span operational efficiency in the core brokerage, scaling Maui AI-driven agent recruitment, and the institutional build-out of the INJ digital asset treasury supported by Crypto.com, Kraken, FalconX, Monarq Asset Management, and Canary Capital.

Name

Pineapple

Legal name

Pineapple Financial Inc.

Website

https://gopineapple.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Pineapple Financial Inc. is a Canadian mortgage brokerage fintech operating a network of 700+ brokers and 20+ partner brokerages across Canada, built on a Salesforce-powered Pineapple Core platform, with a recently launched $100M Injective Digital Asset Treasury and mortgage tokenization initiative.

Ownership category

akta.pro rank

Product category

Mortgage Brokerage Services

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Portfolio Management and Investment Advice (523940)

SIC

Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163)

akta.pro primary industry

Retail Residential Mortgage Brokers (Purchase & Refinance) (FSALABAA)

akta.pro secondary industry

Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB)

Keywords

• Mortgage brokerage services
• Mortgage origination platform
• Mortgage technology solutions
• Mortgage tokenization services
• Digital asset treasury

Headquarters

HQ city

North York

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Mortgage Brokerage Commissions: Pineapple generates revenue from mortgage origination commissions paid by lenders when brokers in the Pineapple network fund loans. Q2 2026 gross billings were $3.3M and revenue was $0.7M. Brokers are paid out 100% of funds received from lender partners via same-day pay.
2. Underwriting Services Fees: Pineapple offers in-house underwriting and cross-Canada submission services that take deals from submission to close. Free for new agents with 65/35 or under splits; $500/transaction for higher splits. May also generate fees from third parties.
3. Digital Asset Treasury Yield: Yield generated from staking INJ tokens (targeting 6.14% annual staking reward, with overall passive yield estimated at approximately 12%). Pineapple's DAT program is supported by institutional-grade infrastructure partners.
4. Mortgage Tokenization Platform: Real-world mortgage data tokenization on the Injective blockchain, with plans to migrate the $13.7 billion mortgage portfolio. Future revenue potential from tokenized mortgage data products.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels9 records

Core offering

Pineapple Financial Inc. operates a Canadian mortgage brokerage network providing residential mortgages, refinances, purchases, and private mortgages through a network of 700+ brokers/agents and 20+ partner brokerages. The company supports brokers with a proprietary integrated technology platform (Pineapple Core) for CRM, compliance, training, and deal management, and increasingly operates a digital asset treasury strategy and a mortgage tokenization platform built on the Injective blockchain.

Product overview

Pineapple operates a platform-plus-modules architecture built around Pineapple Core, a Salesforce-powered, single-sign-on broker platform that consolidates lead, deal, document, training, and compliance workflows. Layered on this core are the MyPineapple / Pineapple+ mobile CRM app, the Pineapple Juice LMS, Maui AI, the Pineapple Doc Portal, and a customizable online mortgage application — together forming the data-driven "full circle" broker system. Operational services — Pineapple Underwriting, the Pineapple Counsellor mentorship program, the Horizons+ recognition club, and the Brokerage Partner network — extend the platform to brokers and partner brokerages, while the Mortgage Tokenization Platform and the INJ Digital Asset Treasury represent Pineapple's newer blockchain and digital asset products, supported by the Pineapple Digital Assets sub-brand (pineappledigitalassets.com).

Differentiator

Problem solved

Functional benefit

Brands

• Pineapple Core: All-in-one broker platform integrating CRM, training, document portal, and deal management for mortgage brokers.
• Pineapple+
• MyPineapple
• Pineapple Digital Assets
• Pineapple Juice
• Pineapple Horizons+
• Maui AI

Products and services

• Pineapple Core A single-sign-on, full-circle broker platform that consolidates lead and client management, website management, document management, digital training, and policies/compliance for mortgage brokers; reduces new-broker onboarding time to 15 minutes.
• MyPineapple / Pineapple+ Mobile App Customizable mobile app providing quick access to leads, deals, digital document collection, automated reporting, and email marketing for mortgage brokers on the go.
• Pineapple Juice LMS Dedicated 24/7 learning management system offering hundreds of hours of step-by-step interactive online training for mortgage brokers covering company tools, market knowledge, and lender products.
• Maui AI Ground-breaking AI technology that improves the homebuying experience for brokers and homeowners, also used for AI-powered recruitment and onboarding of new agents.
• Pineapple Online Mortgage Application Customizable online mortgage application embedded in each broker's Pineapple website with data capture, automated field population, and pre-qualification tool that produces a downloadable PDF for homeowners.
• Pineapple Doc Portal Secure online document uploader that allows both brokers and clients to upload, file, and organize deal documents with real-time status updates and email notifications.
• Pineapple Underwriting In-house underwriting service that handles commitment packages, conditions, closing, and compliance on behalf of brokers, with one portal for status updates from all lenders and full file visibility across Canadian provinces. Free for new agents with 65/35 or under splits; $500/transaction for higher splits.
• Brokerage Partner Network Affiliate and franchise program offering top-tier lender access, compliance administration, hiring packaging, insurance waivers, and underwriting services to 20+ partner brokerages across Canada.
• Mortgage Tokenization Platform Platform that converts Pineapple's $13.7 billion mortgage portfolio into digital assets on the Injective blockchain, initially including over $716 million CAD in tokenized mortgages, bringing real-world mortgage data on-chain.
• Digital Asset Treasury (INJ) $100 million Injective (INJ) token treasury strategy making Pineapple the first publicly traded company to hold INJ on a national exchange, targeting approximately 12% passive staking yield with a real-time public DAT dashboard.
• Real-time DAT Dashboard Public real-time Digital Asset Treasury dashboard providing transparent, updated metrics on Pineapple's digital asset holdings and INJ treasury valuation.

