Barron’s: 20 Minutes With Wole Coaxum, Founder and CEO of MoCaFi

Wole Coaxum, founder and CEO of MoCaFi, saw more than police brutality and racial bias when Black teenager Michael Brown was killed by a white police officer in Ferguson, Mo., in 2014. As Coaxum, 50, watched protests on the news, he saw a community in pain, suffering from many generations of systemic injustice. The former JPMorgan Chase director thought about what he could do to address racial and economic inequalities, and jumped into problem-solving mode.

“While the killing of an unarmed teen by a police officer was horrible and troublesome to me as an American citizen, I looked at the socioeconomic factors that informed the environment in which Michael Brown existed,” Coaxum says.

“I recognized that the community where Michael Brown lived—a working-class neighborhood outside of St. Louis (Mo.) where the per capita income is $21,210/year (according to the U.S. Census Bureau in 2018), would not offer the financial resources that would allow the residents to empower themselves… I knew that I wanted to use my training to create solutions that addressed the lack of access to financial solutions and address the wealth gap.”

Coaxum felt confident that he could use his experience in financial services and connections to some of the finance industry’s most important leaders to do good.

The full article is available on Barrons.com