MoCaFi Raises $23.5M to Extend Monetary Empowerment

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MoCaFi, a fintech platform that is helping historically underserved communities construct wealth, introduced the day past that it has raised $23.5 million in Collection B investment led via Trade Ventures.

MoCaFi’s project is to assist excluded communities create wealth thru higher get right of entry to to public, non-public, and social capital. The corporate’s Monetary Services and products as Infrastructure™ platform works with govt and philanthropic organizations to offer money help, cellular banking, and monetary programming to people and households.

“We’re excited to welcome the brand new traders to the MoCaFi project, and admire the fortify of our present traders, a lot of whom proceed to turn their consider via taking part in the newest spherical,” mentioned Wole Coaxum, MoCaFi CEO & Founder. “This Collection B spherical permits MoCaFi to scale briefly and validates our distinctive industry proposition. With this capital and extra importantly, fortify from those terrific strategic traders, we will be able to proceed to innovate and produce our services to extra municipalities, govt entities and network companions – in the end serving to extra other people.”

MoCaFi’s platform has already had an important have an effect on on underserved communities. In Birmingham, Alabama, for instance, MoCaFi has helped to distribute over $20 million in emergency help to 1000’s of households. The corporate has additionally labored with the Town of Los Angeles to offer monetary help to homeless people and households.

“MoCaFi has been the very best spouse for the Town of Birmingham,” mentioned Kelvin Datcher, Senior Marketing consultant to the Mayor of Birmingham. “During the last 3 years, we have now delivered nearly $20 million in emergency help to 1000’s of households – holding them of their houses and holding the lighting fixtures on, and we couldn’t have accomplished it with out MoCaFi. Greater than only a cost processor- the MoCaFi staff has been an absolutely engaged concept spouse from conception thru execution. We’re extremely appreciative in their fortify and hope to paintings with them once more quickly!”

MoCaFi’s merchandise come with a Mastercard branded Instant Reaction Card and Call for Deposit Account offering no-fee money withdrawals, no-fee deposit choices, on-line banking products and services and get right of entry to to credit-building gear and monetary literacy methods. MoCaFi’s Blueprint program empowers customers to control their price range, observe credits rankings, scale back debt, and paintings in opposition to loan readiness. On Our Block via MoCaFi™ community-banking pop-ups convey its banking merchandise, monetary programming and assets to fortify Black and brown communities in constructing personalised pathways to wealth.

Billions of greenbacks in public advantages are left unspent because of quite a lot of complexities and inefficiencies in disbursement strategies. MoCaFi’s platform supplies governments with an answer that will increase adoption and delivers advantages successfully whilst lowering fraud.

With this new investment, MoCaFi plans to amplify its platform to achieve extra underserved communities and to broaden new services that may assist people and households construct wealth.