NatWest Group has entered into an agreement to acquire a majority shareholding in Cushon, a workplace savings and pensions FinTech
In Brief:
NatWest will acquire 85% of Cushon for £144m with the remainder retained by Cushon management
This acquisition provides NatWest with a workplace pensions and savings proposition and will help the group offer financial well-being services to commercial customers
The Cushon proposition will initially be offered to NatWest Group’s commercial mid-market customers
What does this mean?
Alison Rose, Chief Executive Officer of NatWest Group, said: “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. 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.”
