# MoCaFi

> MoCaFi (Mobility Capital Finance, Inc.) was a Black-founded US fintech that supplied governments and institutions with cash-disbursement infrastructure, alongside mobile banking and wealth-building programs for underserved residents. It reported more than $180 million distributed by the end of 2024. Founder Wole Coaxum announced Chapter 7 bankruptcy and liquidation in March 2026 after the loss of a major revenue program.

- **Founded:** 2015
- **Headquarters:** New York, United States
- **Founders:** Wole Coaxum (Founder and CEO through liquidation announcement)
- **Products:** Financial Services as Infrastructure, MoCaFi Mobility Bank Account, Immediate Response Card, Angeleno Connect, On Our Block
- **Notable:** Reported more than $180 million cumulatively disbursed by the end of 2024., Reported more than 100,000 cumulative accounts opened by the end of 2024., Named to Forbes Fintech 50 and Fortune Impact 20 in 2021.

## Products & services

- **Financial Services as Infrastructure** — Institutional platform for distributing cash assistance and connecting recipients with banking and financial programs; historical offering.
- **MoCaFi Mobility Bank Account** — Partner-bank demand deposit account with a debit Mastercard, mobile money management, transfers and bill payments; historical offering, issued through Sunrise Banks.
- **Immediate Response Card** — Prepaid-card distribution for guaranteed income, rental aid, utility relief and other institutional cash-assistance programs; historical offering.
- **Angeleno Connect** — Los Angeles debit card and app launched in September 2021, combining financial assistance access with city services and financial education.
- **On Our Block** — Community outreach, financial education and a wealth-planning app, launched with Wellthi in 2024; app listing later describes net-worth tracking, credit recommendations and document storage. Current app availability does not establish that MoCaFi resumed operations.
- **Express Funds** — Mobile payment disbursement solution launched in 2024 according to the company impact report.

## Achievements

- Reported more than $180 million cumulatively disbursed by the end of 2024.
- Reported more than 100,000 cumulative accounts opened by the end of 2024.
- Named to Forbes Fintech 50 and Fortune Impact 20 in 2021.
- Raised a $23.5 million Series B in 2023.
- Managed debit-card payments for Los Angeles BIG:LEAP participants.

## Latest updates

- **2026-03** — Founder Wole Coaxum announced Chapter 7 bankruptcy and formal liquidation after losing a major program central to the revenue model; Banking Dive reported the filing on March 13.
- **2025-09** — Fifth Third announced its selection for Direct Express, replacing the previously selected BNY team. BNY attributed discontinuation to readiness challenges at a provider; later reporting identified MoCaFi.
- **2024-11** — BNY announced Direct Express selection and named MoCaFi among additional providers. This was an announced award, not proof that MoCaFi served all program participants.

## Links

- Website: https://www.mocafi.com/
- LinkedIn: https://www.linkedin.com/company/mocafi/
- Twitter/X: https://twitter.com/mocafiapp
- Instagram: https://www.instagram.com/mocafiapp/
- Facebook: https://www.facebook.com/mocafiapp/

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Profile page: https://yespress.io/mocafi
Published by YesPress — https://yespress.io
Last updated: 2026-10-05