NatWest is currently negotiating the sale of its 85% stake in Cushon, having invested £144 million to acquire majority ownership of the workplace savings and pensions fintech just two years ago, as reported by Sky News.
The bank has enlisted advisors to facilitate the sale, with discussions taking place with multiple interested parties, according to sources cited by Sky.
Cushon serves approximately 650,000 users across 21,000 employers through its comprehensive workplace pension and savings application, which includes a carbon-neutral default fund tailored for UK employers. The app offers a range of tax-free ISA products and features a Master Trust workplace pension aimed at reducing clients’ financed CO2 emissions by investing in renewable energy sources such as wind farms, solar power, green hydrogen, and social housing.
Reports indicate that NatWest’s decision to divest from Cushon aligns with Chief Executive Paul Thwaite’s broader strategy to streamline operations across the bank.