Financial wellness company DoubleNet Pay has closed $4 million in seed funding. The investment, which marks the Atlanta-based company’s first round of funding since it was founded in 2013, comes from TTV Capital and Fuqua Investments, reports Finovate (Banking Technology’s sister company).
The 12-person company will use the funds to boost product development and bolster sales. To help fuel this growth, the company hopes to add up to 40 employees in the next year.
DoubleNet Pay aims to help the half of US workers who do not have $500 saved for an emergency. With DoubleNet Pay, users build their savings by automatically deducting funds from their paycheck and depositing them into a savings account from which the funds can be withdrawn at any time.
The platform is helping users save an average of $37 per pay period. DoubleNet Pay CEO Brian Cosgray says: “We automate emergency savings contributions on payday, similar to how 401(k) accounts are funded, or payroll taxes and health insurance premiums are paid.”
The company takes a B2B approach by selling its software to businesses to offer to their employees as a workplace benefit. “We found that employers are the best way to reach the people that need our help the most,” Cosgray says. “Most people’s only investment account is through the employer through their retirement plan.”
At FinovateSpring 2015, the company showcased its savings empowerment platform.