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Cushion

The business, the turning points, and the decisions behind them.

Founded2016
Event year2024
FundingUS$21M
Cash burnedUS$15M

01 / WHAT IT BUILT

What the company did

Cushion was a San Francisco fintech founded in late 2016 by Paul Kesserwani, a former Twitter employee. Its consumer app ingested users' bank transaction history, identified assessed fees, and negotiated refunds with banks on their behalf, taking a commission only on returned cash. It later expanded into a 'Plaid for buy now, pay later' system that connected users' email accounts to BNPL obligations, processing more than 30 million emails and over $300 million in BNPL loans, plus bill tracking and credit-building features. The company claimed $15 million in fee refunds secured for users and more than a million consumers onboarded.

02 / Cushion FAILURE REASONS

Failure reasons

Despite bringing multiple new fintech products to market and raising $21.6 million in venture funding, Cushion never reached the scale needed to sustain the business. Founder and CEO Paul Kesserwani said the company failed to maintain sustainable growth and its financial performance was insufficient to keep operations afloat, leading to a wind-down at the end of 2024.

03 / EVENT HISTORY

Events in the structured record

  1. Operations ended

    TechCrunch (30 Jan 2025): CEO Paul Kesserwani said on LinkedIn the San Francisco BNPL/fee-negotiation fintech was wound down at the end of 2024 after it did not reach the scale needed to sustain the business.

04 / CONTEMPORARY REBUILD ASSESSMENT

Difficulty of rebuilding this project today

Material for this section is being gathered and checked. It will appear here once ready.

Rebuild difficultyPending assessmentNot completed
Scoring basisNot completed
ScalabilityPending assessmentNot completed
Scoring basisNot completed

Overall assessment: Not completed

05 / CAUSAL CHAIN

How the factors connect

  1. 01

    In January 2025, founder and CEO Paul Kesserwani announced on LinkedIn that Cushion would shut down at the end of 2024 after eight years of operation.

  2. 02

    The company had raised $21.6 million from investors including Afore Capital and Flourish Ventures; its 2022 Series A valued it at $82.4 million post-money.

  3. 03

    No bankruptcy filing, asset sale or creditor recovery was reported; it was a voluntary wind-down.

  4. 04

    The $21.6 million raised was venture funding, not a disclosed loss; no reliable loss figure, loss subject, period or basis was publicly disclosed, so no loss amount is recorded.