Workplace savings FinTech Cushon has secures £35m from a funding round and has closed its acquisition of auto-enrolment firm Creative.
The funding was provided by Augmentum FinTech and AshGrove Capital. Following this fundraise, Cushon has raised a total of £61m over the last two years – following its £26m equity raise and debt facility in June 2021.
According to Cushon, it is on a mission to lead a tech-revolution of the workplace savings and pensions industry.
The company mentioned its recent funding provides significant growth capital for it to further develop its mobile, organic growth and operational capability. It will also aid the firm in offering faster onboarding of employers who want to offer their staff an app-first, climate-friendly, workplace savings solution.
With the acquisition of Creative, Cushon has now become the fifth largest master trust pension provider in the UK and has doubled its assets under management from £840m to £1.7bn across 400,000 customers, Cushon claims.
Completion of the acquisition – subject to regulatory approval – is expected to be announced in the first quarter of 2022.
Cushon CEO and founder Ben Pollard said, “Our mission is to offer UK savers a convenient, climate-friendly, and great value way to save, through a combination of cutting-edge technology and socially responsible investments. Right now, workplace pensions are simply too complicated, boring, and disconnected from things people care deeply about. Cushon is here to change that, and today’s announcement is a hugely significant milestone for us. The funding will continue to fuel Cushon’s growth, enable us to scale even faster, and accelerate some exciting new features within our app.
“It will also support the acquisition of Creative which not only doubles the reach of our app-first climate-friendly pension, but also incorporates the talent, expertise and credibility of the Creative business. This is another momentous step on our journey to ensure millions of people across the UK have the ability to access innovative workplace savings solutions in the palm of their hand, together with a right to feel optimistic for the future they are helping to build via their investments.”
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