Financial Inclusion | June 6, 2023

MoCaFi raises $23.5 million to help deliver financial aid to underserved communities

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, June 6 — Billions of dollars in government funding are left unspent each year. Digital payment provider MoCaFi (short for Mobility Capital Finance) has raised $23.5 million to help government agencies and other organizations distribute aid to families in need.

The Harlem-based company, which also raises philanthropic capital, has helped disburse some $100 million to families in 15 US cities. In majority-Black Birmingham, Alabama, MoCaFi worked with the city to deploy $20 million in emergency rental assistance for thousands of residents in the aftermath of the pandemic. MoCaFi also works with the city of Los Angeles to deliver financial assistance to the homeless.

Inclusive fintech

Wole Coaxum, a Black former JPMorgan executive, launched MoCaFi in 2016 to help close the wealth gap by connecting underserved communities to financial services. The company offers no-fee banking, prepaid cards and credit building tools and apps as part of its “financial services as infrastructure” strategy.

The Series B financing, led by Commerce Ventures,“ allows MoCaFi to scale quickly and innovate to bring our products and services to more municipalities, government entities and community partners — ultimately helping more people,” said Coaxum.