Cushion (company)

Cushion (company)

A financial service software company that aids users in preventing or refunding bank fees that users may incurred. It is located in San Francisco, California and was founded in 2016.

Cushion is a digital service software that aids users in preventing or refunding fees that banking institutions impose on their clients. Such fees include late fees, ATM fees, transaction fees, interest charges, and monthly service fees, which is a charge that is incurred when the banking client does not have enough money in the account.

Product

For users to gain access to Cushion's services, they need to access the service through Facebook messenger. Then, they need to first enter their credit card or bank information into the application. Cushion uses encryption and stores users' data on Amazon Web Services to ensure security.

The bot on the platform, called Fee Fighter, then finds any bank fees and asks for the user's permission to take action against those charges. The artificial intelligence bot consults with the bank on behalf of the user and sends a summary of the refund within 24 hours. When Cushion successfully regains the fees for its client, it retains 25% of the refund for the service provided.

Timeline

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Cushion funding round, April 2019
2,800,000
April 2019
1 Result
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People

Name
Role
LinkedIn

Paul Kesserwani

CEO

Further reading

Title
Author
Link
Type
Date

5 Startups to Watch: Cushion, Bread, Curve and More | Bank Innovation | Bank Innovation

Grace Noto

Web

Cushion AI Review: Can It Really Negotiate Your Bank Fees for You?

Logan Allec

Web

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Danny Crichton
April 30, 2019
TechCrunch
Out-of-network ATM fees. Monthly service fees. Card replacement fees. Foreign exchange fees. Wire transfer fees. Overdraft fees. Check fees. Fees, fees, fees, fees, fees. Oh and interest, of course. Banking used to be built on a simple economic premise: tuck money away from customers into deposit accounts that pay interest, and then lend that money [...]

References

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