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.
The transaction remains subject to regulatory approval and is expected to close later in 2023.
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