MoCaFi

MoCaFi's Mission and Vision

MoCaFi aims to bridge the financial inclusion gap by providing excluded communities with access to wealth-building opportunities. By offering better access to public, private, and social capital, MoCaFi is dedicated to helping individuals and families create sustainable financial futures. The company’s mission is deeply rooted in fostering financial health and resilience, particularly for those who have been traditionally underserved by the financial system.

MoCaFi's Services and Products

MoCaFi offers a robust suite of financial services and products tailored to meet the needs of underserved communities. This includes digital benefit payments, mobile banking solutions, and a prepaid Mastercard. Their platform features a money management app, credit-building bill payment, and personal wealth coaching. Additionally, MoCaFi provides a unique Mobility Score to measure and reward financial health, and the Rent Reporting feature to help boost users' credit scores by reporting rent payments to Equifax and TransUnion.

MoCaFi's Community Impact

MoCaFi has made significant strides in financially empowering communities, having disbursed $100 million in government and philanthropic funding to 60,000 people across 15 cities. This includes providing rent and utility assistance to over 4,000 families and impacting 240,000 individuals through cash assistance. Their community engagement initiatives are designed to build program awareness and onboard individuals to full participation, offering financial education and coaching programs to ensure long-term financial health.

MoCaFi's Strategic Partnerships

MoCaFi collaborates with municipalities, financial institutions, community-based organizations, and private companies to create scalable, sustainable financial infrastructure. Notable partnerships include working with the City of Los Angeles to launch Angeleno Connect and the City of Birmingham to disburse Emergency Rental Assistance Program (ERAP) funding. These collaborations are instrumental in extending MoCaFi’s reach and effectiveness in delivering financial services to underserved populations.

MoCaFi's Technological Innovations

MoCaFi leverages technology to provide seamless financial solutions, including a mobile banking app with 24×7 customer support and contactless payment capabilities. Their self-service online payments portal allows for the control of individual or bulk shipments of reloadable cards across multiple programs and agencies. Innovations like Ingo Money integration enable users to deposit paper checks at no cost, while VanillaDirect Load Cash integration allows cash deposits at Dollar General or Family Dollar locations. These technological advancements ensure that MoCaFi's services are accessible and user-friendly.