Travers Smith LLP has advised the management team of Cushon, a workplace savings and pensions fintech business, in relation to their reinvestment arrangements in respect of NatWest Group acquiring an 85% majority shareholding in Cushon.
The deal, that is subject to regulatory approval, will see senior management retaining 15%. The acquisition will allow NatWest Group to expand its offering through Cushon’s primary products: workplace ISAs and a pension. Cushon's technology is expected to engage savers with their savings, help people get comfortable with investing and improve financial resilience.
Cushon chief executive (CEO) and founder Ben Pollard said: "This is the next exciting chapter for a great British fintech as we join forces with a great British bank. Becoming part of NatWest Group will accelerate our plans for further technology-led innovation to improve the UK's financial wellbeing."
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Alex Dixon and included Corporate Associate Sarah Owadally. Specialist tax advice was provided by Tax Partner Hannah Manning and Associate Lily Barrett.
NatWest Group were advised by CMS Cameron McKenna Nabarro Olswang LLP. Cushon were advised by Squire Patton Boggs.