Mr Rippon made the announcement via his LinkedIn page and stated that he was going “to go and enjoy life” whilst dedicating his time to his other business interest.

Mr Rippon and his wife Debbie established Barnacre Alpacas in 2007 on their farm in Northumberland, which now is home to 300 alpacas, Finextra reports.

Mr Rippon wrote: “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.”