MoCaFi

Mobility Capital Finance, Inc.’s innovative fintech platform for government and philanthropic organizations provides individuals and families with cash assistance, mobile banking, and financial programming that creates economic pathways. Over $175 million dollars of cash assistance has been disbursed on the MoCaFi platform in 20 locations, providing immediate and long-term relief to 85,000 families.

The Problem
An estimated 4.2% of U.S. households (5.6 million households) were “unbanked” in 2023, meaning no household member had a checking or savings account at a bank or credit union. An additional 14.2% (19 million households) are underbanked, meaning they use nonbank products to meet their core financial needs. Unbanked rates are higher among lower-income households; less-educated households; Black households (40% of Black Americans are un- or underbanked); Hispanic households (30% of Hispanic Americans are un- or underbanked); working-age households with a disability; and single-mother households. Historically, low-income communities have been marginalized from the traditional banking ecosystem, as local bank branches are often located outside their neighborhoods, making them inaccessible, and the costs associated with maintaining a bank account are prohibitively high. Many are forced to rely on predatory payday loans or check cashing services, which can lead unbanked and underbanked individuals to spend approximately $3,000 per person annually in fees and interest.

The Solution
MoCaFi believes that high-quality, low-cost financial services can close the opportunity gaps preventing nearly 50 million Americans from fully pursuing prosperity. Their platform works with the government, the private sector, and philanthropic organizations to provide cash assistance, mobile banking, and financial programming to individuals and families systematically excluded from the traditional banking ecosystem and provide them a pathway to build long-term generational wealth. Their products — the MoCaFi App, Blueprint by MoCaFi, and On Our Block® — empower users to manage their finances, track credit scores, reduce debt, and work toward financial stability and wealth creation.

MoCaFi is currently implementing programs in 13 states, including guaranteed basic income, one-time cash assistance, emergency rental assistance, youth summer employment stipends, and food stipends for newly arrived immigrants, all of which reach predominantly unbanked and underbanked populations. They are continuing to expand their reach in communities across the United States through partnerships and programs in St. Louis, Birmingham, Los Angeles, New York City, and other geographies.

MoCaFi is expanding services to the federal level and is part of the BNY team selected for Direct Express®, the U.S. Department of the Treasury’s largest prepaid debit card program for federal benefits. In addition, MoCaFi is augmenting wealth-building tools for communities via On Our Block programs targeted at entrepreneurs and small businesses, and has launched a new baby bonds pilot in St. Louis.