FOR IMMEDIATE RELEASE
Date: Wednesday, May 31
MOCAFI, FINTECH PLATFORM TO CLOSE THE RACIAL WEALTH GAP, RAISES $23.5 MILLION IN SERIES B FINANCING
Commerce Ventures led Series-B round, with participation from new strategic investors including BNY Mellon, Wells Fargo and Truist Ventures, as well as existing investors
MoCaFi was founded and is led by Black entrepreneur Wole Coaxum to end racial wealth inequality.
NEW YORK, NY– Mobility Capital Finance, Inc. (“MoCaFi”), a turnkey fintech platform leading financial empowerment for traditionally underserved communities, announces $23.5M in Series-B financing, led by Commerce Ventures. MoCaFi provides Financial Services as Infrastructure™ to various levels of government to improve the efficiency of providing financial and other resources to underserved communities across the country. MoCaFi’s mission is to help excluded communities create wealth through better access to public, private, and social capital.
MoCaFi was founded in 2016 by Wole Coaxum, a Black former Wall Street Executive who was inspired by the 2014 murder of teenager Michael Brown in Ferguson, MO, to address stark social inequities by closing the racial wealth gap. MoCaFi advances a vision of socioeconomic justice by creating pathways to financial empowerment for millions of unbanked or underbanked Americans. With over $100 million of financial resources disbursed to underserved communities across 15 cities and counties across the country, MoCaFi is utilizing its capital to fulfill that vision and scale.
“Commerce Ventures has been unbelievably impressed by MoCaFi’s passion for helping underserved communities access high-quality, affordable financial services,” said Dan Rosen, Founding Partner and Head of Fintech Investments at Commerce Ventures. “MoCaFi’s scalable payments platform enables government agencies (Federal, State and Local) to disburse benefits directly to vulnerable populations in some of the country’s largest municipalities, including Los Angeles, CA, St. Louis, MO and Birmingham, AL. We’re excited to see the company deliver similar value to the next dozen municipality clients while also enabling the under-banked to get access to digital banking services and pathways to accessing credit and building wealth.”
“We are pleased to be joined by new investment partners with such valuable expertise. MoCaFi has established unique government partnerships that are capable of creating dramatic impact at scale, for millions of Americans currently unable to access quality financial services and benefits.”, said Tom Hutton, lead Series A Investor and investor in the Series B round, MoCaFi Board Member and accomplished Fintech venture capitalist.
Billions of dollars in public benefits are left unspent due to various complexities and inefficiencies in disbursement methods. MoCaFi’s platform provides governments with a solution that increases adoption and delivers benefits efficiently while reducing fraud.
“MoCaFi has been the perfect partner for the City of Birmingham. Over the last three years, we have delivered almost $20 million in emergency assistance to thousands of families – keeping them in their homes and keeping the lights on, and we couldn’t have done it without MoCaFi. More than just a payment processor- the MoCaFi team has been a fully engaged thought partner from conception through execution. We are incredibly appreciative of their support and hope to work with them again soon!” said Kelvin Datcher, Senior Advisor to the Mayor of Birmingham.
“We are excited to welcome the new investors to the MoCaFi mission, and appreciate the support of our existing investors, many of whom continue to show their trust by participating in the latest round . This Series B round allows MoCaFi to scale quickly and validates our unique business proposition. With this capital and more importantly, support from these terrific strategic investors, we can continue to innovate and bring our products and services to more municipalities, government entities and community partners – ultimately helping more people.” said Wole Coaxum, MoCaFi CEO & Founder.
MoCaFi’s mission is to help excluded communities create wealth through better access to public, private, and social capital. MoCaFi’s Financial Services as Infrastructure™ platform works with government and philanthropic organizations to provide cash assistance, mobile banking, and financial programming to individuals and families. MoCaFi’s products include a Mastercard branded Immediate Response Card and Demand Deposit Account providing no-fee cash withdrawals, no-fee deposit options, online banking services and access to credit-building tools and financial literacy programs. Blueprint by MoCaFi empowers users to manage their finances, track credit scores, reduce debt, and work towards mortgage readiness. On Our Block by MoCaFi™ community-banking pop-ups bring its banking products, financial programming and resources to support Black and brown communities in building personalized pathways to wealth.
MoCaFi has been named to FORBES Fintech 50: Most Innovative Fintechs of 2021, FORTUNE’s Impact 20 (2021) and The Plug’s 100 Promising Black-led, High-Growth Tech Companies focusing on Social Impact ( 2023). For more information, visit www.mocafi.com
The MoCaFi Bank Account and the MoCaFi Debit Mastercard are issued by Sunrise Banks N.A., Member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card may be used everywhere Debit Mastercard is accepted. Use of this card constitutes acceptance of the terms and conditions stated in the Account Agreement. The MoCaFi Bank Account is marketed and administered by MoCaFi. MoCaFi is a financial technology company and not a bank. Banking services are provided by Sunrise Banks N.A. Your funds are FDIC insured up to $250,000 through Sunrise Banks, N.A., Members FDIC.