A company that digitally links cash management accounts will build a $15.37 million headquarters and customer service center in Wilmington, in hopes of adding 395 new jobs.
Investor Cash Management will become the newest addition to the city’s hub of financial companies.
The company, which started in 2018 and now employs 30, offers a platform as a service. The company 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.
Investor Cash Management will use $4.26 million in state grants. The jobs will include tech positions, such as coders and programmers, along with sales, marketing, customer service, administrative, finance and managerial positions.
The announcement was one of three pieces of happy economic news revealed Monday. The other two were New B&M Meats’ $18 million expansion, new building and 190 new jobs, as well as Analytical Biological Services Inc., which will spend $4.2 million to expand lab space and double its work force.
Delaware Prosperity Partnership began working with the financial company earlier this year to find a site.
The company will use a performance-based grant of $3,797,310 and a capital expenditure grant of $461,100 from the Delaware Strategic Fund. Those funds are dependent on the company achieving goals as outlined in their proposal to the CDF, which reviewed and approved the request.
ICM founder and CEO Fred Phillips said in a press release that he looked forward to building on Wilmington’s foundation as a world-class center of payments and financial services.
“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,” he said.
Wilmington Mayor Mike Purzycki said he was thrilled to welcome Investor Cash Management to downtown Wilmington.
“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,” Purzycki said. “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, which means it’s 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.
In September, the company announced 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, according to the press release.
Betsy Price is a Wilmington freelance writer who has 40 years of experience, including 15 at The News Journal in Delaware.
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