10 Aug, 2021, 09:30 ET
CHICAGO, Aug. 10, 2021 /PRNewswire/ -- Investor Cash Management (ICM) announced its Series B round to further enhance its technology and support its growing roster of partners, including asset managers, wealth management firms, and member organizations. ICM has developed API-powered technology to create cash management accounts that link concurrently to both high-yield FDIC accounts and specified investment products, highlighting ICM's unique ability to transform mutual funds and ETFs into digital transaction currencies.
ICM welcomed four new investors including Visa, the world leader in digital payments; John W. Rogers, Jr., Chairman and Co-CEO of Ariel Investments; Cary Grace, former CEO of Aon's Global Retirement and Investment Solutions; and Charles Goldman, former CEO of AssetMark and Chairman of Personal Capital. Current investor Joe Mansueto, the founder and Chairman of Morningstar, also participated in the round.
Rogers will join ICM's board of directors. ICM's existing board of directors includes Lance Weaver, co-founder of MBNA and former Chairman of Mastercard; and Fred Phillips, ICM's founder and CEO. Rogers noted: "I am pleased to help Investor Cash Management grow and support its mission to help close the longstanding racial and gender investment gaps."
ICM and Visa have entered into a strategic partnership. Tolan Steele, Visa Global Head of Core Products, commented: "Through our work with ICM, Visa is proud to continue its strong tradition of harnessing differentiated and innovative technology to drive better global economic outcomes and build a more equitable, inclusive society."
Fred Phillips, CEO of ICM, said: "We are delighted with our successful Series B round. ICM significantly benefits from the guidance and expertise our investors provide as we continue our substantial growth and work with partners across the socioeconomic spectrum to promote financial inclusion and wellness."
ICM's proprietary technology powers a unique cash management account that combines investing, banking, and payments. ICM's products combine the immediate liquidity of a bank account with investment returns to enable clients to better manage their assets. ICM provides its partners with customized cash management accounts (CMAs) including a branded Apple and Android app, web portal, and Visa contactless debit card; alternatively, ICM can integrate via APIs into a partner's existing frontend and infrastructure.
About Investor Cash Management
Investor Cash Management (ICM) has developed unique technology to create investor cash management accounts (CMAs) that link directly to high-yield FDIC insured accounts and specified SEC-registered securities (e.g., government money market funds, mutual funds, and/or ETFs). All investment products contain risk and may lose value. ICM supports its distribution partners by providing them with turnkey, customized CMAs, including a branded Apple and Android app, web portal, and investment debit card. For more information, visit www.InvestorCashManagement.com.
SOURCE Investor Cash Management
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