Banking organisation Natwest Group has completed its acquisition of a majority shareholding in workplace savings and pensions fintech Cushon.
The group agreed to acquire 85% of Cushon for £144 million back in February, with 15% retained by management. It was approved by the Financial Conduct Authority (FCA) last month.
Cushon will sit as part of Natwest Group’s wealth businesses and will enable the group to provide a suite of financial wellbeing products and services to its commercial customers and their employees. It will continue to deliver its growth ambitions in the workplace pensions and savings market, its ongoing investment in the next phase of its business and its scaling to its product, engineering and growth teams.
Following a successful pilot in 2022, Cushon’s offerings will initially be soft launched in Q4 2023 to the group’s customers in their commercial and institutional and Coutts Wealth businesses through its relationship managers, with a full launch in Q1 2024.
Mo Syed, head of asset management and chief investment officer at Natwest Group will serve as the chair of the acquiring entity board, with Andy Gray, managing director of commercial mid-market at the group, also joining the board.
Peter Flavel, chief executive of NatWest’s wealth businesses, said: “We’re delighted that we can now officially welcome Cushon into Natwest group. We believe that we have a real opportunity to help our customers plan and invest better for their future, improving their financial wellbeing.”
Ben Pollard, chief executive officer and co-founder of Cushon, added: “This is the next exciting chapter for a great British fintech as we join forces with a great British bank. Together with Natwest Group, we can’t wait to drive more positive disruption and innovation in workplace savings and pensions, and help millions more people across the UK build a feel-good future.”