27 October 2021

Challenger GB Bank gains funding and restricted banking licence

Written By FinTech Alliance

Challenger GB Bank gains funding and restricted banking licence

UK FinTech GB Bank has been awarded a licence for limited banking activities.

In Brief:

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. 

Read more here. 

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