2nd June 2021
Cushon raises £26m
Cushon, a fintech pension and savings provider, has closed an overall funding round of £26m to finance rapid expansion and product development plans.
Leading the £6m equity raise is 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. Sophie Colloby of Dow Schofield Watts Transaction Service’s team in Leeds provided financial due diligence to AshGrove on the deal.
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.