Financial Services Entrepreneur Wole Coaxum released a statement today (2/6/2020) saying that his financial technology company, MoCaFi, had raised $3.5 Million in Series Seed Funding led by Radicle Impact Partners. Other investors include (but aren’t limited to) Capital Access Holdings, Portfolia, WinWin, SustainVC, Social Venture Circle of Philadelphia, Partnership Fund for New York City, and Newark Venture Partners (NVP).
What is MoCaFi? Mobility Capital Finance Explained
MoCaFi is a mobile first banking platform. It’s designed to help people in underserved communities (i.e. Blacks and Hispanics) build their personal credit history, increase their credit scores and improve their financial health via education. People in underserved communities that are often overlooked because they’ve bad credit or no credit now have the opportunity to have their financial needs met with the help of the digital platform. Users of the platform will have access to reasonably priced, alternative financial services.
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A Bank Account & Credit Reporting Tool for the Underserved
In partnership with Sunrise Banks, MoCaFi is offering FDIC-Insured bank accounts at a more affordable price than traditional banks. Users will be able to bank from their mobile phone, report their rent payments to Equifax to help increase their credit score, and have access to a MasterCard Debit Card for purchases. MoCaFi’s mission is to ensure all people have access to financial services that are safe and beneficial.
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Addressing the Racial Wealth Gap Plaguing Black & Hispanic Communities
The MoCaFi team is especially focused on helping people in Black and Hispanic communities improve their financial health. Black people have experienced (and continue to experience) harmful and predatory financial practices. MoCaFi is a tool that will help eliminate the need for help from predatory financial institutions and enable the Black and Hispanic community to become economically mobile and prosperous. To learn more about MoCaFi, visit the company website and follow company updates on LinkedIn, Facebook and Instagram.