BLACK-OWNED FINANCIAL TECH FIRM MoCaFi RAISES $3.5M IN SEED ROUND AS THEY ADVANCE EFFORTS TO ADDRESS THE RACIAL WEALTH GAP
Newark, NJ -- Mobility Capital Finance (MoCaFi), a financial technology company that is committed to bringing financially underserved communities in the United States into the digital banking economy, has closed $3.5 million in a Series Seed funding round. Wole Coaxum, founder of the company, is an African American former Wall Street and insurance industry executive.
The Series Seed round was led by Radicle Impact Partners with other institutional investors including Newark Venture Partners (NVP), Partnership Fund for New York City, Social Venture Circle of Philadelphia, SustainVC, WinWin, Portfolia, and Capital Access Holdings. Several family offices participated as well. Winston & Strawn served as Company counsel.
"MoCaFi delivers high quality, appropriately priced products and services to communities across the country," said Coaxum. "Financially vulnerable people, especially communities of color deserve the opportunity to bank smart and build their credit.
The funding that we have received will be utilized to focus on expanding opportunities for traditionally underserved communities, bringing more people into the financial mainstream – lowering their cost to borrow, increasing their access to quality products and services, and providing a resource in the journey of creating wealth."