Why is fintech platform MoCaFi securing big investment?
Mobility Capital Finance (MoCaFi), a financial technology, mobile-fi rst banking platform has raised a whopping US$12 million Series A Round.
The Series A Round was led by Tom and Wende Hutton (venture capital firm XL Innovate), who were early investors in SoFi, Lemonade (the world's first peer-to-peer insurance firm), and other successful fintech start-ups, and includes investments from the Citi Impact Fund, Mastercard , 1Flourish Capital, Commerce Ventures, and several family offices. Previous investors also participated including Radicle Impact, Portfolia Rising America Fund and the Partnership Fund for New York City.
According to Tom Hutton, who has also joined MoCaFi’s Board of Directors, “the current financing adds the broad resources and commitment of investors who are uniquely qualified and highly dedicated to the mission of the company”.
What is MoCaFi’s mission as a platform?
So, what is it about the MoCaFi platform that has attracted the endorsement of such an accomplished and impactful group of investors?
Essentially, MoCaFi is making financial access and management inclusive and equitable. Committed to bringing financially underserved communities in the US into the digital economy, the platform addresses limited economic mobility and lack of financial equity in Black and Hispanic communities across the US with its high-quality, low-cost financial products and services.
For Dan Skaff, Managing Partner of Radicle Impact and MoCaFi director, who believes that for the longest time the “most deserving communities and entrepreneurs among us” have been overlooked, MoCaFi provides the answer, a “fair, transparent and economically just financial services to LMI communities with an eye towards the narrowing the wealthy gap for all families”.
According to Wole Coaxum , Founder, and CEO of MoCaFi, the platform has launched a “new strategy that allows municipalities to systematically address a significant market failure – the lack of access to banking products for large portions of the population”.
The model reimagines how cities work with financial services to deliver banking and disbursement solutions to all their residents, he adds.
Why partnership and collaboration is so key
MoCaFi’s efforts in meaningfully impacting “the lives of millions of underserved Americans”, says Hutton, bolstered by its participation in the Mastercard Start Path program, has enabled the platform to scale its mobile banking platform to include both Demand Deposit Accounts as well as disbursement accounts for disaster-related and other payments.
The platform collaborates closely with Equifax and TransUnion to empower customers to improve their overall financial literacy and augment their credit file with the addition of rent payments and other recurring bills that are processed on the MoCaFi platform.
Last December, MoCaFi partnered with The City and County of Honolulu to assist almost 4,000 households that suffered economic hardship from the pandemic. MoCaFi's work also supports the Respect initiative offered in partnership with the YWCA of Metropolitan Chicago working to eliminate racism and financially empower women. The Company will announce several additional relationships with cities and other organizations across the United States in the coming months.
"In partnership with cities, MoCaFi is bringing financial empowerment and influence on communities. Financial inclusion and greater access to the digital economy are essential ingredients in building greater prosperity and engagement for our citizens," said Fred Terrell, MoCaFi Director and investor.
Giving efficiency the full throttle at NASCAR
The NASCAR organization has long been synonymous with speed, agility and innovation. And so by extension, partnerships at NASCAR hold a similar reputation. One such partner for the organization has been CDW – a leading multi-brand provider of information technology solutions to businesses, government, education and healthcare customers in the United States, the United Kingdom and Canada. CDW provides a broad array of products and services ranging from hardware and software to integrated IT solutions such as security cloud hybrid infrastructure and digital experience. Customer need is the driving force at CDW, and the company helps clients by delivering integrated services solutions that maximize their technology investment. So how does CDW help their customers achieve their business goals? Troy Okerberg, Field Sales Manager - North Florida at CDW adds “We strive to provide our customers with full stack expertise, helping them design, orchestrate and manage technologies that drive their business outcomes.”
NASCAR acquired International Speedway Corporation (ISC) in 2019, merging its operations into one, new company moving forward. The merger represents an important step forward for NASCAR as the sport creates a unified vision to embrace its long history of exciting, family-oriented racing experiences while developing strategic growth initiatives that will drive the passion of core fans and attract the next generation of race fans. CDW has been instrumental in bringing the two technology environments together to enable collaboration and efficiency as one organization. Starting with a comprehensive analysis of all of NASCAR’s vendors, CDW created a uniform data platform for the data center environment across the NASCAR-ISC organization. The IT partner has also successfully merged the two native infrastructure systems together, while analyzing, consulting and providing an opportunity to merge Microsoft software licenses as well.
2020 turned into a tactical year for both organizations with the onset of the pandemic and CDW has had to react quickly to the changing scenario. Most of the initial change included building efficiencies around logistics, like equipment needing to be delivered into the hands of end users who switched to a virtual working environment almost overnight. CDW’s distribution team worked tirelessly to ensure that all customers could still access the products that they were purchasing and needed for their organizations throughout the COVID timeframe. Okerberg adds that today, CDW continues to optimize their offering by hyper-localizing resources as well as providing need-based support based on the size and complexity of their accounts. Although CDW still operates remotely, the company commits to adapting to the changing needs of their clients, NASCAR in particular. Apart from the challenges that COVID-19 brought to the organization, another task that CDW had been handed was to identify gaps and duplicates in vendor agreements that the two former single-entity organizations had in place and align them based on services offered. CDW further helps identify and provide the best solution from a consolidation standpoint of both hardware and software clients so that the new merged organization is equipped with the best of what the industry has to offer.