On October 5, 2023, Pine, a Toronto-based digital mortgage lender, acquired fellow tech startup Properly to broaden its services in the real estate sector. Founded in 2021, Pine transitioned from a mortgage broker to a lender, aiming to engage with homebuyers earlier in the process. Properly, established in 2018, faced market challenges and sought a sale in early 2023, engaging investment bank Raymond James to explore options. Pine entered the bidding process, culminating in a six-week negotiation.

The acquisition, closed in September, was an all-cash deal. Although the purchase price remains undisclosed, Pine acquired all interests in Properly Homes Inc., including its brokerages and home search platform. This acquisition followed a separate transaction where Properly sold its Sales Assurance IP to US-based Compass.

Properly's co-founders, including Anshul Ruparell, are not joining Pine. The acquisition will see some Properly team members integrated into Pine. Pine’s CEO, Justin Herlick, expressed ambitions to create Canada’s top real estate website, akin to Zillow in the US.

Legal advisors for the deal were undisclosed, but Pine aims to integrate Properly’s platform with its mortgage services, maintaining both brands separately for now. Pine has secured $40 million in funding from investors including Greylock and Inovia Capital. Despite economic challenges, Pine has seen record revenue growth, attributed to strategic efficiency and avoiding overhiring.