US fintech MoCaFi files for bankruptcy, begins formal liquidation process

US-based fintech Mobility Capital Finance (MoCaFi) has filed for Chapter 7 bankruptcy and is “beginning the formal liquidation process”, according to the company’s CEO and founder Wole Coaxum, who announced the news on LinkedIn. In his post on LinkedIn, Coaxum shares: “This outcome is not the one we worked toward. The company faced a dramatic shift in its operating environment following the loss of a major programme that had been central to our revenue model. Despite exploring a range of options, we ultimately determined there was no credible path for the company to continue as a going concern.”