MoCaFi is a technology company.
MoCaFi has raised $40.0M across 3 funding rounds.
MoCaFi has raised $40.0M in total across 3 funding rounds.
MoCaFi, officially Mobility Capital Finance, Inc., is a Black-owned and led seed-stage fintech company founded in 2015 that provides digital banking and credit-building products tailored for the unbanked and underbanked populations, particularly those overlooked by traditional banks.[1][2][4] It offers a fee-free Demand Deposit Account with Debit Mastercards, mobile apps for deposits/withdrawals via ATMs and convenience stores, Immediate Response Cards for quick fund distribution, and tools for financial education and coaching, serving 110 million Americans facing economic hardship through public-private partnerships and a B2B2C model.[1][2][4] Targeting underserved communities, including migrants and low-income groups via government subsidies, MoCaFi solves access barriers to safe banking, capital, data, and education to close racial wealth gaps, with growth fueled by contracts like New York City's migrant debit card program.[2][3]
MoCaFi was founded in 2015 by Wole Coaxum, a former Wall Street executive, inspired in 2014 amid the Ferguson protests following the police shooting of an unarmed Black teenager, prompting him to address social inequities and the racial wealth gap from his office.[3][4] Coaxum, drawing from his JP Morgan background, launched the company in New York City to innovate banking for 50 million unbanked/underbanked Americans, starting with a platform leveraging mobile tech, data analytics, and strategies for financial inclusion.[1][3][4] Early traction came through public-private partnerships, pop-up sales events like "On Our Block" with community organizations, and B2B deals positioning MoCaFi as financial infrastructure for municipalities, enabling efficient mass payments and subsidies.[2]
MoCaFi rides the fintech wave of financial inclusion amid rising demands for equitable access post-COVID and amid migration surges, capitalizing on market forces like government aid programs and subsidies for underbanked groups.[2][3] Its timing aligns with U.S. recognition of 110 million in economic hardship and 50 million unbanked, where traditional banks fail due to discrimination histories, positioning MoCaFi as a bridge via turnkey platforms for governments and philanthropies.[1][4][5] By influencing ecosystems through partnerships with banks like Truist, lobbying, and efficient aid delivery (e.g., NYC migrant cards), it drives structural change, complements incumbents, and expands digital banking to excluded communities.[2][3]
MoCaFi is poised for expansion through more government contracts and basic income pilots, leveraging its payments tech for scalable aid amid ongoing wealth gap efforts.[3] Trends like AI-driven analytics, rising fintech regulation favoring inclusion, and urban migration will shape its path, potentially boosting valuation via pre-IPO liquidity platforms.[3] Its influence may evolve from niche provider to broader ecosystem player, empowering underserved users toward prosperity and redefining fintech's social impact—echoing Coaxum's vision sparked by Ferguson to close divides through accessible capital.[4]
MoCaFi has raised $40.0M in total across 3 funding rounds.
MoCaFi's investors include 125 Ventures, Canaan Partners, Commerce Ventures, GE Ventures, Thompson Hutton, LLC, Astia, Domain Associates, InterWest, Johnson & Johnson Innovation, Seae Ventures, Supply Change Capital, Thirty Five Ventures.
MoCaFi has raised $40.0M across 3 funding rounds. Most recently, it raised $24.0M Series B in May 2023.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2023 | $24.0M Series B | 125 Ventures, Canaan Partners, Commerce Ventures, GE Ventures, Thompson Hutton, LLC | |
| Feb 1, 2021 | $12.0M Series A | 125 Ventures, Astia, Canaan Partners, Commerce Ventures, Domain Associates, GE Ventures, InterWest, Johnson & Johnson Innovation, Seae Ventures, Supply Change Capital, Thirty Five Ventures, Thompson Hutton, LLC, Vista Equity Partners, Wildcat Ventures, Baron Davis, Carmelo Anthony (Melo7 Tech Partners) | |
| Feb 1, 2020 | $4.0M Seed | 125 Ventures, Astia, GE Ventures, Seae Ventures, Supply Change Capital, Thirty Five Ventures, Vista Equity Partners, Baron Davis, Carmelo Anthony (Melo7 Tech Partners) |