Investor Cash Management Plans Wilmington, Delaware, Headquarters-Customer Service Center
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. ICM, which started in 2018, currently employs 30 people.
“After an extensive search, ICM is pleased and proud to announce that Wilmington, Delaware, is the home of our new corporate headquarters,” said ICM founder and CEO Fred Phillips. “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.”
The company requested 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 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.”
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.
“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.
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.
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