Mobility Capital Finance (MoCaFi), a U.S.-based mobile-first banking platform, announced on Monday it secured $12 million through its Series A funding round, which was led by Tom and Wende Hutton, with participation from Citi Impact Fund, Mastercard, 1Flourish Capital, Commerce Ventures,
Founded in 2015, MoCaFi describes itself as a financial services platform for 110 million Americans that are dealing with economic hardship and have no path to a better circumstance.
“Our platform consists of a prepaid Mastercard, FDIC-insured bank account, money management app, credit-building bill payment and personal wealth coaching. We’re helping communities spend smart, build credit, and live wealthy.”
While speaking about the company’s platform, Wole Coaxum, Founder and CEO of MoCaFi, stated:
“In addition to offering high-quality, low-cost financial products and services that have helped many individuals and families across the nation, we are excited to launch a new strategy that allows municipalities to systematically address a significant market failure – the lack of access to banking products for large portions of the population. Communities of color are disproportionately impacted by this phenomenon. Our model reimagines how cities work with financial services to deliver banking and disbursement solutions to all their residents. Together we have the potential to play an important role in closing the racial wealth gap in the United States.”
Funds from the Series A round will be used to continue the growth and development of the MoCaFi platform.