Stripe's new subsidiary picks Locust Point for new office - Technical.ly Baltimore

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Jul. 30, 2019 6:15 pm

Stripe’s new subsidiary picks Locust Point for new office

Helm, Inc. plans to open an office in McHenry Row, bringing 200 jobs by 2022.
McHenry Row.

McHenry Row.

(Photo by Flickr user jon verseau, used under a Creative Commons license)

A subsidiary of online payment company Stripe plans to open its first office in Baltimore.

The Helm, Inc. office will be located in the McHenry Row development in Locust Point, according to an item on the agenda for Wednesday’s meeting of the city’s Board of Estimates, which votes on spending decisions.

Helm, which will offer technical support services for users of San Francisco-based Stripe’s software, is planning to bring 200 jobs by 2022. The company is planning to lease 44,000 square feet of space.

The company “has been seeking a location for its inaugural office to build teams and processes that support operational workflows for Stripe users (i.e., businesses that use Stripe software),” the agenda states. “Functions at the site may range from technical operational support to risk underwriting.”

“We considered a number of cities across the country for Helm’s inaugural location and Baltimore stood out for its unique combination of world-class educational institutions, talented and diverse workforce and entrepreneurial spirit,” Patrick Mahoney, president of Helm, said in a statement to the Baltimore Business Journal, which first reported the news locally. “We look forward to forming strong ties with the community and contributing to its culture of excellence and innovation.”

The Baltimore Development Corporation is seeking a $150,000 convertible loan for the company for the purchase of equipment, according to city documents. The Board of Estimates will vote on that proposal Wednesday. The company also submitted an application to the state for a $600,000 loan.

Gov. Larry Hogan released a statement as the news circulated ahead of the meeting.

“We are very pleased to welcome Helm to Baltimore where it can take advantage of our highly skilled workforce & growing community of tech companies. This new company, and the 200 jobs it will create, is a win for Baltimore City and our entire state as we continue to make Maryland Open for Business,” Hogan wrote in a tweet.

Helm would join tech firms such as Mindgrub and Comcast that have sizable offices at McHenry Row.

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