It's always interesting to check in with mortgage fintechs like Pine. After all, if investors like Greylock Partners, Inovia Capital and Intact Ventures value the company at $75 million and hand them $30 million, they must be doing something unique.
On Sept. 11, Pine unfurls itself nationally across Canada—everywhere but Quebec (possibly because of the nightmarish red-tape, language rules and compliance environment in the province).
The company sells an ultra-low rate and targets a younger demographic with its simple, fast process. Two out of three customers breeze through its whole application on their smartphones, the company says.
I recently spoke with Co-founder Justin Herlick, who just came off his best month ever since opening the doors in January 2022. My goal: Peek under the hood and see what's making the Pine tree grow.
We dug up four notable takeaways: