← Embedded Finance Index 2026

Mocafi

“Can a fintech platform built on government-contracted cash disbursement and mobile banking become the infrastructure layer for municipal financial inclusion programs?”

Founded2015
HQNew York, NY, USA
FoundersWole Coaxum
Total raised$46.86M
Latest roundSeries B2, 2023
IndustryFintech / SMB banking
The story

Founded in 2015 as a mobile consumer financial platform targeting thin-file and underserved Americans with credit-building and affordable banking products. Over time pivoted to a B2G (business-to-government) model, becoming a turnkey digital banking infrastructure provider for municipalities and philanthropic organizations to distribute guaranteed basic income, emergency rental assistance, and cash assistance payments. This government-program revenue concentration proved fatal: in early 2026, MoCaFi lost a major government program and filed for Chapter 7 bankruptcy, unable to find a credible path forward.

Last 12 months
2026-03
Product timeline
2015
Mobility Capital Finance (MoCaFi) founded by Wole Coaxum to provide affordable financial services to marginalized communities.· banking
2016
Launched mobile banking app with no-fee demand deposit account and debit card targeting thin-file Americans.· banking
2023
Raised $23.5M Series B led by Commerce Ventures with strategic participation from BNY Mellon, Wells Fargo, and Truist Ventures.· banking
2023
Distributed over $100M in guaranteed basic income, emergency rental assistance, and utility payments across more than a dozen municipalities.· banking
2026
Filed for Chapter 7 bankruptcy and began formal liquidation process after loss of a major program central to its revenue model.· pivot
The stack
2 layers disclosed in Mocafi’s embedded-finance stack
Banking / BaaS
Sunrise Banks N.A. (sponsor bank)
Sponsor bank
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.