WTW to acquire UK pensions fintech Cushon

WTW has agreed to acquire Cushon , a UK workplace pensions, savings, and financial wellbeing fintech, from NatWest Group. The deal strengthens WTW’s UK defined contribution master trust offering and expands its reach in the mid sized employer market.

Cushon brings nearly £4 billion in assets under management and around 730,000 members. It will complement WTW’s LifeSight master trust, which manages more than £26 billion in assets and serves about 430,000 members. LifeSight will continue to focus on large employers, while Cushon will target mid market workplace pensions and savings.

The transaction includes a referral arrangement allowing NatWest’s commercial banking customers to continue accessing Cushon’s services. The acquisition is subject to regulatory approval and is expected to close in the first half of 2026.

Cushon has raised about $98 million across six funding rounds, backed by investors including Augmentum Fintech, AshGrove Capital, and Major Oak, with a mix of equity, debt, and crowdfunding financing.