Newsmakers: MoCaFi, Robinhood, Grit Financial, and Greenphire

Ubiquity is proud to work with innovative companies who are making consumers' lives better. See the latest headlines from our partners in fintech and healthtech.

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Ubiquity is proud to work with innovators in diverse and complex industries, including fintech, healthcare, and more. Check out this snapshot of the latest news from our remarkable partners.

MoCaFi raises $23.5 million, partners with BNY Mellon to reach more unbanked consumers

New York-based Mobility Capital Finance, Inc. (MoCaFi) announced a Series B funding round of $23.5 million at the end of May, led by Commerce Ventures. On the heels of the investment, the Black-founded fintech formed a strategic alliance with BNY Mellon to extend payment options to unbanked and underbanked communities in the U.S.

Our alliance with BNY Mellon will accelerate our mission to reduce the racial and social wealth gap through increasing pathways to wealth for underserved individuals, especially communities of color. Access to modern banking services is one of the best approaches to making our economy more inclusive, and by working with BNY Mellon we are helping to provide opportunities to as many people as possible.

Wole Coaxum

Founder and CEO, MoCaFi

The new disbursement service will be offered through BNY Mellon’s Vaia platform and can be used for disaster relief financial aid, employee payroll, and other payments and disbursements to individuals who don’t have access to financial services.

Robinhood acquires credit card startup X1 for $95M

TechCrunch recently published a story on Robinhood’s acquisition of X1, a no-fee credit card startup, for $95 million in cash.

X1, which offers an income-based credit card with rewards, raised a total of $62 million in venture-backed funding since its 2020 inception, TechCrunch reported. In December, the company announced a $15 million infusion that boosted their valuation 50%.

The deal, which closed earlier this month, is “an important step in our journey toward broadening our product offerings and deepening our relationship with existing customers,” said Robinhood Cofounder and CEO Vlad Tenev.

Grit Financial to partner with Marble Financial on AI, Canadian expansion

Grit Financial, Inc. and Marble Financial have entered a Memorandum of Understanding (MOU) that will bring Marble’s financial inclusion-focused artificial intelligence technology to Grit’s U.S. customers, while Grit’s business operations will expand into Canada.

Grit Financial, which offers financial services such as earned wage access, has integrated its banking-as-a-service platform (BaaS) into 300+ payroll systems and the major employee and contractor timekeeping systems in North America. Marble AI will be integrated into Grit’s mobile application and offered to Grit’s U.S. customers, providing AI-based recommendations to improve their credit score and insights into cash flow and eligibility for earned wage access on Grit’s platform, according to the announcement.

“We’re excited to announce our collaboration with Marble, as we build these AI-driven risk models,” said Almaz Nanjappa, CEO of Grit Financial. “Together, we aim to assist workers across North America, moving them away from the financial precipice and towards a future of economic security and prosperity.”

Greenphire study highlights tech’s role in patient experience

Unified technology plays a critical role in patient experience and engagement in clinical trials, according to Greenphire, a global leader in patient convenience and financial lifecycle management for clinical trials.

Featured in a July report in World Pharma Today, the Pennsylvania-based healthtech’s latest research shows that sites, sponsors, and contract research organizations (CROs) are increasingly turning to digital tools to engage patients throughout their clinical trial journey. What’s more, 85% of sponsors and CROs globally agree that it would be beneficial to have one unified solution to deliver their entire patient engagement program.

“We understand the importance of clinical trials and the need to ensure participant satisfaction and engagement,” said Jim Murphy, CEO of Greenphire. “This survey provides us with valuable insights into how we can continue to improve the patient experience with solutions that help streamline administrative processes and provide better logistics coordination and quicker reimbursements.”

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