Fintech startup Cushion shuts down after 8 years and over $20 million in funding

CushionA fintech startup that describes itself as “plaid to buy now, Pay after (BNPL)”, has stopped.

Thursday, Founder and CEO Paul Caserwani Post About the decision to remove the company at the end of 2024 in LinkedIn.

In the post, Caserwani said that “even after bringing more than one new fintech product to the market,” Cushion “Did not reach the required scale to maintain the business.”

Founded by the late 20 2016, San Francisco -based Kushon collected a total of $ 21.6 million from investors as the previous capital, flower initiatives, Vestigo Ventures, Better Ventures and 500 Global.

If its latest publicly declared growth is closed in May 2022 A 12 million dollar series A By the previous capital of the leadership. According to the pitchbook, its post-meaning evaluation in 2022 was $ 82.4 million dollars.

Caserwani did not immediately respond to Techcunch’s request for comments.

Cushion suggested a customer app that sucking its users in the history of transactions from bank accounts, determining any fee that has been evaluated and then conducts discussions on their behalf to get refund. It was designed, caserwani Tell TechCrunch In 2019, only any return cash to be encouraged with customers with commissions.

After leaving the job on Twitter, Caserwani got an idea about cushion. When he was thinking of what he would like to do next, he was helping his parents to manage their bank accounts while traveling for work in Lebanon. Due to the bank security policy, his parents were not able to login to their accounts from Lebanon and in the end they faced a mountain of banking fees as their accounts were unexpected. With the investigation of the caserwani he returned to his accounts and realized that he was also paying a fee for $ 400 that he had no memory of agreeing.

In the LinkedIn Post on Thursday, Caserwani said that Kushon had reached $ 3 million ARR in 10 months to discuss automatic bank fees and processed more than $ 300 million in BNPL Loans. He also added that this company has driven more than 1 million customers over time, there are more than 200,000 paid customers.

Caserwani writes: “I have given Cushion everything I have given my 8+ years. Although we do not expect the result, we have created something that has taken art forward – and I’m proud of it. As me, I’m excited for what’s next. “

Data suggests that 2025 is expected to be Another brutal year for startup shutdownThe In the late December, the other fintech – bench – just shut down suddenly To be acquired After the day

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