US-based mobile banking platform developer Mobility Capital Finance (MoCaFi) received $12m yesterday in a series A round featuring payment services provider Mastercard and financial services firm Citi.
Individual investors Tom Hutton and Wende Hutton co-led the round, while 1Flourish Capital, Radicle Impact Partners, Portfolia Rising America Fund, Partnership Fund for New York City, Commerce Ventures and unnamed family offices also took part. Citi invested through its Impact Fund.
MoCaFi provides a mobile-first banking platform aimed at underserved communities in the United States. Through its app, users can make payments, access money management services, submit bill payment information to credit check agencies and receive personal wealth coaching.
Tom Hutton has joined the company’s board of directors in connection with the round. Wole Coaxum, MoCaFi’s founder and chief executive, said: “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.”
Radicle Impact led MoCaFi’s $3.5m seed round in February 2020, investing with Newark Venture Partners, Partnership Fund for New York City, Social Venture Circle of Philadelphia, SustainVC, WinWin Ventures, Portfolia, Capital Access Holdings and undisclosed family offices.