MoCaFi, a fintech platform that helps traditionally underserved communities build wealth, announced yesterday that it has raised $23.5 million in Series B funding led by Commerce Ventures.
MoCaFi’s mission is to help excluded communities create wealth through better access to public, private, and social capital. The company’s Financial Services as Infrastructure™ platform works with government and philanthropic organizations to provide cash assistance, mobile banking, and financial programming to individuals and families.
“We are excited to welcome the new investors to the MoCaFi mission, and appreciate the support of our existing investors, many of whom continue to show their trust by participating in the latest round,” said Wole Coaxum, MoCaFi CEO & Founder. “This Series B round allows MoCaFi to scale quickly and validates our unique business proposition. With this capital and more importantly, support from these terrific strategic investors, we can continue to innovate and bring our products and services to more municipalities, government entities and community partners – ultimately helping more people.”