Cushon secures £35m Series A follow-on funding from Augmentum Fintech and AshGrove Capital to finance its latest acquisition and technology development.
The funding round was provided entirely by existing investors Augmentum Fintech and AshGrove Capital to support the acquisition of the Creative auto-enrolment scheme and scale operational capability.
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 £35m in a Series A follow-on funding round provided entirely by existing backers Augmentum Fintech and AshGrove Capital. The new capital will be deployed to finance the acquisition of the Creative auto-enrolment scheme, expand operational capacity, and further develop the company technology stack.
The transaction marks Cushon's third acquisition in two years, elevating the firm to the position of the fifth largest master trust pension provider in the UK. The deal doubles assets under management to £1.7bn across 400,000 customers.
The workplace savings sector faces mounting pressure from regulators to consolidate and deliver enhanced value while addressing climate change impacts. Cushon continues to position itself as a digital consolidator in this space, offering app-first workplace solutions designed to facilitate sustainable investing.
From the founder
"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."
Ben Pollard
CEO and founder at Cushon
Investor perspective
"Workplace pensions and ISAs are ready for transformative change. Public policy will continue to encourage people to save more and there is significant opportunity to successfully challenge incumbents struggling to transform digitally. Cushon has become the leading digital disruptor in this space with a world class technology platform and a truly innovative product."
Tim Levene
CEO, Augmentum Fintech
Use of funds
- 01Fund acquisitions
- 02Scale operations
- 03Continue product development
