NatWest combines banking expertise with fintech in latest acquisition

NatWest Group has entered an agreement to acquire a controlling stake in Cushon, the London-based pensions and workplace savings fintech company.

NatWest is set to take an 85% stake, with the remaining 15% of the company to be retained by Cushon management.

The deal will expand NatWest and Cushon’s offering as they combine their services to give their customers a more holistic financial experience in banking services and fintech pensions.

Ben Pollard, CEO and co-founder of Cushon, said: “This is the next exciting chapter for a great British fintech as we join forces with a great British bank. 

“Becoming part of NatWest Group will accelerate our plans for further technology-led innovation to improve the UK’s financial wellbeing. 

“Together, we look forward to driving more positive change in workplace savings and pensions.”

Cushon specialise in sustainable and ethical investments, with an emphasis on renewable energy, social housing and pioneering Net Zero pension pots.

Peter Flavel, chief executive of NatWest Wealth Businesses, said: “Cushon’s disruptive proposition will help NatWest Group achieve its strategic, purpose-led vision of helping customers save for the future and manage their financial wellbeing. 

“On average, UK employees are due to outlive their savings by 10 years and we are committed to helping reduce this savings gap.

“We believe Cushon’s engaging, app-first pension will help customers by moving their pension and workplace savings schemes from a compliance burden to an employee benefit.”

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