Smarterly, a fintech workplace savings business, has changed its name to Cushon with immediate effect. Founded in 2017 by Ben Pollard and Phil Hollingdale, Cushon offers a range of payroll-enabled workplace savings products. The company was the first to introduce a payroll-enabled Lifetime ISA and the first to offer a mobile app that allows saving via payroll.
A number of FTSE 100 companies now use Cushon to enable their employees to save directly out of their pay for first homes, holidays, children’s education, and other needs. Cushon works with over 100 large businesses and now has over 80,000 customers with GBP250 million assets under management.
Last month Cushon announced that it secured GBP7 million in a series A funding round led by Major Oak, the investment vehicle of a private investor. Previous investors include Unum, a Fortune 500 (Insurance) Company.
The rebrand comes shortly after Cushon entered the pension market through the acquisition of the Salvus Master Trust.
Ben Pollard, Founder, says: “Our use of clever tech to make ISAs simpler and more convenient has been really popular, with some amazing blue-chip clients offering our savings platform to their staff as an employee benefit.
“When most people think of workplace savings they think of pensions. Pensions suffer from all the same problems that our platform solves for ISAs – they’re confusing, boring and hard work. We’re super excited about our new name and getting stuck into pensions to disrupt the status quo. We’ve got some very cool tech announcements in the pipeline, so watch this space.”
Phil Hollingdale, Co-founder, says: “We are now one of the UK’s leading workplace savings providers, helping employees of many well-known global companies to save, become more financially resilient and get comfortable with investing. Building on this success, we will be shortly launching our new pension product and other exciting new tech developments. We have evolved and we want our name to reflect this. Cushon is a truly unique name that better reflects what we do.”