Paul Rippon, who co-founded mobile-only bank Monzo, has joined the board of Northern bank GBB as non-executive chair, subject to regulatory approval.

GBB aims to support entrepreneurs across the North of England and fund the build of thousands of new homes.

Rippon co-founded mobile-only bank Monzo in 2015, hitting the headlines when it achieved the fastest ever crowdfunding round in just 96 seconds. Today the bank has over 4m customers and was recently valued at £2bn. He stepped down from Monzo earlier this year.

Rippon’s experience spans 28 years and roles at eight banks and building societies in the UK and Ireland, including risk director, head of banking and deputy chief executive. He has worked in PLC, mutual, nationalised, private, charity and venture capital-funded institutions. Paul has also served on several boards and sub-committees.

Mr Rippon said:

“Six months ago I stepped down from Monzo in order to dedicate more time to enjoying life. While I needed time to recharge, I said I intended to come back to banking. Around 200 opportunities came my way which was very flattering and I wanted something that would span business, banking and provide a way to help others from more humble beginnings like me.

“Following meetings with the team, I saw and liked the business model which allows GBB to build new homes and businesses and deliver safe and fair savings in a modern and sustainable way. The combination of leading-edge technology and relationship managers on the ground to provide support to customers is what property developers are in desperate need of. The plan is now to bring my entrepreneurial expertise, storytelling and coaching abilities to bear as we secure the banking licence and build out the bank.”

GBB will operate across the North of England from its headquarters in Newcastle. After already raising over £10m from investors mostly in the North, GBB has made great progress with its banking licence and hopes to receive it before the end of this year.

Upon launch, the bank will offer secured property development loans of between £1m and £5m, with 90% of lending supporting regional property developers, small and medium-sized businesses and construction companies.

Steve Deutsch, GBB’s Chief Executive Officer, said:

“This is a coup for GBB and indeed the North East where we are based. Paul’s expertise is second to none and comes at a critical time as we fundraise and move, upon receipt of our licence, to be fully operational. Paul joining us at this point in time is testament to the strength of the offer and wider management team and we’re thrilled to be working with him.”