Cushon raises £26m in Series A funding led by Augmentum Fintech and AshGrove Capital
Augmentum Fintech led the £6m equity raise alongside a £20m credit facility from AshGrove Capital to fund expansion and acquisitions.
Cushon is a workplace savings fintech that uses mobile technology to offer app-first pensions and climate-friendly investments. The company integrates with payroll systems to help employers enhance the financial wellbeing of their workforce.
Cushon has secured £26m in a Series A financing round comprising £6m in equity and a £20m credit facility. Augmentum Fintech led the equity portion of the raise, while AshGrove Capital provided the debt facility. The capital will be deployed to support further corporate acquisitions, scale operations, and accelerate product innovation.
The transaction coincides with Cushon acquiring Construction First Limited, the scheme funder of the Workers Pension Trust in Northern Ireland. This follows the firm's previous acquisition of the Salvus Master Trust, bringing its total assets under management to £740m across more than 200,000 members.
From the founder
"Following our entry into the pensions market last year, and launch of the world's first net zero pension, we've been keen to bring our unique technology-led proposition to as many employees as we can, as quickly as we can. This raise has the right balance of lending and equity to enable us to do just that. We are delighted to welcome the team at WPT to our expanding family and to have the support of such experienced investors to help us continue on our journey."
Ben Pollard
CEO and founder at Cushon
Investor perspective
"We believe that workplace savings and investments are ripe for disruption and with public policy across Europe increasingly seeking to encourage people to save more, both for their retirement and in general, we believe there is significant opportunity to successfully challenge incumbents."
Tim Levene
CEO, Augmentum Fintech
Use of funds
- 01Fund acquisitions
- 02Continue product development
- 03Scale operations
