Sale of Cushon to NatWest Group
Torch Partners has acted as financial adviser to Cushon on its sale to NatWest Group (LSE:NWG), who will acquire 85% of the business for £144m, with 15% retained by Cushon management. Cushon’s shareholders include Augmentum Fintech plc, Europe’s leading publicly listed fintech fund, and Ashgrove Capital LLP, a specialist investor in the software and services sectors.
Founded in 2015, Cushon is an award winning, London-based fintech whose mission is to improve people’s financial futures through healthier savings habits, making saving for the future easier and more rewarding. Cushon offers a holistic workplace pension and savings app with a carbon neutral default fund for UK employers.
Cushon currently has over 500,000 customers with £1.8 billion of assets under management. Its corporate clients include 250 well known blue-chip companies including many of the FTSE 100. Its primary products are its workplace ISA and master trust pension - which offers an investment strategy designed to drive down the financed CO2 emissions of customers' investments. Cushon also provides Junior and Lifetime ISAs, as well as a general investment account.
The intended acquisition will therefore provide NatWest Group with a workplace pensions and savings proposition, enabling the group to offer a new suite of financial wellbeing services to its commercial mid-market customers and, consequently, to their employees. Cushon will continue its organic growth ambitions in the Workplace Pensions and Savings market, in addition to distributing to NatWest commercial customers.
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