Dan Teodosiu joins Revolut as firm continues pursuit of UK banking licence

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Revolut has made a new addition to its senior team at a significant time for the company, which is currently working towards securing a UK banking licence.

The London-based fintech and neobank has appointed Dan Teodosiu as a Non-Executive Director (NED), an experienced tech executive and entrepreneur with prior roles at Google, Microsoft and HP Labs.

Teodosiu is the founder of two Californai-based businesses, Xift and XDegrees, the latter of which was acquired by Microsoft in 2002. He would then rise up the ranks of the international computing giant over a six year period, filling the role of Director – Global Product Development Europe, between 2006 and 2008.

“Revolut is a technological force for change across many financial mediums,” he remarked. “With tens of millions of customers across the globe, all in less than a decade, Revolut’s growth shows no signs of slowing. 

“I look forward to bringing my experience as a leader in the tech industry and as an entrepreneur to a business that has broken away from its competitors and is establishing itself as a market leader.”

Teodosiu’s other prominent roles have included a tenure as Engineering Director at Google, based in Paris, between 2011 and 2012, and Chief Technology Officer at advertising services firm Critero from 2016 to 2019, also based in the French capital.

His most recent position was as CTO of identity verification platform Onfido, where he oversaw implementation of an AI solutions stack for verifying documents and conducting face matching.

Martin Gilbert, Chairman of Revolut, added: “I am thrilled to welcome Dan to the Revolut Board. Dan’s expertise and experience across multiple technology sectors further strengthens the governance and oversight of the Board. 

“Dan will undoubtedly bring fresh and practical ideas to support this, and I look forward to seeing the results of his efforts in the weeks and months to come.”

Teodosiu joins Revolut eight years after the company was first founded, a nearly decade-long period which has seen the fintech mark numerous achievements but also have to work across multiple trials and tribulations.

The firm has grown to become one of the biggest global fintech and neobanking providers, amassing a customer base of over 35 million who regularly use the platform for domestic and cross-border payments.

However, the biggest hurdle facing the firm remains in its founding market of the UK, that being its struggle to obtain a banking licence. This is something the company has pursued several regulatory and commercial routes to achieve, in the case of the latter partnering with SoftBank earlier this year.

According to a report this morning from The Standard, the company is considering changing auditors to use one of the ‘big four’’ companies, which could be the final barrier it needs to cross to obtain its much-desired UK banking licence.