Rate Money continues to expand its national footprint.
The non-bank lender has opened a new Queensland branch in the Brisbane suburb of Mount Gravatt with Ruchir Kakkar at the helm. The move marks Rate Money's fourth Queensland location and its plans to expand its network nationwide.
"Queensland continues to experience strong population and business growth, creating increasing demand for lending specialists who understand the unique needs of self-employed Australians," said Ryan Gair, co-founder and chief executive officer of Rate Money. "Opening our fourth Queensland branch demonstrates our confidence in the market and our commitment to building a strong local presence that supports customers, referral partners and ambitious lending professionals alike.
"We're building more than a branch network; we're creating opportunities for talented lending professionals to own successful businesses backed by proven systems, specialist expertise and a brand with a clear point of difference," Gair added.
Ruchir Kakkar
Kakkar, who was recently added to the Rate Money mix, said: "I was excited to work with a brand that is dedicated to supporting self-employed customers with their lending needs while also having the opportunity to lead as a branch principal.
"I'm looking forward to building strong local relationships, expanding my network and helping more business owners achieve their financial goals," he added.
The Mount Gravatt branch opening and addition of Kakkar to the team is the latest in a string of senior-level hires at Rate Money. Earlier this year, the non-bank hired Robert Cannizzaro as head of risk and compliance, and Frank Knez as chief marketing officer, both reporting directly to Gair. Those hires followed the onboarding of La Trobe and MA Money alum Chris Oh as senior manager, credit development, and Resimac Leyla Yuksel as partnership manager, NSW in May. In addition, in January, the firm appointed Affie Mansouri as its new NSW state manager.
Gair told Australian Broker that as Rate Money continues to scale, "it's important we have the right leadership in place to support the next stage of our journey."
But Rate Money's growth includes more physical locations. The non-bank — which was founded in 2019 by Gair, along with Glenn Maynard and Luke Sheales — now has more than 40 branches around the country. Most recently, Rate Money entered the market in Western Australia. That's on top of franchisee offices in New South Wales, Victoria, Queensland and South Australia. In addition, the Sydney-headquartered firm, which specializes in loans for self-employed borrowers, grew its loan book to more than $10 billion last year. Now the non-bank has its sights set on an even bigger loan book while inching closer to 50 branches by the end of 2026.
