UK FinTech GB Bank has been awarded a licence for limited banking activities.
GB Bank is aimed at property developers in regions in the North of England that are currently underserved.
It has also gained £28mn funding.
The startup aims to lend £3bn over the next five years.
What does this mean?
Chaired by the alpaca farming ex co-founder of Starling and Monzo, Paul Rippon, the bank aims to help boost property development in regions like Yorkshire.
It’s been awarded a provisional licence which Rippon says “if a real testament to what the team has delivered so far”. GB Bank’s founders are Stephen and Emma Black and Stephen Lancaster.