Newark fintech MoCaFi was named to Fortune’s 2021 IMPACT 20, a list in its second year recognizing venture-backed and private equity-backed startups that have a focus on remedying social and environmental issues as part of its business model.
Companies must have at least some revenue from business operations to be considered for the list. Beyond that, they’re evaluated on potential impact, business viability, innovation and leadership, and track record. They were allowed to self-nominate, and Fortune’s editors and writers also nominated candidates. Submissions were reviewed by a team of editors and writers with input from experts in the field.
Fortune put out the list on Oct. 25.
MoCaFi, which gives customers access to credit-building tools and financial literacy programs, is the only New Jersey based company to make the list. It’s led by former JPMorgan Chase executive Wole Coaxum, who launched it in 2018 to support the unbanked and underbanked communities, traditionally comprised of people of color.
Since then, the fintech has been named to the Forbes Fintech 50: Most Innovative Fintechs of 2021, and on Sept. 8 kicked off the Angeleno Connect program in Los Angeles with Mayor Eric Garcetti, which is a digital financial platform to address the needs of the nearly 500,000 unbanked or underbanked Los Angeles residents.
The firm has also partnered with various cities and banks around the country, including on a guaranteed basic income program in Paterson and Newark.