The funds will allow MOCA to expand its Digital-First Next-Generation Card-Based Payment Platform’s footprint domestically, in The Caribbean, and in Latin America
MOCA, a digital-first next-generation card-based payment platform provider, announced a strategic investment from Woodforest Financial Group, Inc. and an affiliated entity. Proceeds from the $3,000,000 Series B investment will allow MOCA to increase its reach domestically as well as expand its current footprint in The Caribbean and Latin America. Woodforest Financial Group, Inc. is the parent company of Woodforest National Bank, headquartered in The Woodlands, Texas.
“This strategic investment will allow us to continue to build out our team and significantly ramp up sales. We are honored for the confidence Woodforest Financial Group has shown in us as we enter the next phase of our growth.”
MOCA’s Digital-First Next-Generation Card-Based Payment Platform allows community banks and credit unions as well as select fintechs to offer a flexible, best-in-class payment solution to their customers. In addition to EMV-enabled contactless cards, MOCA’s system allows cardholders to create virtual cards on demand, issue supervised cards to family members, provision cards to their favorite digital wallet, and make real-time P2P payments. A cardholder can create purpose-driven cards, such as a card for online purchases or even create a separate card for each online payee. Cardholders can also take advantage of Mia, MOCA’s browser-based online payment assistant, to create single-use card numbers directly from a merchant’s website using a proprietary browser plugin.
“We immediately recognized the benefits to community banks, credit unions, and their customers of MOCA’s next-generation payment platform,” said Andrew Paur, Executive Vice President and Chief Operating Officer of Woodforest National Bank. “Today’s account holders demand advanced and flexible ways to handle their money. MOCA provides that and more. Their management team’s deep and successful experience developing and selling products to community financial institutions was also a significant factor in our investment decision.”
MOCA plans to use the investment proceeds to enhance its state-of-the-art payment solution, build out its team, expand its sales reach, and ensure best-in-class customer service.
“MOCA couldn’t ask for a better partner than Woodforest Financial Group,” said John Burns, CEO of MOCA. “This strategic investment will allow us to continue to build out our team and significantly ramp up sales. We are honored for the confidence Woodforest Financial Group has shown in us as we enter the next phase of our growth.”