Following a site search that included major markets across the U.S., early-stage digital fintech company Investor Cash Management (ICM) has selected Wilmington, DE as the site of its new $15.37 million headquarters and customer service center. 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.
“After an extensive search, ICM is pleased and proud to announce that Wilmington, Delaware, is the home of our new corporate headquarters,” said ICM founder and CEO Fred Phillips. “We look forward to building on its foundation as a world-class center of payments and financial services, and 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.”
A platform as a service (PaaS) provider in the fintech space, ICM 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.
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 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 Prosperity Partnership (DPP) began working with ICM earlier this year on its site selection process.
“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. 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.”
Phillips presented to Delaware’s Council on Development Finance, requesting a performance-based grant of $3,797,310 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, which reviewed and approved the request.
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“We are thrilled to welcome Investor Cash Management and its growing workforce to our Downtown District – the beating heart of Wilmington – where you can dine in first-rate restaurants such as James Beard nominee Bardea, visit fine museums and galleries, enjoy live music most any night of the week or live theater that rivals the best Broadway has to offer,” said Wilmington Mayor Mike Purzycki. “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. 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.”
Analytical Biological Services Expands In New Castle
In New Castle, Delaware’s life sciences sector continues to grow with plans by Analytical Biological Services Inc. (ABS) to double its workforce over the next three years. The company plans a $4.2 million renovation of its office and lab space.
The bioscience services company 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.
ABS requested a Performance Grant of $262,260 from the Council on Development Finance (CDF), and $1 million from Delaware’s relatively new Lab Space Grant incentive program. The Performance Grant, to be drawn over the next three years, is for job creation. ABS will lease 30,000 square feet of a 48,000-square-foot office building that will be purchased by ABS BioAccelerator LLC, a separate but related entity. The company will renovate 10,000 square feet for offices, and the Lab Space Grant will help ABS invest $3.7 million to renovate 20,000 square feet for lab space. The grant requires ABS to remain in Delaware for five years.
“Our roots are in Delaware. ABS was founded in Delaware. We work with Delaware organizations such as Incyte and the Gene-Editing Institute of ChristianaCare to foster drug discovery research,” said Charles Saller, Ph.D., sole owner, president and CEO of ABS. “New laboratories and headquarters are major investments, and the Strategic Fund Grants are essential in enabling us to continue to grow in Delaware. We are grateful to DDP and the State of Delaware for making this possible.”
In 2019, ABS engaged the services of DPP to help identify suitable R&D and lab space to accommodate its expanding needs. A remaining 18,000 square feet of space in the new building may be reserved for potential ABS company growth. ABS and ABS Bio Accelerator LLC also may consider leasing space to other early-stage bioscience companies, which could be strategic partners as ABS continues to grow.
“We are proud to have a number of startup science and tech companies here in Delaware,” said Gov. Carney. “When we realized we had a shortage of lab space for them to use as they grow their business, we made sure there was funding available for what we call Lab Space Grants. The life science industry is essential to both public health and Delaware’s economic future. We are pleased that Lab Space Grants are making a difference for companies like ABS, because we want companies that start here to stay and grow here.”
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