Pineapple Financial (PAPL), a Toronto-based fintech listed on NYSE American, has introduced a mortgage tokenization platform and initiated the conversion of loan records into digital assets on the Injective blockchain, as per a press release on Wednesday.
The company described this initiative as a means to consolidate loan information that is usually scattered across various documents and internal systems into a secure, auditable dataset suitable for everyday operations.
Tokenization involves transforming real-world assets—such as stocks, bonds, real estate, private equity, and loans—into digital tokens that are documented on a blockchain.
Pineapple indicated that it has already transitioned over 1,200 previously issued mortgage files onto the blockchain, encompassing approximately $412 million (C$570 million) in financed mortgage volume.
In the upcoming months, the fintech plans to migrate its complete historical portfolio of more than 29,000 funded mortgages, totaling around $10 billion (C$13.7 billion), while continuously adding new originations.
According to the firm, each tokenized record encompasses over 500 data points, which could enhance workflow efficiencies, facilitate automated verification and real-time auditing, and improve risk modeling as well as compliant data sharing with institutions.
As part of this launch, the lender is developing two products based on the tokenized dataset: a permissioned Mortgage Data Marketplace designed to ensure compliant access to anonymized loan-level information for benchmarking and analytics, and Pineapple Prime, a planned offering that will provide onchain access to mortgage-backed yield opportunities.
The company has also established a tokenization landing page featuring a real-time metrics tracker that updates as new mortgage assets are created onchain.
Pineapple CEO Shubha Dasgupta stated in the release that the objective is to enhance transparency and efficiency while enabling innovative products.
“Pineapple has employed some of the most sophisticated security measures within the mortgage sector to safeguard client data throughout the entire process,” Dasgupta mentioned in an email.
“Our strategy incorporates enterprise-level encryption, current identity and access controls, ongoing monitoring, and secure data governance to ensure that mortgage information remains protected at each stage of its lifecycle,” he added.
The platform furnishes over $2.2 billion (C$3 billion) annually in funding and operates a Canadian mortgage brokerage network, offering cloud-based solutions and AI-driven technologies for brokers.
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