A pensions innovator serving 200,000 people across 8,000 employers has raised £26 million Series A funding.
Headquartered in Poole, Dorset, Cushon provides workplace pensions and payroll-linked ISAs which users can manage through tools within its app.
The company has overall assets under management of £740m and is authorised by the pensions regulator to operate a master trust pension scheme. In January, Cushon became the first UK pension provider to launch a fully carbon neutral ‘Net Zero Now’ pension product.
Listed investment group Augmentum Fintech led the round, contributing £5m of the funding. It will be used to support acquisitions, scaling capabilities, product innovation and accelerated delivery of enhancements to support partner employers and employees.
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Tim Levene, CEO of Augmentum Fintech, said: “We believe that workplace savings and investments are ripe for disintermediation and with public policy across Europe increasingly seeking to encourage people to save more we believe there is a significant opportunity to successfully challenge incumbents.”
Augmentum Fintech has also invested €2.5m as part of a €20m round into Paris-based Epsor, a provider of employee and retirement savings plans delivered through an open ecosystem.
“Cushon and Epsor give us access to this space and we believe both companies can be highly disruptive and are well positioned in their respective markets to win market share,” added Levene.