Atlanta fintech enterprise Purchasing Power has acquired startup DoubleNet Pay, also based in Atlanta, to add to its employer program offerings. The acquired technology will help employees of Purchasing Power client companies set up savings goals and debt and bill payment strategies through their payroll deduction.
“This investment enables us to take a significant next step in our mission to provide expanded financial wellness products and services that will fill gaps not addressed by traditional employee benefit providers,” said Purchasing Power CEO Richard Carrano in a statement.
Aimed at encouraging financial wellness, DoubleNet Pay was founded in 2013 to help employees look beyond just saving for retirement, to help them with current savings, spending and debt. Users are able to set short-term savings goals and schedule bills — the system keeps track of important due dates and they can check their progress towards financial goals on desktop and mobile.
“Coupled with our premiere employee purchase program and free financial wellness resources, this technology provides a full menu of valuable options for employees to take greater control of their financial futures,” says Carrano of the addition to Purchasing Power.
DoubleNet Pay’s technology will integrate into Purchasing Power’s voluntary benefit program. Purchasing Power offers more than 60,000 brand-name products and services as benefits for enrolled employees, who can set up automated payment plans over a 6-to-12 month term.
The enterprise will work with clients to raise awareness about their new available features, as well as its new complimentary financial wellness education program that breaks down budgeting, best practices and more for those who enroll.
“We are excited that the DoubleNet Pay platform will be able to help Purchasing Power’s millions of eligible employees set proactive short-term savings goals and take care of monthly bill obligations automatically,” said Brian Cosgray, co-founder and CEO of DoubleNet Pay, which raised $4 million through venture capital to date. Cosgray will be leaving the organization, along with about another dozen employees. Two DoubleNet leaders, co-founder Cody Laird and CTO Bret Levy, will stay on at Purchasing Power.
The new features will launch during the first quarter of 2019.