DoubleNet Pay
DoubleNet Pay is a company.
Active
Updated: ·
Financial History
Total Raised
N/A
Valuation
N/A
Leadership Team
Key people at DoubleNet Pay.
DoubleNet Pay is a company.
Key people at DoubleNet Pay.
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.