Cushion, an app designed to assist Americans in negotiating bank and credit card fees for refunds, has officially closed its operations.
In a LinkedIn post, CEO Paul Kesserwani announced that the decision to wind down the company was made at the end of last year after it struggled to “reach the scale needed to sustain the business.”
Founded in 2016, Cushion utilized users’ transaction histories to provide an automated service for negotiating bank and credit card fees, reportedly securing $15 million in refunds for its customers.
Last year, the company raised $12 million in Series A funding to expand into bill payment services and launched a ‘Plaid for BNPL,’ successfully processing over $300 million in loans.
Kesserwani also mentioned that the firm had onboarded over a million consumers, including more than 200,000 paying customers.