Fintech startup Cushion, which operated as a "Plaid for buy now, pay later" service, has shut down after eight years in business. The San Francisco-based company, which had raised over $20 million in funding, ceased operations at the end of 2024. Founder and CEO Paul Kesserwani announced the wind-down in January 2025, stating that despite launching multiple products, the company failed to achieve the necessary scale to sustain itself. Cushion's consumer app analyzed bank transactions to identify and negotiate refunds for fees on behalf of users. The closure represents a significant exit from the competitive fintech industry, where the company, once valued at over $80 million, could not secure a viable long-term business model.
