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Rate Money is growing. The Australian non-bank lender's loans have exceeded $10 billion in loans. Now the firm, which was founded in 2019, has their eyes set on another $3 billion in 2025 alone, with plans to open more 50 locations by the end of the year.
"We've got just 10 [more]to go," Ryan Gair, co-founder and chief executive officer of Rate Money, told Australian Broker. "But success goes beyond numbers. We’re committed to strengthening our teams, enhancing franchisee support and driving operational efficiency."
The Sydney-headquartered firm, which specializes in loans for self-employed individuals, revealed the news at its annual Rate Money Gala Awards night earlier this month in Hobart, after having passed the $10 billion mark last December.
Currently, Rate Money has franchisee offices in New South Wales, Victoria, Queensland and South Australia. Gair said that for now, the focus will remain in those states.
"These regions have the strongest support systems in place to drive long-term success and sustainable expansion," he said.
"While growth remains important, our priority is building high-performing branches that deliver quality," Gair said, adding that Rate Money's intent is to "partner with franchisees who share our vision for excellence."
Gair – who founded Rate Money with Glenn Maynard and Luke Sheales – said the demand for financing and home loans among Australia's self-employed population is growing thanks to the growing number of people working for themselves (both gig workers and entrepreneurs), coupled with traditional banks' resistance to lending to borrowers with a standard nine-to-five job.
"This naturally creates a larger pool of potential borrowers," Gair said.
And with roughly 2 million self-employed people in Australia, it also creates lots of whitespace for alternative lenders.
"While the self-employed workforce continues to grow, traditional lenders still apply outdated criteria that don’t reflect modern income structures," Gair said. "Self-employed individuals often experience fluctuations in their income, making it difficult for lenders to determine consistent and reliable earnings. And traditional lenders prefer borrowers with stable, predictable income streams. Unlike salaried employees with regular payslips, self-employed individuals may have complex income structures. Lenders require extensive documentation, such as tax returns and business financial statements, which can be challenging to interpret and verify.
"Traditional lenders often perceive self-employed individuals as a higher risk due to the potential for business failure or income instability," he said. "This perception can lead to stricter lending criteria and higher interest rates.
"Surpassing the $10 billion milestone is a testament to Rate Money’s commitment to supporting self-employed Australians. Because the way people work is changing and lending needs to evolve with it," Gair said. "More Australians are choosing self-employment for flexibility, autonomy, and the ability to build something of their own. At Rate Money, we recognize that self-employed borrowers are just as creditworthy as PAYG applicants. By tailoring our products to their needs and removing unnecessary roadblocks, we’re ensuring more Australians can access the funding they deserve.”
In addition to continuing to grow Rate Money's loan and expanding its brick-and-mortar footprint, the non-bank lender is also rolling out a host of new things in 2025, including a new CRM, updated training and compliance methods, an expanded marketing strategy and the launch of a commercial division.
"To strengthen our franchise network, we've expanded our training team and introduced hands-on programs to equip franchises with the tools for success. Additionally, we've reinforced compliance and customer service teams to uphold industry-leading standards," Gair said. "A key focus is leveraging HQ systems to automate workflows and streamline processes, enabling our franchisees to achieve faster results and focus on what matters most: helping their customers and brokers succeed."
The new CRM, Lodgic 2.0, will debut in the first half of 2025, and offer reduced data entry, fewer human errors by way of automated compliance and faster processing, Gair said.
"The platform is designed to eliminate inefficiencies and drive productivity," he said. "Our goal is simple: streamline workflows, speed up approvals and give our franchisees the tools to operate at peak efficiency."
In addition, to support Rate Money's new commercial division, the firm will offer training initiatives, masterclasses and workshops to teach lending managers essential skills, such as deal structures and understanding financial and credit reports.
Lastly, Rate Money will have an expanded compliance team, in addition to new automations, which Gair said will help strengthen best practices.
"Compliance isn’t optional. It’s the foundation of our long-term success," Gair said.
"It's not just about your branch; it’s about safeguarding the entire Rate Money ecosystem. Growth isn’t just about today; it’s about building a business that stands the test of time."
