Chicago-based early-stage fintech company Investor Cash Management will relocate its headquarters to Wilmington, Delaware, projecting to add 395 jobs there over the next three years.
The new $15.37 million headquarters and customer service center will be located at 1201 N. Market St. in Wilmington. The company, which started in 2018 and currently employs 30, plans to grow its workforce tenfold, projecting the creation of 395 new jobs over the next three years. Company, state and city officials will make a formal announcement Tuesday morning.
ICM founder and CEO Fred Phillips requested and received from Delaware’s Council on Development Finance a performance-based grant of $3.8 million 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.
ICM, which makes accounting software for nonprofits, asset and wealth managers, claims to have created the only product in the world that transforms securities into digital transaction currencies. A platform as a service (PaaS) provider, ICM uses 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 shares into digital transaction currencies. The technology combines banking, investing and payments to drive client acquisition and increase assets.
It launched with $6 million raised from venture capital and investors like MBNA co-founder and former Mastercard Chairman Lance Weaver, Morningstar founder and Chairman Joe Mansueto on the board of directors. 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 April, it raised $9 million in a Series A round, according to a filing with the U.S. Securities and Exchange Commission. It closed out a $10 million Series B round of fundraising in September, announced a partnership with Visa and added Ariel Investments Co-CEO John Rogers Jr. to its board.
Also in September, ICM announced a partnership with Delaware State University to offer its cash management account platform to students, faculty, staff and alumni. DSU leadership intends to improve financial literacy among its students and improve the economic trajectory of traditionally un- or under-banked minority communities.
Delaware Prosperity Partnership, which began working with ICM earlier this year on its site selection process, said the company plans to invest up to $15 million in its future headquarters. The jobs ICM will create in Delaware 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.
“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,” Gov. John Carney said in a statement. “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.”
In a statement, ICM’s Phillips said the firm believes “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.”
ICM is not the only company expanding in Delaware.
Delaware Prosperity Partnership – Delaware’s nonprofit public-private economic development organization – announced that B&M Meats, will invest more than $18 million in construction for a new 80,000-square-foot production facility in Wilmington and add 190 new jobs to the city’s food production industry sector over the next several years. B&M, a manufacturer of raw sandwich steaks and chicken steaks in the Northeast U.S., currently employs 98 people in Wilmington. The company will use a Performance Grant of $195,975 to add 70 jobs to support organic growth at its existing Commerce Street location.
The new facility will be completed along East Seventh Street on three parcels of land totaling 10 acres with support from a Capital Expenditure Grant of $555,300. A second Performance Grant of $359,450 will help the company add another 120 jobs at the new site to support increased production capacity, diversified product offerings and operational expansion through entry into new markets. The company plans to start construction on the new facility in 2022 and open it in late 2023 or early 2024.
Delaware officials also announced that bioscience services company Analytical Biological Services (ABS) to double its workforce over the next three years and is retrofitting 30,000 square feet of space in New Castle for its new office headquarters and lab space. The expansion, supported by two grants from the Delaware Strategic Fund, will allow the company to meet significant projected growth and add 36 new high-paying, full-time, skilled trade and professional-level positions – more than doubling its current workforce – to the state’s economy.
Founded in 1990, ABS has provided cell culture services, gene editing, human biospecimens, cell and tissue preparations and analyses, and samples storage. ABS said it provides these research services to nearly every major pharmaceutical and biotechnology company in the world that is involved in early-stage drug discovery or diagnostics research.
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