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NatWest is in talks to offload its 85% stake in Cushon, two years after spending £144 million for majority ownership of the workplace savings and pensions fintech, according to Sky News.
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The bank has called in advisers on the sale, with talks ongoing with several potential suiters, says Sky, citing sources.
Cushon has around 650,000 users across 21,000 employers for its holistic workplace pension and savings app with a carbon neutral default fund for UK employers.
The app provides access to a suite of tax-free ISA products alongside the firm’s Master Trust workplace pension, which is designed to drive down the financed CO2 emissions of customers by investing directly in windfarms, solar, green hydrogen, and social housing.
According to Sky, NatWest is looking to sell off the business as part of chief executive Paul Thwaite’s bank-wide simplification plan.
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