back Back

Mastercard announces capital investment & partnership expansion with MoCaFi

By Pavithra R

March 01, 2021

  • America
  • Mastercard

Mastercard announces new capital investment in MoCaFi

Mastercard has announced expanding its partnership with Mobility Capital Finance (MoCaFi), an African American owned FinTech providing mobile-first banking platform committed to bringing financially underserved communities into the digital economy, to bring alternate financial services to underserved communities with a specific focus on delivering tailored digital tools, and new payment cards to low wealth minority and Black communities.

 The company has also announced furthering its commitment with a capital investment in MoCaFi. Both MoCaFi and Mastercard have been working together via the Mastercard StartPath program, aiming to help later-stage startups maximize their opportunity for success. 

The new funding is expected to expand MoCaFi’s card programs and solutions to help address the inequities in the financial system for the underserved and support the company’s platform to provide wealth coaching, banking, and credit building services to the underbanked. 

“As a neo bank focused on closing the racial wealth gap, MoCaFi sees a great opportunity to create market-based solutions that address the structural economic inequality that exists in this country. Social justice without economic justice is like one hand clapping. Mastercard’s investment into MoCaFi gives us the basis to scale our operations and create the impact that we seek to deliver – providing us another hand to serve communities,” said Wole Coaxum, Founder and CEO of MoCaFi.

The partners are planning to scale their collaboration in cities across the U.S. with a view to expanding access to vital city programs such as financial aid and social benefit programs. The team has launched initiatives in Honolulu to enable critical financial assistance and are supporting universal basic income pilots in SC, Newark, NJ, Colombia, and San Francisco, CA.

“Mastercard is leveraging our company resources – everything from our products, services, technology and financial support – to help close the racial wealth and opportunity gap. Partnerships are critical to achieving that goal, and we’re continuing to expand our support for and collaboration with Black entrepreneurs. By investing resources and capital directly in Black and minority-led companies like MoCaFi, we can build the capacity of those with a direct connection to underserved communities and help them to scale. We are optimistic that together we can start to drive the change needed to help everyone reach their potential,” said Michael Froman, Vice Chairman and President, Strategic Growth at Mastercard.

By partnering with Mastercard, MoCaFi delivers digital services that aim to close the racial wealth gap and advance Black Americans’ ability to save, invest, and insure themselves against risks affordably. 

Previous Article

March 01, 2021

CEC Bank partners with Aurachain to accelerate digitalisation

Read More
Next Article

March 01, 2021

London based InsurTech Huddle enters partnership with Telstra

Read More

IBSi Daily News Analysis

Merchants, payments, UAE

July 15, 2024


Global wealth growth rebounds with major shifts expected by 2030, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


FREENOW & Alipay+ join forces to boost travel experience for Asian tourists

Read More


Flipkart & BillDesk launch 5 new digital payment offerings & categories

Read More


Qashier unveils Treats, an automated payment-linked loyalty solution

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024