Toronto-based digital mortgage startup Pine has crossed a significant benchmark, managing over $1 billion CAD in active mortgages. Alongside this milestone, the company has introduced new real estate tools aimed at supporting more parts of the home-buying and ownership journey in Canada.
Since its inception, Pine has approved $3 billion CAD in mortgages for over 55,000 Canadian families. The company now oversees more than 2,500 active mortgages and serves approximately 100,000 customers nationwide. This growth has positioned Pine as one of the few digital mortgage providers still expanding in a cooling market.
Co-founder and CEO Justin Herlick described reaching the $1-billion mark as a key business objective. According to Herlick, Pine was initially designed to be self-sustaining at this scale and is now on track to double its portfolio in the coming year.
Pine is extending its offerings beyond mortgage approvals and refinancing. The company has launched Pine Homes—a real estate platform that helps users find property listings, explore financing options, and receive tailored advice. This platform is built on technology acquired from Properly, a former Toronto-based proptech company.
The product suite also includes AI-powered pre-approvals and a range of digital mortgage services such as renewals and refinancing, aiming to simplify the end-to-end experience of buying and owning a home.
Founded in 2021 by Justin Herlick and CTO Jonathan Shih, Pine started with the goal of making mortgages faster and more affordable for Canadians. Since launching publicly, the company has secured several rounds of funding to support its growth.
Pine raised $6 million in seed funding, followed by a $21 million Series A. It has since added $28 million through a mix of venture debt and equity. This includes $5 million in debt financing from Silicon Valley Bank and $23 million through equity and SAFE agreements. Backers include Inovia Capital, Intact Ventures, Greylock, Wischoff Ventures, Position Ventures, and MetaProp.
While Pine is not currently raising more capital, Herlick noted the company has several years of financial runway. The focus remains on expanding its broker network beyond Vancouver, Calgary, and Toronto to cities like Edmonton and Ottawa. Continued investment in AI and technology development is also part of the near-term roadmap.
The company is exploring additional services such as home insurance and home equity lines of credit. However, it has no plans to reintroduce home sale guarantees, a feature previously offered by Properly.
In a shifting market where other digital mortgage companies have scaled back, Pine remains one of the few continuing to grow. Competitors like Questrade and Rocket Mortgage have reduced their presence, leaving firms like Pine and Nesto to shape the future of online mortgage solutions in Canada.
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By Proptechbuzz
By Ravi Kumar
