Cushon Raises £26M in Funding

Cushon, a UK-based fintech pension and savings provider, closed an overall funding round of £26m.

The £6m equity raise was led by Augmentum Fintech. A further £20m in credit facility has been committed from AshGrove Capital, a pan-European specialty lending firm.

The company intends to use the funds to finance rapid expansion and product development plans, following its acquisition of another master trust pension scheme. The raise enables the acquisition of Construction First Limited, scheme funder of the Workers Pension Trust (WPT) scheme. WPT is an auto-enrolment MT in Northern Ireland where it supports over 5,000 employers and more than 110,000 employees with pension investments of more than £330m.

This latest deal brings Cushon’s overall assets under management to £740m and total number of members to over 200,000.

Led by Ben Pollard, CEO, Cushon is a fintech workplace savings business, using its financial technology and mobile app to allow employers to enhance the financial wellbeing of their workforce by providing them with a way to save into pensions, ISAs and other products direct from pay. The company currently has over 200,000 customers with £740m of assets under management. Its corporate clients include 190 blue-chip companies including many of the FTSE 100, plus over 8,000 smaller employers across the UK.

FinSMEs

02/06/2021