NatWest Pays $174M for UK Savings FinTech Cushon
NatWest announced Monday (Feb. 13) it was acquiring Cushon, a British FinTech that provides savings accounts and pensions. It’s a move that comes as banks are adding to their savings offerings amid competition from neobanks.
The deal will see NatWest acquire 85% of Cushon for $174 million (£144 million), with Cushon management retaining the remaining 15%. The acquisition is subject to regulatory approval and is expected to be completed later this year.