Squire Patton Boggs has advised workplace savings and pensions fintech Cushon Group, in relation to NatWest Group plc’s acquisition of an 85% majority shareholding in Cushon. The transaction is subject to regulatory approval and is expected to complete later in 2023.
The team advising Cushon was led by Corporate partner Louise Barber, and included Olivia Baccarella, Tom McClusky and Kenza Wakrim (Corporate), Patrick Ford, Alex Paterson and Alice Jenkinson (Tax Strategy and Benefits), Claire Shepherd and Moneek Chahal (Banking), Paul Anderson and Anjuli Chatterjee (Financial Services) and Felix Weston (Pensions).
Founded in 2015, Cushon uses financial technology to bring innovation to workplace savings, offering a workplace pension and savings app with a carbon neutral pension default fund for UK employees. Cushon currently has over 500,000 customers with £1.8 billion of assets under management. Its corporate clients include 250 well known blue-chip companies including many of the FTSE 100. Its primary products are its workplace ISA and master trust pension - which offers an investment strategy designed to drive down the financed CO2 emissions of customers' investments. Cushon also provides Junior and Lifetime ISAs, as well as a general investment account.
Squire Patton Boggs previously advised Cushon Group on its acquisition of Workers Pension Trust and Creative Benefit Solutions.
Cushon chief executive (CEO) and co-founder Ben Pollard 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."
Ms. Barber commented: “We’re pleased to have advised Cushon as it joins forces with NatWest Group, in a transaction that will allow the company to further develop its innovative technology offering as part of a wider group, with access to a larger customer base.”