NatWest has agreed to acquire 85% of workplace savings and pensions fintech business Cushon for £144 million (PA)
(Picture: PA Wire)NatWest has agreed to acquire 85% of workplace savings and pensions fintech business Cushon for £144 million.
The banking giant said the acquisition of a majority shareholding in Cushon - which offers products including a workplace ISA and master trust pension - would allow it to expand into the workplace savings space.
“By combining the scale, experience and expertise of NatWest Group with Cushon’s innovative workplace savings and pensions products, this acquisition allows us to enhance our services to commercial customers and support the financial wellbeing of their staff,” NatWest CEO Alison Rose said.
“Core to our purpose-led strategy is supporting customers at every stage of their lives, and by entering this fast-growing market we are equipping ourselves with the tools to develop a proposition which responds to our customers’ changing needs whilst delivering value-driven sustainable growth and returns.”
Ben Pollard, CEO and co-founder of Cushon, said his company could speed up its expansion plans as part of a wider group.
“This is the next exciting chapter for a great British fintech as we join forces with a great British bank,” he said. “Becoming part of NatWest Group will accelerate our plans for further technology-led innovation to improve the UK’s financial wellbeing.”
NatWest will acquire 85% of the business, while the remaining 15% would be retained by Cushon management.
The acquisition remains subject to regulatory approval and is expected to close later this year.
NatWest is set to report its financial results this week, with expected profits well above £5 billion. Combined, the UK’s top banks are poised to report more than £40 billion in profits.
