UK banking giant NatWest Group has acquired an 85% shareholding in London-based fintech firm Cushon for an undisclosed sum.
Under the deal, the management of the fintech firm will retain the remaining 15% stake.
Cushon provides workplace pensions and savings via its app with a carbon neutral default fund for UK employers. NatWest said the acquisition is in line with some of its financial wellbeing-focused services it has launched recently, such as Rooster Money which focuses on clients’ financial resilience.
Peter Flavel, chief executive of NatWest wealth businesses, said: “Cushon’s disruptive proposition will help NatWest Group achieve its strategic, purpose-led vision of helping customers save for the future and manage their financial wellbeing. On average, UK employees are due to outlive their savings by 10 years and we are committed to helping reduce this savings gap.
“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.”
Ben Pollard, chief executive and co-founder Cushon, added: “This is the next exciting chapter for a great British fintech as we join forces with a great British bank. Becoming part of NatWest Group will accelerate our plans for further technology-led innovation to improve the UK’s financial wellbeing.
“Together, we look forward to driving more positive change in workplace savings and pensions. Cushon’s cutting edge technology and socially responsible investment funds will allow even more UK savers to benefit from a convenient, great value way to save; and understand the positive impact their life-long savings can have on issues that matter, such as climate change.”
