The MoCaFiTM Partnership with Qwale Expands Its Financial Services To Underserved Communities in the United States
NEWARK, NJ – April, 2020 – Mobility Capital Finance, Inc. (“MoCaFi”), an MWBE-owned and operated financial technology company continues its journey to expand the financial services it offers to financially underserved communities in the United States through a strategic partnership with New York-based Qwale Technologies. Under the MoCaFi umbrella, Qwale gives MoCaFi clients access to additional tools that help their credit-building capacity. This service enhances MoCaFi’s recent innovation of allowing individuals to use their rent payment to boost their credit score. The platform also adds a viable path for our users to accomplish their goal to also build savings and have access to funds that are FDIC insured. Qwale allows MoCaFi to offer credit -building loans as complementary to its rent payment reporting, financial literacy, and coaching.
MoCaFi’s continued focus on tools to help everyday Americans bolster their financial lives as more people are at risk of falling into the margins of our society and need access to responsible financial products and services to help them during this time of financial uncertainty and significant economic challenges. “People from all walks of life in this country, especially communities of color, are looking for, and need, financial solutions that will help them counter-attack the impact of systemic marginalization which has become more acute as a result of the COVID-19 pandemic,” said MoCaFi founder and CEO Wole Coaxum. “MoCaFi’s financial services platform provides a pathway to the credit and banking systems, and we see this addition of Qwale as another way that we can help reach our goal of helping more than one million Americans move fully into the digital economy – a goal that we at MoCaFi are working hard to achieve.”
MoCaFi — based in Harlem (NY) and Newark (NJ) — founded in 2016 by CEO Wole Coaxum, a former wall street and insurance executive, addresses the market failure in the United States that requires too many Americans to rely upon expensive, exploitative products for their banking needs. The alternative financial services (“AFS”) industry is nearly a $200 billion market. Car title lenders, payday lenders, check cashing services and overdraft fees are the solution that more than 100 million Americans depend upon. MoCaFi represents a different path forward – a mobile-first answer focused on reimagining credit and banking services for all communities.
Qwale is a portfolio company of East Coast Capital Holdings (ECCH). ECCH’s CEO, Zindel Zelmanovitch, stated that his company is committed to the principle of diversity and focuses on underserved areas in Banking (MDIs), FinTech and InsurTech. “Partnering with MoCaFi in this way represents the best of ECCH’s mission to help develop the next generation of financial innovation while working to close the wealth gap in this country.”
About Mobility Capital Finance [“MoCaFi”]
MoCaFi helps communities to achieve economic equality through affordable, credit-building financial products. Their products enable MoCaFi members to perform essential banking services at affordable rates and empower customers to move from financial vulnerability to stability to prosperity through the convenience and security of their smartphone. MoCaFi is focused exclusively on transitioning marginalized communities from unbanked and underbanked to living financially stable lives.
About East Coast Capital Holdings [“ECCH”]
East Coast Capital Holdings, headquartered in New York City, is a Specialized Small Business Investment Company (SSBIC), licensed by the U.S. Small Business Administration (SBA).