Natwest has completed the acquisition of a majority shareholding in workplace savings and pensions fintech, Cushon, following approval from the Financial Conduct Authority (FCA) in May.

The bank initially announced plans to acquire a majority shareholding of 85 per cent for £144m in February 2023, with 15 per cent retained by Cushon.

Following FCA approval for the change of control, Cushon has now become part of the NatWest Group within the wealth businesses, with the move expected to help fuel sustainable growth and diversify non-interest income streams.

The acquisition also provides NatWest Group with a tech-enabled suite of financial wellbeing products and services to offer its commercial customers and, consequently, their customers employees.

Indeed, following a 2022 pilot, Natwest confirmed that the Cushon proposition will initially be offered to NatWest Group’s commercial customers in their commercial & institutional and coutts wealth businesses, through the bank’s relationship managers.

The proposition is expected to be soft launched in Q4 2023, ahead of a full launch in Q1 2024.

As part of the acquisition, Natwest also confirmed that group head of asset management and chief investment officer, Mo Syed, will serve as the chair of the acquiring entity board (NW A Holdings Limited), while Natwest Group managing director of commercial mid-market, Andy Gray, will also join the group.

Natwest wealth business chief executive, Peter Flavel, stated: “We’re delighted that we can now officially welcome Cushon into NatWest Group. We believe that we have a real opportunity to help our customers plan and invest better for their future, improving their financial wellbeing.”

Cushon co-founder and CEO, Ben Pollard, added: “This is the next exciting chapter for a great British fintech as we join forces with a great British bank.

“Together with NatWest Group, we can’t wait to drive more positive disruption and innovation in workplace savings and pensions, and help millions more people across the UK build a feel-good future. What a great success story for the UK fintech sector!”

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