Mastercard Invests in Mobility Capital Finance

​Mastercard has announced that it is partnering with Mobility Capital Finance (MoCaFi), a financial technology, mobile-first banking platform to bring alternate financial services to underserved communities, with a specific focus on providing tailored digital tools and new payment cards to low wealth minority and Black communities. Mastercard has now furthered its commitment with a capital investment in MoCaFi.

MoCaFi and Mastercard have been working together via the Mastercard StartPath program, an award-winning startup engagement program and a springboard to help later stage startups maximize their opportunity for success. The new investment will enable the expansion of MoCaFi's card programs and solutions to help address the inequities in the financial system for the underserved and to support the company's platform to provide banking, credit building, and wealth coaching services to the underbanked.

The partners plan to scale their collaboration in cities across the U.S. with view to expanding access to vital city programs such as financial aid and social benefit programs. The team has already launched initiatives in Honolulu to enable critical financial assistance and are supporting universal basic income pilots in Colombia, SC, Newark, NJ and San Francisco, CA.

Mastercard's investment is part of its $500M commitment to close the racial wealth and opportunity gap in the U.S. Earlier this month the company launched The Strivers Initiative, a campaign dedicated to elevating Black entrepreneurs overcoming obstacles to maintain and grow their business, as role models for the community and future generations, while encouraging consumers and businesses alike to shop, share and support them.