Investor Cash Management to open headquarters in Wilmington

Move will result in creation of nearly 400 jobs

By Logan B. Anderson
Posted 12/14/21

WILMINGTON — After what company leaders called an “extensive search,” Investor Cash Management, a financial technology sector newcomer, announced that it has chosen Wilmington to be …

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Investor Cash Management to open headquarters in Wilmington

Move will result in creation of nearly 400 jobs

Posted

WILMINGTON — After what company leaders called an “extensive search,” Investor Cash Management, a financial technology sector newcomer, announced that it has chosen Wilmington to be the new home of its headquarters. 

The announcement was made Tuesday, with a press conference alongside Delaware Prosperity Partnership leaders, Mayor of Wilmington Mike Purzycki and Delaware Gov. John Carney. 

“We’re just grateful and humbled to be here,” said Fred Phillips, ICM’s CEO. “We looked at Florida, we looked at Texas, Connecticut. But we have no doubt whatsoever … that this is the right place for us. And we’re just, again, exceptionally grateful for the opportunity.”

ICM’s move will ultimately lead to the creation of 395 new high-paying jobs in the First State. 

Founded in 2018 in Chicago, ICM has created a cash management account platform that combines the high return of investing with the instant access of mobile banking. According to company leaders, it has created the only product in the world that transforms securities into digital transaction currencies.

“What we want to do is solve the most fundamental of economic problems, which is, what is it that we should do with our money,” Mr. Phillips said. 

Traditionally, cash management happens at a bank. Banks provide a place to store your money and access it with a debit card, but they don’t offer much in the way of return on your cash deposit. 

“If you have $10,000 in the bank, at the end of the year you get $3. Now that’s enough for a medium, certainly not a large Starbucks coffee,” Mr. Phillips explained on Tuesday. 

What ICM does is provide consumers with the ability to stay liquid while also investing. The ICM platform allows consumers a new option. Rather than leaving their money in no- or low-interest bank checking and savings accounts, ICM enables them to optimize their returns on their money. 

How it works is by linking an FDIC insured bank account to an ICM cash management account. The more accounts linked to ICM’s platform, the more flexibility a user has to move money between investments.

“So, the current design of, ‘Do I invest my money or do I have it immediately liquid?’ is now eradicated. Now you can be both fully liquid and fully invested,” Mr. Phillips said. 

ICM signed a lease to begin its transition to Delaware at 1201 Market St. in downtown Wilmington, with plans to build its own building as the company expands. 

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 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. 

The cash management firm met extensively with DPP, the state’s economic development engine, during its selection process. 

The DPP provided ICM with more than $4 million in performance-dependent grants to help ICM’s move to the First State. 

“We are pleased to welcome ICM as it expands its operations and creates new jobs here in Delaware,” said Gov. 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.”  

Though the company announced its move to Delaware on Tuesday, it has been working in Delaware since September. The firm entered into a partnership with Delaware State University to offer cash management products and services to the school’s students, faculty, staff and alumni. The initiative was born out of DSU’s desire to promote financial literacy within its community, ICM officials said. 

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