A transformative tech company combining the financial and tech sectors – or FinTech – arrives in Wilmington and promises to bring nearly 400 jobs.
Investor Cash Management (ICM) will invest $ 15.37 million in its new Wilmington-based headquarters after receiving $ 4.25 million in taxpayer-funded matching through the Delaware Strategic Fund, although plans to ICM’s expansion plans to create 395 jobs over the next three years, 13 times the size of its current staff of 30, officials said.
“We’re just grateful and humbled to be here. After extensive research – our roots are in Chicago. Chicago is a good home for us – we looked at Florida, we looked at Texas, we looked at Connecticut. us I have no doubts, without disrespecting others, that this is the right place for us, ”said Fred Phillips, Founder and CEO of ICM.
The company, which just started in 2018, debuted when its plans were unveiled at a press conference at 1201 North Market Street on December 14, 2021. Phillips described the company as turning funds into assets “entirely liquid and fully invested ”. . He claimed it was the youngest tech company to ever receive an investment from Visa.
In a state press release, officials described the company as a “Platform as a Service (PaaS) provider in the fintech space, ICM uses an application programming interface – or an application programming interface. API-driven technology – to link cash management accounts directly to specified investments, transforming investment products such as mutual funds, exchange-traded funds and / or stocks into digital transaction currencies. The technology combines banking, investing and payments to drive customer acquisition and grow assets. “
Mayor Mike Purzycki said he was happy the company was headquartered here in the city.
“I think it’s the jobs. It’s the economic addition to our city, but it’s also symbolic of the city’s appeal to people who could have gone anywhere across the country and who came here in Wilmington, ”Purzycki said Tuesday. “We think it’s pretty empowering. It really makes you feel like what you’re doing is the right thing.”
The move makes sense, said Governor John Carney, who believed it was Wilmington’s talent pool with seemingly endless depth. He said the arrival of ICM is just the latest in a long list of companies that recognize the people who make the first state attractive.
“We have to change and be competitive every day. And one of the areas where we think we have great strength and where we can be competitive is the financial services industry,” Carney said. “We have a great talent base here in Delaware, initially created by some of the largest banks and financial services institutions. we.”
As a bonus, the company will partner with Delaware State University, which provides financial management tools, products and services to its students, faculty, staff and alumni, with the school’s stated goal being increase financial literacy, especially for the unbanked or underbanked. minorities.
“What we want to do, and what we have done, among our partners is the State of Delaware [and university President] Tony Allen, who comes from being very supportive, is seeing how we can move forward and solve the most basic economic problem, ”Phillips said. “What should we do with our money?”