Forbes Feature: Ex-JPMorgan Chase Exec Has A Plan To Narrow Racial Wealth Gap In Every Major U.S. City
Wole Coaxum, MoCaFi Founder & CEO, is featured in Forbes, Ex-JPMorgan Chase Exec Has A Plan To Narrow Racial Wealth Gap In Every Major U.S. City.
Here’s an excerpt from the article:
After a devastating year, Christmas came early for 4,000 financially hurting residents of Honolulu. Early last December, they received personalized Mastercard debit cards emblazoned with the city’s iconic beach and high-rises and, more importantly, loaded with $500 to be used for food purchases at grocery and convenience stores.
Despite rollout glitches (some residents complaining of activation problems), these refillable cards represented another successful milestone for Wole C. Coaxum, a 51-year-old fintech and social entrepreneur sitting in New York, some 5,000 miles away. Back in 2015, he left a job at JPMorgan Chase as head of sales to found MoCaFi—short for “Mobility Capital Finance”—a mobile-first banking startup that aims to address the racial financial inclusion and wealth gaps.
After some research, Coaxum reached a surprising conclusion: the best way to reach those with the least access to traditional financial services would be to do it by partnering with local governments and nonprofits. His idea was to create a unified no fee account that could deliver government benefits and local discounts as well as digital banking services such as direct payroll deposit, check scanning, a debit card (allowing ATM withdrawals as well as purchases), bill payment, credit history building, financial coaching and eventually, loans.
Read more on Forbes.
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The Weekend Agenda - 039 - Juneteenth
Over the weekend, take a little time and get into what we’ve rounded up and packed into this Weekend Agenda. This edition of The Weekend Agenda is all about Juneteenth. Check out this rundown of events, happening across the nation, to celebrate the now federal holiday. Happy Juneteenth. Stay up!
- 6/18/21 -
MoCaFi & Wells Fargo on Banking Inclusion
MoCaFi is collaborating with Wells Fargo to provide access to affordable products and digital solutions.
Work closely with fintechs that are deeply committed to helping underserved communities... We are collaborating with the fintech MoCaFi to help provide banking to unbanked individuals, including offering MoCaFi customers the ability to use their MoCaFi debit card at our ATMs without incurring fees from Wells Fargo.
Read more about the 10 year commitment here.
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The Weekend Agenda - 038
Over the weekend, take a little time and get into what we’ve rounded up and packed into this Weekend Agenda. We searched the internet and compiled some things for you to digest, ranging from economics to culture and everything in between. Remember, to start a business, level up, build generational wealth, or to just be ten toes down, you’ll need to know what’s happening around you. Enjoy and stay up!
- 5/14/21 -
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The Weekend Agenda - 037
Over the weekend, take a little time and get into what we’ve rounded up and packed into this Weekend Agenda. We searched the internet and compiled some things for you to digest, ranging from economics to culture and everything in between. Remember, to start a business, level up, build generational wealth, or to just be ten toes down, you’ll need to know what’s happening around you. Enjoy and stay up!
- 4/30/21 -
READ THIS: This 27-Year-Old Has Managed To Finish Paying Off Her Student Loan Debt During The Pandemic -- Here's How
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The Weekend Agenda - 036
Over the weekend, take a little time and get into what we’ve rounded up and packed into this Weekend Agenda. We searched the internet and compiled some things for you to digest, ranging from economics to culture and everything in between. Remember, to start a business, level up, build generational wealth, or to just be ten toes down, you’ll need to know what’s happening around you. Enjoy and stay up!
- 4/23/21 -
READ THIS: With Millions Drowning in Debt, President Weighs Options to Forgive Student Loans
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The Weekend Agenda - 035
Over the weekend, take a little time and get into what we’ve rounded up and packed into this Weekend Agenda. We searched the internet and compiled some things for you to digest, ranging from economics to culture and everything in between. Remember, to start a business, level up, build generational wealth, or to just be ten toes down, you’ll need to know what’s happening around you. Enjoy and stay up!
- 4/16/21 -
Featured on Black Enterprise
MoCaFi was featured on BlackEnterprise.com, in an article titled Black Company Aims to Offer Mobile Banking Services to 100,000 People By Next Year.
Here’s an excerpt from the article:
After helping raise a fresh $12 million round of financing, Wole Coaxum is equipped to grow his business to offer mobile banking services more vigorously to scores of Black Americans.
His company, Mobility Capital Finance Inc. (known as MoCaFi), is a fintech startup and app geared to help close the inequality in the nation’s wealth gap. Its mission includes assisting people to obtain low-cost services, build credit, and help financially underserved communities gain access to capital.
MoCaFi aims to achieve that by offering a debit Mastercard, mobile check deposits, free bill pay, and other services. Coaxum says the services are needed as African Americans and Hispanics spend 50% to 100% more on monthly basic banking services than other racial groups, costing them $40,000 in excess fees over a lifetime.
Continue reading the full article on BlackEnterprise.com.
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The Weekend Agenda - 034
Over the weekend, take a little time and get into what we’ve rounded up and packed into this Weekend Agenda. We searched the internet and compiled some things for you to digest, ranging from economics to culture and everything in between. Remember, to start a business, level up, build generational wealth, or to just be ten toes down, you’ll need to know what’s happening around you. Enjoy and stay up!
- 4/9/21 -
READ THIS: Capability building during COVID-19: 6 experts on the skill they’re most excited to help teams develop
Featured on Mastercard Newsroom
MoCaFi was featured on Mastercard Newsroom, in an article titled How a fintech founder sought purpose after justice.
Here's an excerpt from the article:
In the late summer of 2014, Wole Coaxum was glued to the television in his Wall Street office. He watched in horror as violent riots broke out in Ferguson, Missouri, after police fatally shot unarmed Black teenager Michael Brown. To Coaxum, who is Black, it was unfathomable to see similar images he grew up watching in documentaries about the Civil Rights movement — and hear the same conversations about how to solve racial problems.
“I heard excellent analysis around what was going on and why — but I saw very little in terms of real sustainable solutions to bring economic plans to communities of color,” says Coaxum, 50, who grew up in Cleveland, the son of activist parents. “I thought maybe this is the chance to use this moment and my skills to get involved.”
At the time, he was a head of sales at JP Morgan Chase Inc. in New York. After spending a year puzzling over how to make a difference, Coaxum left his lengthy career in corporate finance. “Enterprise is all about going on faith,” he says with a laugh.
Continue reading the full article on Mastercard.com.