MoCaFi makes Fortune’s Impact 20 List

We are pleased to announce that MoCaFi has been named to the FORTUNE Impact 20 list. The 2021 IMPACT 20 list allows FORTUNE to recognize venture-backed and private equity-backed startups tackling critical social and environmental issues as part of their business models.

Here’s an excerpt from FORTUNE Impact 20:

For seven years, Fortune’s Change the World list has spotlighted companies that use the profit motive to tackle the world’s thorniest problems. Most of the companies on that annual list are relatively large, with the scale to enable their enlightened ideas to do a lot of good for a lot of people.

The Impact 20, in contrast, is dedicated to the belief that you don’t have to be a business behemoth to succeed with a world-changing innovation. This list, now in its second year and powered by TPG’s The Rise Fund, showcases venture- and private-equity-backed startups. These companies may be earlier in their life cycles, but they’re already deploying the creative tools of capitalism with an outsize positive impact—making people’s lives better even as they iron out the kinks in new ideas.

MoCaFi—short for Mobility Capital Finance—is a New York–based fintech devoted to serving customers from among the 50 million people with no or limited access to banks, and giving them the tools that help build wealth over generations. The company was founded by Wole Coaxum, a former JPMorgan Chase managing director, in the wake of the killing of teenager Michael Brown by police in Ferguson, Mo., in 2014, an event that highlighted the country’s yawning disparities in wealth and services between white and Black communities. Since then, MoCaFi has worked with cities and nonprofits to help people gain access to money in innovative ways—without the kinds of predatory fees that typically plague the underbanked. In Paterson, N.J., the company is distributing universal basic income payments of $400 a month to over 100 residents in need for a year. The company’s Represent program partners with Black-owned local businesses to give MoCaFi debit card users as much as 1.5% back for their purchases. During the pandemic, MoCaFi distributed Immediate Response Cards in Brooklyn so that people could transfer subsidies and benefits in real time, a deal that was conducted in partnership with the Bedford Stuyvesant Restoration Corp., the MetLife Foundation, and the Robin Hood Foundation…

Continue reading about MoCaFi, an Impact 20, 2021 honoree on FORTUNE.com