Wole Coaxum, founder of MoCaFi, told the Amsterdam News in an exclusive interview that his company’s goal is to help broaden access to the financial services industry for the underbanked, and to create better, more attentive banking services for those who feel underappreciated by the financial service companies they currently bank with.

MoCaFi, a Harlem-based startup focused on strengthening access to banking for people without bank accounts, has announced it has raised $23.5 million in a series B round. The money will be used to expand MoCaFi’s offerings and to work hand-in-hand with more governments seeking to reach the very same populations the company serves.

MoCaFi, a fintech platform that helps traditionally underserved communities build wealth, announced yesterday that it has raised $23.5 million in Series B funding led by Commerce Ventures.

MoCaFi’s mission is to help excluded communities create wealth through better access to public, private, and social capital. The company’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.

“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,” said Wole Coaxum, MoCaFi CEO & Founder. “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.”

A Black dollar is a powerful tool. From the popularity of fashion items in culture to the work to overcome systemic barriers, the Black community works in various ways to build, accumulate, and maintain wealth.

But in the words of Langston Hughes, “Life for me ain’t been no crystal stair.” Black people have not always had the luxury or ease of access to the tools and resources necessary to build wealth. Because of the historical and present systems that impact the ability to build wealth, there is a lack of trust in traditional banking systems. This lack of confidence has caused many Black people to be considered “unbanked,” ultimately leading to a significant disparity in financial equity.

The folks at Wells Fargo have taken particular notice of this disparity. As a part of its Banking Inclusion Initiative, the bank partnered with Black-led fintech startup MoCaFi to help alleviate the financial barriers for BIPOC community members.