# MoCaFi

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mocafi

- Industry: Financial Services
- Headquarters: New York, US
- Website: www.mocafi.com
- Total disclosed funding: $39M
- Latest round: Series B (Dec 7, 2022)
- Investors on record: 16

## About

MoCaFi is a financial technology company based in the US that enhances financial inclusion and empowers underbanked communities through innovative banking solutions and services.Founded in 2015 and headquartered in New York, MoCaFi specializes in delivering financial services to underbanked populations. The company has executed a total of 6 deals, with the latest funding round being a Series B, in which they raised USD 21.85 mn on December 7, 2022. The lead investor in this round was Commerce Ventures, along with participation from Bank of New York Mellon, Truist Ventures, and Wells Fargo. CEO Wole Coaxum has been instrumental in steering the company towards its current business model and strategic objectives.MoCaFi provides a suite of financial technology services aimed at enhancing financial inclusion, particularly for underbanked communities in the United States. Their offerings include the MoCaFi Bank Account, a prepaid debit Mastercard, and a mobile banking app with 24/7 customer support. The services enable users to receive government and philanthropic funding without incurring ATM fees, serving municipalities and community organizations in cities like Los Angeles and Birmingham, where they have facilitated millions in emergency financial assistance.MoCaFi generates revenue primarily through partnerships with municipalities and financial institutions that utilize its platform for distributing financial assistance. Clients may engage MoCaFi for customized programs to manage mobile banking solutions like emergency rental assistance, leveraging the prepaid debit cards for user accessibility. While specific pricing details are not disclosed, the company's focus on low-fee services and direct-to-consumer transactions supports their aim of providing financial resources to those in need.Following a successful Series B funding round in December 2022, raising USD 21.85 mn, MoCaFi plans to use the capital to enhance product development and expand operations. The company aims to target additional municipalities and geographic regions for its services, enhancing its reach to more underbanked communities. Details on specific new products or launch dates have not yet been disclosed, but the funding will support the execution of these initiatives.

## Funding rounds

- Series B, Dec 7, 2022, $22M — Bank of New York Mellon, Wells Fargo, Commerce Ventures, Truist Ventures
- Series A, Feb 12, 2021, $12M — Commerce Ventures, Citi Ventures, Partnership Fund for New York City, Radicle Impact Partners, Gaingels, Portfolia, Flourish Ventures, Mastercard Incorporated
- Seed, Feb 5, 2020, $3.5M — Partnership Fund for New York City, SustainVC, Radicle Impact Partners, NVP Capital, Portfolia, WinWin Ventures, Capital Access Holdings, Social Venture Circle of Philadelphia
- Seed, Apr 15, 2018 — NVP Capital
- Angel, Apr 15, 2016, $1.8M — NVP Capital

## Investors

- NVP Capital — Angel, Seed
- Partnership Fund for New York City (https://capitalatlas.ai/funds/partnership-fund-for-new-york-city) — Seed, Series A
- SustainVC (https://capitalatlas.ai/funds/sustainvc) — Seed
- Radicle Impact Partners (https://capitalatlas.ai/funds/radicle-impact-partners) — Seed, Series A
- Portfolia (https://capitalatlas.ai/funds/portfolia) — Seed, Series A
- WinWin Ventures — Seed
- Capital Access Holdings — Seed
- Social Venture Circle of Philadelphia — Seed
- Commerce Ventures (https://capitalatlas.ai/funds/commerce-ventures) — Series A, Series B
- Citi Ventures (https://capitalatlas.ai/funds/citi-ventures) — Series A
- Gaingels (https://capitalatlas.ai/funds/gaingels) — Series A
- Flourish Ventures (https://capitalatlas.ai/funds/flourish-ventures) — Series A
- Mastercard Incorporated — Series A
- Bank of New York Mellon — Series B
- Wells Fargo — Series B
- Truist Ventures (https://capitalatlas.ai/funds/truist-ventures) — Series B