Following a considerable site search that included major markets across the United States, early-stage digital fintech company Investor Cash Management (ICM) selected Wilmington, Delaware, as the site for its new $15.37 million headquarters and customer service center. The company, which started in 2018, plans to create 395 new jobs in the City of Wilmington over the next three years.
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 has partnered with PIMCO, Invesco, Trusted Capital Group/HUB Financial, WisdomTree and others to market their investor cash management account products and services.
The platform as a service (PaaS) provider uses unique application programming interface (API) 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. ICM’s technology combines banking, investing and payments to drive client acquisition and increase assets.
The jobs ICM is creating in Delaware will include tech positions, such as coders and programmers. They also will include sales, marketing, customer service, administrative, finance and managerial positions.
“We look forward to building on Wilmington’s foundation as a world-class center of payments and financial services,” said ICM founder and CEO Fred Phillips. “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.”
State, City, and Delaware Prosperity Partnership officials embrace ICM’s decision to locate and grow in Wilmington | PHOTO COURTESY OF DELAWARE PROSPERITY PARTNERSHIP
“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.”
“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,” said Wilmington Mayor Mike Purzycki. “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.”
In partnership with Delaware State University, ICM is offering its cash management account products and services to students, faculty, staff and alumni. DSU leadership aims to improve financial literacy among its students and improve the economic trajectory of traditionally un- or under-banked minority communities. ICM also partners with the National Education Association, representing more than 3 million educators.
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