Monzo co-founder exits to spend more time with...alpacas

Monzo co-founder and deputy CEO Paul Rippon is standing down from a formal role with the digital bank, just shy five years since its launch.

Rippon, who is 48 and a financial services veteran, says he will be focusing mainly on a new venture set up by his wife focusing on alpaca farming in Northumberland.

In a post on LinkedIn, Rippon said: "Why did I leave? Simple, to go and enjoy life. At 48 years young I’ve been working in financial services for 27 years and working away from home for the last 8 years. Building a fast-growing bank takes its toll and even reducing my ‘work hours’ didn’t reduce the cognitive and emotional overhead."

Rippon (pictured right) started Monzo after leaving rival Starling Bank where he was chief risk officer from 2014-15. Previous to this he was head of operations at AIB.

At Monzo, where initially he was chief risk officer also, he led the firm's acquisition of a banking license.

Rippon said: "It’s been my privilege to co-found Monzo back in February 2015 and serve as Deputy Chief Executive. It’s now time for others to enjoy the next stage of the journey to help money work for everyone."