We propose a simple renormalizable grand unified theory based on the $SU(5)$ gauge symmetry where the neutrino masses are generated at the quantum level through the Zee mechanism. In this model the same Higgs needed to correct the mass relation between charged leptons and down-type quarks plays a crucial role to generate neutrino masses. We show that in this model one can satisfy the constrains coming from the unification of gauge couplings and the mechanism for neutrino masses is discussed in detail. The predictions for proton decay are discussed in order to understand the testability at current and future experiments such as Hyper-Kamiokande. This simple theory predicts a light colored octet which could give rise to exotic signatures at the LHC.
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