NatWest has completed the acquisition of a majority shareholding in pensions fintech firm, Cushon.
In February, NatWest agreed to acquire 85% of Cushon for £144m, with 15% retained by Cushon management. This acquisition was subsequently approved by the FCA in May.
With FCA approval for a change in control received in May and the acquisition process completing today, Cushon is now part of the NatWest Group within the Wealth Businesses. For NatWest, Cushon is a strategic acquisition that fuels sustainable growth and diversifies non-interest income streams.
Cushon’s primary products are its workplace pension and range of workplace ISAs, which include Junior ISAs, Lifetime ISAs and general investment accounts. Its workplace pension offers an investment strategy designed to drive down the financed carbon dioxide emissions of customers' investments.
Following a pilot phase in 2022, the Cushon proposition will initially be offered to NatWest’s commercial customers in their commercial and institutional and Coutts Wealth businesses, through the bank’s relationship managers. Cushon is expecting this proposition to be soft launched in Q4 2023 with a full launch in Q1 2024.
“We’re delighted that we can now officially welcome Cushon into NatWest,” said chief executive of NatWest’s wealth businesses, Peter Flavel. “We believe that we have a real opportunity to help our customers plan and invest better for their future, improving their financial wellbeing.”
Cushon CEO and co-founder, Ben Pollard, 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. What a great success story for the UK fintech sector.”
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