NatWest Group snaps up UK fintech Cushon for £144m
NatWest Group is set to acquire an 85% stake in UK-based workplace savings and pensions fintech Cushon in a deal worth £144 million.
NatWest acquires Cushon for £144m
The acquisition will enable NatWest to offer its commercial customers and their employees a new suite of financial wellbeing products as the bank looks to “help meet customers’ changing needs at every stage of their lives and support greater financial resilience”.
Cushon, whose stated mission is “to lead a tech-revolution of UK pensions” whilst having “a positive impact on society”, offers pensions and savings products via a mobile app. Its Master Trust workplace pension offers an investment strategy built to drive down the financed carbon emissions of customers, with a focus on sustainability and social impact. The fintech also offers financial education services and one-to-one financial check-ups to employees.
“On average, UK employees are due to outlive their savings by 10 years and we are committed to helping reduce this savings gap,” says Peter Flavel, chief executive of NatWest Wealth Businesses.
“We believe Cushon’s engaging, app-first pension will help customers by moving their pension and workplace savings schemes from a compliance burden to an employee benefit.”
NatWest says its latest acquisition is part of a wider initiative to provide financial wellbeing services to its customers following its purchase of RoosterMoney, a child banking start-up, in October 2021.
