In 2014, as the city of Ferguson, Missouri, erupted in protests following the police shooting death of an unarmed Black teenager, an Oxford-educated African American Wall Street executive sat in his office and considered ways to address social inequities by closing the racial wealth gap. Two years later that executive, Wole Coaxum, launched Mobility Capital Finance, Inc. [MoCaFi], as a digital banking platform that would target the more than 50 million unbanked and underbanked people in the U.S. Today, MoCaFi is a Black-owned and led fintech that has enrolled more than 25,000 users, raised more than $6M in seed rounds, collaborated with Fortune 100 companies, and established a presence in major U.S. cities.

The most devastating moments have the power to create impactful change.

When protests erupted in 2014, in the City of Ferguson, Missouri, following the police shooting of Michael Brown, an unarmed Black teenager, Wole Coaxum decided his course of action to combat the racial and social inequities plaguing Black Americans was to take on closing the racial wealth gap. Two years after this pivotal moment, Wole Coaxum launched Mobility Capital Finance, Inc. a digital banking platform on a mission to bridge the economic mobility gap by targeting more than 50 million unbanked and underbanked people in the U.S.

A Blueprint for Economic Emancipation

Perceptions rooted in an oppressive history – where blacks were brought to the United States as slaves – created and continue to hold open the 500 year gap. There is no balance of social justice without economic justice. MoCaFi has an agenda: To design and implement the blueprint for an integrative financial ecosystem that will empower black households and businesses in America to move from dependence to independence over the next ten years.

MoCaFi’s objectives in the empowerment of Black households and businesses:
To collaborate with community organizations, local officials, and area businesses in targeted cities to address unbanked and underbanked communities of color by providing affordable banking and credit counseling services.

To increase African American homeownership by 100% in designated cities.
To work in concert with cities to implement a plan for African American business hubs and to provide resources that support shop locally initiatives, fund business startups, and create entrepreneur mentoring consortiums.

Rising High Enough to
Bridge the Gap

MoCaFi is a New York City MWBE Certified financial technology company that offers an array of financial products and services including FDIC-insured bank accounts. MoCaFi works with vulnerable populations in a low-cost, safe, and responsible way by providing banking services for the communities who are traditionally left out of the system. MoCaFi is working to close the wealth gap for vulnerable communities and help small businesses that are too often unable to access capital.