A pensions innovator serving 200,000 people across 8,000 employers has raised 拢26 million Series A funding.听
Headquartered in Poole, Dorset,听Cushon听provides workplace pensions and payroll-linked ISAs which users can manage through tools within its app.听听
The company has overall assets under management of 拢740m and is authorised by the pensions regulator to operate a master trust pension scheme. In January,听Cushon听became the first UK pension provider to launch a fully carbon neutral 鈥楴et Zero Now鈥� pension product.听
Listed investment group听Augmentum听Fintech听led the round, contributing 拢5m of the funding. It will be used to听support acquisitions, scaling capabilities, product innovation and accelerated delivery of enhancements to support partner employers and employees.听
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Tim Levene, CEO of听Augmentum听Fintech, said: 鈥淲e 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.鈥�听
听Augmentum听Fintech has also invested听鈧�2.5m as part of a 鈧�20m round into Paris-based听Epsor, a听provider of employee and retirement savings plans delivered through an open ecosystem.听
鈥淐ushon听and听Epsor听give us access to this听space听and we believe both companies can be highly disruptive and are well positioned in their respective markets to win market share,鈥澨齛dded Levene.听