Saturday, April 13, 2024

NatWest completes £144m Cushon acquisition


NatWest has finished its acquisition of a majority shareholding in office financial savings and pensions fintech Cushon.

The financial institution agreed to procure 85% of Cushon for £144m In February, with 15% retained by way of Cushon control.

The purchase was once due to this fact licensed by way of the FCA in Would possibly.

NatWest stated the purchase “fuels sustainable enlargement and diversifies non-interest source of revenue streams.”

It stated the purchase supplies NatWest with a tech-enabled suite of monetary wellbeing services to provide its industrial consumers and, because of this, their consumers’ staff.

Cushon’s number one merchandise are its office pension and vary of office ISAs, together with junior ISAs, lifetime ISAs and basic funding accounts.

Its office pension provides an funding technique designed to power down the financed CO2 emissions of shoppers’ investments.

Following a pilot in 2022, the Cushon proposition will probably be presented to NatWest’s industrial consumers of their industrial & institutional and Coutts Wealth companies, throughout the financial institution’s dating managers.

The proposition will probably be cushy introduced in the fourth quarter of 2023 with a complete release in the primary quarter of 2024.

Cushon will proceed its natural enlargement ambitions within the office pensions and financial savings marketplace, in addition to distributing to NatWest industrial consumers.

Peter Flavel, leader govt of NatWest’s wealth companies, stated: “We’re overjoyed that we will now formally welcome Cushon into NatWest Staff. We consider that we’ve got an actual alternative to lend a hand our consumers plan and make investments higher for his or her long run, making improvements to their monetary wellbeing.”

Ben Pollard, CEO and co-founder of Cushon, stated: “That is the following thrilling bankruptcy for a super British fintech as we sign up for forces with a super British financial institution. Along side NatWest Staff, we will’t wait to power extra sure disruption and innovation in office financial savings and pensions.”


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