Cushon raises £26m and acquires Workers Pension Trust
Cushon, a fintech pension and savings provider, has closed an overall funding round of £26m to finance rapid expansion and product development plans, and acquired the scheme funder of the Workers Pension Trust (WPT).
Sophie Colloby of Dow Schofield Watts Transaction Service’s team in Leeds to AshGrove during the £6m equity raise. Leading the raise was fintech venture capitalist, Augmentum Fintech. A further £20m in credit facility has been committed by AshGrove Capital, a leading independent pan-European specialty lending firm.
This raise enabled the acquisition of Construction First Limited, scheme funder of the Workers Pension Trust (WPT) scheme.
Cushon acquired the Salvus Master Trust (now Cushon Master Trust) last year and this latest deal brings Cushon’s overall assets under management to £740m and total number of members to over 200,000. This also makes Cushon the 6th largest Master Trust by number of employers managed.
Construction First Limited – the scheme funder of the WPT is the leading auto-enrolment master trust across Northern Ireland with around 5,000 employers and more than 110,000 employees with pension investments of around £330m.
The WPT deal brings Cushon’s overall assets under management to £740m and total number of members to over 200,000. The fintech is now also the sixth-largest master trust by number of employers managed.
Sophie also supported Cushon with financial due diligence, during the acquisition of WPT.
