PRESS RELEASE: June 27, 2018
Contact: Jennifer Solomon
516.680.8927 | Jennifer@newark.vc
MoCAFi Secures $2M in Funding
MoCaFi to bank 1 million families by 2020
Newark, NJ (June 27, 2018) – Mobility Capital Finance “MoCaFi”, a mobile financial services firm, has designed a platform to reach people without access to traditional banking and credit services. MoCaFi has raised $2.0 million in convertible note funding, including an investment of $100,000 from Newark Venture Partners (NVP). The FinTech startup seeks to disrupt the $144 billion alternative financial services market, which today includes payday lenders, car title lenders, and check cashing services by leveraging mobile technologies, analytics and digital user acquisition strategies.
“Over 50 million Americans rely on alternative financial services to manage their lives,” said Wole Coaxum, Founder and CEO of MoCaFi. “MoCaFi’s platform uses an app to transition underbanked communities – often made up of black and brown individuals - from financial vulnerability to prosperity by earning their trust, helping them build credit, offering financial literacy information and empowering them to make healthier financial decisions. We believe we can do well and do good at the same time.”
A key part of MoCaFi’s social mission is to create economic mobility and financial equity in Black and Hispanic communities. The FDIC estimates that over 50 percent of Black and Hispanic households are underbanked. According to a study by Prosperity Now and the Institute for Policy Studies the median wealth for black and latino families in this country will be 0 in the coming decades if present trends continue. “Social justice without economic justice is like one hand clapping,” Coaxum says “and we need both to bring the radical change required to alter the trajectory of our vulnerable communities.”
MoCaFi is raising money to increase its existing customer base to 1 million new black and brown families by 2020, as well as to broaden its vision of the 21st century community banking platform to enable the payment of rent through the MoCaFi card, report responsible bill pay activity to credit bureaus, strengthen its financial literacy offering and broaden the applicability of its proprietary MoCaFi Mobility score. The MoCaFi app is already available on both Android and iOS devices, and MoCaFi has established partnerships with MasterCard, Sunrise Banks and Equifax. MoCaFi’s investors include Newark Venture Partners and other leading, knowledgeable Angel investors. MoCaFi is based in Harlem, New York and Newark, New Jersey.
“MoCaFi’s ability to arm consumers with technology and provide financial literacy to underbanked communities will change the way families manage their daily lives in a positive and productive way. This is a community banking platform that offers its customers transparency, accountability and fairness in a way that recognizes their needs as well as their potential to earn, save and build wealth,” said Dan Borok, Managing Partner at Newark Venture Partners.
NVP is a leading venture capital fund, based in Newark, New Jersey, working to build distinctive technology companies and catalyze development in the local technology ecosystem. NVP is backed by Audible (an Amazon Company), Prudential Financial, Dun & Bradstreet and others. NVP invest in Seed and Series A companies, and they invests in pre-Seed companies through their accelerator program, NVP Labs, which supports growth and development through a network of partners, members and services.
Prior to starting MoCaFi in 2016, Wole Coaxum served as Managing Director at JPMorgan Chase where he held a series of leadership positions in Business Banking, Card Services, and Treasury & Securities Services. Prior to joining JPMorgan in 2007, Wole was a senior executive of Willis Towers Watson, where he served as Chief Financial Officer & Chief Operating Officer of Willis North America and Chief Executive Officer of Willis Canada. He began his career at Citigroup working in investment banking, asset management, insurance and corporate functions.
About Mobility Capital Finance, Inc. (MoCaFi)
MoCaFi is a start-up financial technology company that leverages mobile technologies, data analytics and digital strategies as it reimagines community banking for the 21st century. Our objective is to improve the financial lives of underbanked communities and enable people to achieve their long term goals and create intergenerational wealth.
About Newark Venture Partners
Newark Venture Partners is a new type of venture capital fund. We help innovative entrepreneurs build distinctive technology companies while also catalyzing development in the technology ecosystem in Newark, NJ. Our backers and partners include Audible (an Amazon Company), Prudential Financial, Dun & Bradstreet, Panasonic, TDBank, RWJBarnabas Health and others. For more information visit: www.NewarkVenturePartners.com