Founded in late 2016 by Paul Kesserwani, Cushion’s flagship app allowed users to link their bank accounts, identify fees, and negotiate refunds automatically. The platform followed an incentive-aligned model, taking a commission only when users successfully received a refund.

In its early days, Cushion saw rapid success, reaching a $3 million annual recurring revenue (ARR) within just 10 months and processing over $300 million in Buy Now, Pay Later (BNPL) loans. At its peak, Cushion onboarded more than 1 million consumers, with 200,000 paying customers. Its last funding round occurred in May 2022, when the company raised $12 million in a Series A round, bringing its valuation to $82.4 million.

Despite its early promise, Cushion struggled to maintain the growth necessary to continue operating. In a LinkedIn post, Kesserwani shared the news of the shutdown, expressing pride in the company’s impact on the industry and acknowledging the challenges it faced in scaling. He added that he was excited about his next venture.

The closure of Cushion highlights the tough road ahead for many fintech startups, especially with predictions for 2025 indicating a challenging year for the sector. Cushion’s journey exemplifies the hurdles even well-funded and promising startups face in securing long-term success.

Apple also revealed that it now boasts over 1 billion subscriptions across its services, including those from third-party apps available on the App Store. Both paid accounts and subscriptions saw double-digit growth compared to the previous year. The company highlighted the expansion of its services, such as the addition of new games to Apple Arcade and new programs to Fitness+, as well as the launch of Apple’s Tap to Pay feature, which is now available in 20 markets.

Despite these positive results, Apple’s CFO, Kevan Parekh, and CEO, Tim Cook, did not directly address questions regarding how potential regulatory changes might affect the company’s performance. Apple has faced ongoing antitrust scrutiny over its App Store policies, particularly regarding the commission it charges on transactions within the platform. While a major antitrust case with Fortnite maker Epic Games ended in Apple’s favor, it still faces challenges to its control over the app distribution market.

Nonetheless, Apple’s robust growth in its Services division and its ability to expand customer engagement reflect the company’s continued strength in the subscription economy.