Purchasing Power takes over DoubleNet Pay
Financial wellness platform DoubleNet Pay has agreed to be acquired by Purchasing Power, a US-based voluntary benefit provider for employers, reports Julie Muhn at Finovate.
The financial terms of the deal were not disclosed.
US-based DoubleNet Pay was founded in 2013 on the principle of paying yourself first. The company’s platform helped users account for bills and savings goals before using their income on discretionary spending. Every time its users received a paycheck, DoubleNet Pay automatically separated the funds into three different accounts – savings, bills, and spending – to help users achieve financial freedom.
Purchasing Power, however, was most interested in DoubleNet Pay’s Workplace offering, a feature for businesses to help their employees gain financial security. As Richard Carrano, Purchasing Power CEO, explains: “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.” Purchasing Power will rebrand the service to fit into its existing offerings.
“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,” says Brian Cosgray, founder and CEO of DoubleNet Pay. “We have known the Purchasing Power leadership team for many years and are impressed with its passion for helping to improve the financial well-being of their customers.”
Last year, DoubleNet Pay partnered with T Rowe Price to integrate its online cash flow management tool into the latter’s Retire With Confidence Programme.
Before its exit, the company had raised $4 million from Fuqua Investments and TTV Capital.