Quantifiable outcome

• 1,049,874 tasks generated for brokers
• +12 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability10 records

Feature7 records

Partnerships

30 partnerships are on record, tiered core, flagship and minor.

• SalesforcecoreTechnology or IntegrationPineapple's technology platform is 'Powered by Salesforce'. Underpins the MyPineapple CRM and broader Pineapple Core integrated platform for brokers.
• EquifaxcoreTechnology or IntegrationStrategic technology collaboration providing credit data and analytics integration into Pineapple's mortgage broker platform.
• GooglecoreTechnology or IntegrationStrategic technology collaboration. Pineapple Core offers single sign-on to all tools through Google Workspace.
• Crypto.comcoreTechnology or IntegrationStrategic partnership to support Pineapple's $100 million Injective Digital Asset Treasury. Crypto.com provides custody and staking services for INJ assets, enabling secure storage and management for institutional participation. Announced October 2025.
• Injective FoundationflagshipStrategic or Co-development PartnerDeep strategic alliance. Three Injective Foundation members appointed to Pineapple's Digital Asset Treasury Advisory Board (November 2025). Foundation introduced a protocol upgrade in January 2026 that doubled INJ token deflation via accelerated buyback and burn. Pineapple is the first publicly traded INJ holder on a national exchange. Mortgage portfolio tokenization is built on the Injective blockchain.
• Monarq Asset ManagementcoreStrategic or Co-development PartnerEngaged in March 2026 (expanding an existing relationship after Pineapple's $100M private placement) to lead the Digital Asset Treasury yield strategy and portfolio construction. Monarq oversees allocation framework, staking yield optimization, and operational execution within Pineapple's liquidity and governance controls.
• Canary CapitalcoreStrategic or Co-development PartnerAppointed April 2026 as a strategic advisor for the Digital Asset Treasury strategy. Previously participated in Pineapple's private placement. Advises on treasury allocation, deployment pacing, and market dynamics.
• KrakencoreTechnology or IntegrationInstitutional-grade infrastructure partner supporting Pineapple's Digital Asset Treasury program for INJ trading and custody.
• FalconXcoreTechnology or IntegrationInstitutional-grade infrastructure partner supporting Pineapple's Digital Asset Treasury program for INJ trading and execution.
• KCSA Strategic CommunicationsminorGTM or Marketing PartnerInvestor relations firm hosting Pineapple's Q2 2026 earnings call and facilitating one-on-one meetings at investor conferences (e.g., D. Boral Capital Global Conference).
• Shoreline MortgagesminorChannel Partner/ Reseller/ DistributorPartner brokerage in St. John's, NL (95 Bonaventure Ave, Suite 100). Part of Pineapple's brokerage network.
• APlus Mortgage GroupminorChannel Partner/ Reseller/ DistributorPartner brokerage in St. John's, NL (10 Austin Street). Part of Pineapple's brokerage network.
• Perfect MortgagesminorChannel Partner/ Reseller/ DistributorPartner brokerage in Mississauga, ON (34 Lakeshore Road East, Licence #10389). Part of Pineapple's brokerage network.
• MCommercialminorChannel Partner/ Reseller/ DistributorPartner commercial brokerage in Saint-Laurent, QC (402-6505 Trans Canada Route, Licence #12020). Part of Pineapple's brokerage network.
• Finc LendingminorChannel Partner/ Reseller/ DistributorPartner brokerage in Alton, ON (20511 Main Street, Licence #13469). Part of Pineapple's brokerage network.
• Greenhouse MortgageminorChannel Partner/ Reseller/ DistributorPartner brokerage in Burlington, ON (300-5500 North Service Road, Licence #13468). Part of Pineapple's brokerage network.
• iLend CapitalminorChannel Partner/ Reseller/ DistributorPartner brokerage in Mississauga, ON (3608 Fortune Place, Licence #13289). Part of Pineapple's brokerage network.
• Lendmore FinancialminorChannel Partner/ Reseller/ DistributorPartner brokerage in Innisfil, ON (1398 Lawson Street, Licence #13487). Part of Pineapple's brokerage network.
• TK Dale WealthminorChannel Partner/ Reseller/ DistributorPartner brokerage in Newmarket, ON (261 Plymouth Trail, Licence #13359). Part of Pineapple's brokerage network.
• Wisdom Mortgage GroupminorChannel Partner/ Reseller/ DistributorPartner brokerage in Oshawa, ON (213-285 Taunton Rd E, Licence #13504). Part of Pineapple's brokerage network.
• Canadian Lending HouseminorChannel Partner/ Reseller/ DistributorPartner brokerage in Delta, BC (Suite 306 - 8425 120 Street, Licence #MB600929). Strategic alliance with Pineapple to offer mortgage services in Western Canada, announced end of May 2023.
• CRE Capital Canada Inc.minorChannel Partner/ Reseller/ DistributorPartner brokerage in North York, ON (2885 Bayview Avenue, Suite 1423, Lic. M08007280). Part of Pineapple's brokerage network.
• PrimeRock CapitalminorChannel Partner/ Reseller/ DistributorPartner brokerage in Windsor, ON (445 Pelissier Street, Lic. 13634). Part of Pineapple's brokerage network.
• Reign Mortgage Group Inc.minorChannel Partner/ Reseller/ DistributorPartner brokerage in Oshawa, ON (13-285 Taunton Rd E, Lic. 13652). Part of Pineapple's brokerage network.
• Top Notch Financial ServicesminorChannel Partner/ Reseller/ DistributorPartner brokerage in Maple, ON (11 Melia Lane, Lic. 13591). Part of Pineapple's brokerage network.
• Newcastle FinancialminorChannel Partner/ Reseller/ DistributorPartner brokerage in Toronto, ON (112 Avenue Road, Upper Level, Lic. 3522). Part of Pineapple's brokerage network.
• Mortgage Made BetterminorChannel Partner/ Reseller/ DistributorPartner brokerage in Toronto, ON (5-11 Progress Ave, FSRA Lic 13747). Part of Pineapple's brokerage network.
• Luxe Lending CorpminorChannel Partner/ Reseller/ DistributorPartner brokerage in Niagara Falls, ON (4551 Zimmerman Avenue, Lic. 13555). Part of Pineapple's brokerage network.
• The Poised Investor Financial Inc.minorChannel Partner/ Reseller/ DistributorPartner brokerage in Concord, ON (2008-290 Caldari Road). Part of Pineapple's brokerage network.
• Mortgage MagicminorChannel Partner/ Reseller/ DistributorPartner brokerage in Scarborough, ON (102-2425 Eglinton Avenue East). Part of Pineapple's brokerage network.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Dominion Lending Centres: Canada's largest national mortgage brokerage network, franchising brokers across the country. Highly comparable to Pineapple's partner brokerage model and lender panel access, though operating at significantly larger scale and a different ownership structure.
• nesto: Canadian digital mortgage lender and brokerage that operates a cloud-based platform connecting borrowers to multiple lenders. Directly comparable to Pineapple's homeowner-facing online application, mortgage calculators, and multi-lender broker distribution model in Canada.
• Mortgage Architects: Canadian mortgage brokerage network offering affiliated brokers access to lenders, technology, and operational support. Comparable to Pineapple's Brokerage Partner Network (20+ partner brokerages) and the technology-enabled franchise-like broker model.
• M3 Financial Group: Canadian mortgage brokerage with a network of affiliated brokers and access to multiple lenders. Operates a similar franchise-style model with technology and training support, comparable to Pineapple's Pineapple Core platform and Counsellor Program.
• Verico: Canadian mortgage brokerage network providing brokers with lender access, marketing, and operational infrastructure. Comparable to Pineapple's partner brokerage program and multi-provincial licensing footprint.

