Augmentum Fintech Plc Completion of Acquisition of Cushon by NatWest Group

 
TIDMAUGM 
 
1 June 2023 
 
Augmentum Fintech plc 
 
Completion of Acquisition of Cushon by NatWest Group 
 
Augmentum Fintech plc (LSE: AUGM) (the "Company" or "Augmentum"), Europe's 
leading publicly listed fintech fund, has successfully exited its investment in 
Cushon, the workplace savings and pensions fintech, via the acquisition of a 
majority shareholding in Cushon by NatWest Group, the FTSE 100 banking and 
financial services group. The transaction completed on 1 June 2023 following the 
requisite approval from the Financial Conduct Authority. 
 
Augmentum led Cushon's Series A fundraising in June 2021 with an initial 
investment of £5 million and since that date the Company has invested a further 
£5.8 million. Augmentum will receive proceeds of £22.8 million from the 
completion of the acquisition, representing a 46.2% uplift on the unaudited 30 
September 2022 holding value of £15.6 million, an IRR of 61.7% and cash multiple 
of 2.1x on cost. This announcement does not constitute or describe an updated 
NAV of the Company1. 
 
This transaction is Augmentum's fifth portfolio investment exit, all of which 
have been at or above the last reported holding value. 
 
Notes: 
 
1The Company's NAV and NAV per ordinary share as at 31 March 2023, both prior to 
and after performance fee, will be calculated in accordance with the Company's 
valuation policy and are expected to be announced with the Company's full year 
results. Shareholders should note that the calculation of the NAV per ordinary 
share as at 31 March 2023 will take account of the latest valuations of all of 
the Company's investments as at 31 March 2023 and any applicable costs and 
charges. 
 
*** 
 
Enquiries: 
 
Augmentum Fintech                        [phone] 
 
Tim Levene, Portfolio Manager            [e-mail] 
 
Georgie Hazell Kivell, Marketing and IR 
Quill PR                                 [phone] 
 
Nick Croysdill, Sarah Gibbons-Cook       [e-mail] 
 
(Press and Media) 
Peel Hunt LLP                            [phone] 
 
Liz Yong, Luke Simpson, Huw Jeremy 
 
(Investment Banking) 
Singer Capital Markets                   [phone] 
 
Harry Gooden, Robert Peel, Alaina Wong 
 
(Investment Banking) 
Frostrow Capital LLP                     [phone] 
 
Paul Griggs, Company Secretary 
 
About Augmentum Fintech 
 
Augmentum invests in fast growing fintech businesses that are disrupting the 
financial services sector. Augmentum is the UK's only publicly listed investment 
company focusing on the fintech sector in the UK and wider Europe, having 
launched on the main market of the London Stock Exchange in 2018, giving 
businesses access to patient capital and support, unrestricted by conventional 
fund timelines and giving public markets investors access to a largely privately 
held investment sector during its main period of growth. 
 
About Cushon 
 
Cushon is a fintech using its financial technology to engage savers and empower 
them to build a better financial future. Cushon offers pension and savings 
products via a mobile app that provides a personalised experience making it easy 
for customers to manage their money and invest in a way that aligns with their 
personal goals and beliefs. 
 
With a solution that integrates with payroll and benefit platforms, Cushon's 
products are delivered via the workplace to reach as many savers as possible. 
Employers can use Cushon to help enhance the financial wellbeing of their 
workforce by providing employees with a simple and convenient way to save into 
pensions, ISAs and other products direct from pay. 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/augmentum-fintech-plc/r/completion-of-acquisition-of-cushon-by-natwest-group,c3778993 
 
 
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(END) Dow Jones Newswires

June 01, 2023 10:50 ET (14:50 GMT)