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Key people at DoubleNet Pay.
Based in Atlanta, Georgia, DoubleNet Pay is a B2B financial wellness platform that integrates with employer payroll systems to automatically allocate employee paychecks into designated savings, bill payment, and spending accounts. The company's enterprise software is offered as a voluntary workplace benefit to help underbanked workers manage their personal cash flow and achieve long-term financial security. The business raised $4 million in seed funding from lead investors TTV Capital and Fuqua Investments, and it operated with a team of 12 employees during its primary growth phase in 2017. DoubleNet Pay established strategic integrations with major payroll providers like ADP and partnered with T. Rowe Price to incorporate cash flow management into retirement programs, before ultimately being acquired by Purchasing Power. The organization was founded in 2013 by Brian Cosgray and E. Cody Laird III.
Key people at DoubleNet Pay.
DoubleNet Pay was a fintech startup founded in 2013 in Atlanta, Georgia, that built an automated bill payment and financial wellness platform targeted at employees.[1][2][3] The product tracked bill amounts and due dates, scheduling payments around paycheck cycles to allocate funds into savings, bills, and discretionary spending—helping users "pay yourself first" for better cash flow management.[1][2][3] It served employees through workplace integrations with payroll, retirement, and benefits providers, solving the problem of personal finance overload amid work decisions like health care and retirement savings; the company raised $4M and was acquired by Purchasing Power in October 2018 (deal closed September 28).[1][2][3]
Post-acquisition, DoubleNet Pay's technology enhanced Purchasing Power's employee benefits, rebranded for broader financial wellness, with proof-of-concept pilots alongside Fortune 50 employers and integrations like T. Rowe Price's retirement program.[3]
DoubleNet Pay emerged in 2013 when founder and CEO Brian Cosgray launched it in Atlanta to address employees' struggles with day-to-day finances amid workplace priorities.[2][3] Cosgray, with experience in fintech, built the platform on the "pay yourself first" principle, automating fund separation post-paycheck into savings, bills, and spending buckets.[3] Early traction included partnerships with investors like TTV Capital, Fuqua Investments, Plug and Play Fintech, and Service Provider Capital, raising $4M total.[1][2][3] Pivotal moments featured a 2015 FinovateSpring demo, a T. Rowe Price integration for retirement planning, and workplace pilots with major employers, culminating in the 2018 acquisition by Purchasing Power.[3]
DoubleNet Pay rode the early 2010s wave of financial wellness and HR fintech, capitalizing on rising employee demands for tools beyond health insurance—amid gig economy shifts and stagnant wages.[2][3] Timing aligned with payroll innovations like earned wage access and integrations, filling gaps in traditional benefits; market forces like Fortune 500 pilots amplified its reach.[1][3] It influenced the ecosystem by pioneering workplace bill-pay automation, paving the way for post-acquisition expansions in voluntary benefits and inspiring competitors in cash flow tech (e.g., similar to Payso or Amber in fintech aggregators).[1][3]
Since its 2018 acquisition, DoubleNet Pay's tech lives on within Purchasing Power, likely evolving into expanded financial wellness suites amid trends like AI-driven personalization and on-demand pay.[3][5] Rising focus on employee retention via holistic benefits positions it for growth in HR tech, potentially integrating with modern earned wage access as workforce financial stress persists.[5] Its legacy underscores how targeted fintech embeds in payroll ecosystems, influencing larger players to prioritize proactive savings—echoing its original mission to automate financial freedom from the workplace.
