Following a considerable site search that included major markets across the United States, the early-stage digital fintech company Investor Cash Management (ICM) has selected Wilmington, Delaware, as the site of its new $15.37 million headquarters and customer service center. The company, which started in 2018 and currently employs 30, plans to grow its workforce tenfold, projecting the creation of 395 new jobs over the next three years.
A platform as a service (PaaS) provider in the fintech space, ICM uses an application programming interface – or API-driven technology – to link cash management accounts directly to specified investments, transforming investment products such as mutual funds, exchange-traded funds and/or shares into digital transaction currencies. The technology combines banking, investing and payments to drive client acquisition and increase assets.
The company plans to invest up to $15 million in its future headquarters and customer service center in the City of Wilmington. The jobs ICM will create in Delaware over the next three years will include tech positions, such as coders and programmers, along with sales, marketing, customer service, administrative, finance and managerial positions. Delaware Prosperity Partnership began working with ICM earlier this year on its site selection process.
“We are pleased to welcome ICM as it expands its operations and creates new jobs here in Delaware,” said Governor John Carney. “Delaware has a long legacy of excellence in the financial services industry, and we remain committed to fostering an innovation ecosystem for businesses of all sizes. Our location in the heart of the Mid-Atlantic region, strong workforce and quality of life make Delaware a great place for companies to put down roots and create jobs.”
ICM founder and CEO Fred Phillips presented to Delaware’s Council on Development Finance, requesting a performance-based grant of $3,797,310 and a capital expenditure grant of $461,100 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company achieving goals as outlined in their proposal to the CDF, which reviewed and approved the request.
“We are thrilled to welcome Investor Cash Management and its growing workforce to our Downtown District – the beating heart of Wilmington – where you can dine in first-rate restaurants such as James Beard nominee Bardea, visit fine museums and galleries, enjoy live music most any night of the week or live theater that rivals the best Broadway has to offer,” said Wilmington Mayor Mike Purzycki. “By locating its operations in Wilmington, a market with one of the highest concentrations of financial services jobs in the country, ICM joins a community of new and existing financial technology firms that are developing innovative banking products. And as a key tenant in our thriving central business district, ICM will operate among a variety of other well-established businesses, both large and small, as well as an increasing number of residents who are choosing to live downtown and take advantage of all the rich amenities Wilmington has to offer visitors and residents alike.”
ICM is a Visa Ventures company, backed by marquee players in both the digital and financial services sectors, including the founders of Morningstar and Ariel Investments. The company also has partnered with PIMCO, Invesco, Trusted Capital Group/HUB Financial, WisdomTree and others to market their investor cash management account products and services.
Locally, the fintech firm announced in September a partnership with Delaware State University, which offers its cash management account products and services to students, faculty, staff and alumni. DSU leadership hopes to improve financial literacy among its students and improve the economic trajectory of traditionally un- or under-banked minority communities. Additional community involvement includes partnerships with the National Education Association, representing more than 3 million educators, and the Service Employees International Union, representing more than 2 million frontline workers.
Phillips commented: “After an extensive search, ICM is pleased and proud to announce that Wilmington, Delaware, is the home of our new corporate headquarters. We look forward to building on its foundation as a world-class center of payments and financial services, and we believe the appeal of the city and state will contribute to our ability to attract new colleagues and create a significant number of quality jobs while developing next-generation technologies that empower individuals to build better financial futures.”
About Delaware Prosperity Partnership
Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting, and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.
About Investor Cash Management
ICM is a Visa Ventures portfolio company that has developed unique, API-powered technology to create investor cash management accounts (ICMAs) linked concurrently to both bank accounts and specified investment products (e.g., mutual funds, ETFs, and/or shares), thereby enabling the client to obtain an objectively better combination of higher investment returns and immediate liquidity. ICMAs transform the specified investment products into immediately liquid digital transaction currencies to seamlessly use via a debit card, ATM access, P2P transfers, and online bill pay. ICM has been listed among the world’s 10 leading fintech companies by Capgemini and UBS, and ICM was the featured fintech company at the Morningstar and Envestnet conferences.