Financial service provider Pineapple Financial said it went public on New York Stock Exchange (NYSE American), on Wednesday. The Canadian firm said it is the first to launch an initial public offering (IPO) at NYSE.
The brokerage firm said with the capital raised from IPO, it will use the fund for growth initiatives, research and development, and expansion into new product offerings and technology infrastructure.
This initial offering will allow the firm to develop new digital innovations in mortgage industry that will increase productivity and efficiency across all channels, as well as to provide a smother customer experience for its service users, said the firm.
The finance company also said it will expand its services to Canada while adding insurance as a product offering to customers. Additionally, the firm said it will dwell on artificial intelligence (AI) and machine learning (ML) to create new opportunities for stakeholders and the company’s growth.
“The decision to go public was driven by our vision to expand market reach, accelerate growth initiatives, and capitalize on new opportunities,” said Shubha Dasgupta, chief executive of Pineapple.
Pineapple Financial is going public after the recent change of its financial chief. In early June, the firm appointed Sarfraz Habib as its new CFO, with an aim to accelerate and expand its business.
The Canada-based Pineapple Financial is involved in mortgage industry, utilizing cloud-based tools and AI-driven systems to enable brokers help its customers buy a home.
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