Broad incumbents

• Rocket Companies: U.S. mortgage fintech giant operating Rocket Mortgage and a broad consumer-direct origination platform. Comparable in technology-driven mortgage origination, AI-driven workflow automation, and same-day funding capabilities, though operating at vastly larger scale and in the U.S. market.
• Wealthsimple: Canadian consumer fintech platform offering investing, trading, and adjacent financial services. Comparable as a high-growth Canadian fintech brand serving retail consumers with technology-first experiences, though not directly in mortgage origination.
• Questrade: Canadian online brokerage and fintech serving retail investors with a self-directed platform. Comparable as a Canadian fintech incumbent using technology to disintermediate traditional financial intermediaries, with overlapping target customer demographics.

Others

• MicroStrategy: Publicly traded company that pioneered a corporate treasury strategy of holding and staking a single crypto asset (originally Bitcoin). Comparable to Pineapple's Digital Asset Treasury strategy as the canonical precedent for a public company converting its balance sheet into a crypto-asset narrative.

Emerging players

• Better.com: U.S. digital mortgage lender with technology-led origination and an AI-forward product vision. Comparable to Pineapple's Maui AI and Pineapple Core technology stack for digital mortgage experiences, though operating in the U.S. and at a different growth stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCWTVAaTHiqzuausr8XJjgfQ
• Facebookfacebook.com/pineapplemortgage
• LinkedInlinkedin.com/company/pineapplemortgage
• Instagraminstagram.com/pineapplemortgage

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries20 records

Funding overview

Funding rounds4 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pineapple