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Japanese shipping company Japanese Yushi Kabushiki Kaishaor Nyk Line acquires the German pay payroll platform for sea workers, KadmosBecause it seeks to further extend the scope of its finch services in the maritime sector.
Companies have not disclosed the financial conditions of the acquisition agreement, which should be completed in the coming weeks.
The Elders of MIT Justus Schmoeer and Sasha Makarovych founded Kadmos in 2021, aimed at providing companies, including shipowners and ship management companies, with affordable and transparent options to transfer international wages, in particular for sea workers.
In 2019, NYK launched a financial services platform called Marcopay in Manila, the Philippines, offering loans and insurance to the Philippin workers from the sea and their families. Since then, he has collaborated with shipowners and ship management companies and has even acquired an electronic silver transmitter license (EMI) of the Central Bank Philippine.
NYK approached Kadmos for acquisition in accordance with its plan to develop its digital payment activity beyond the Philippines. He plans to incorporate the Kadmos platform into Marcopay, providing payroll solutions to marine workers from all nationalities.
“Our plan is to take advantage of Kadmos’ world scope and coverage while using advantages that Marcopay has in the Philippines,” Makarovych told Techcrunch. “Beyond that, we plan to use the NYK brand and the reputation to develop more quickly in shipping and sign customers faster – they are a largely respected brand on a global scale by the whole industry.”
Kadmos also plans to extend its capacities beyond pay to provide cross-border B2B payments and corporate cards. The company intends to expand its discount to also serve the cruise industry and wishes to offer additional financial services for maritime companies and sailors thanks to a partnership with NYK, added Makarovych.
Makarovych said that Kadmos’s team will remain with the company, with light adjustments to the management structure.
There are several digital payment platforms available for maritime companies, such as Martrust, Shipmoney and Brightwell.
Makarovych, however, thinks that Kadmos is distinguished thanks to its end -to -end reach, listing its functionalities as examples which allow companies to operate completely without species on ships, including point of sale virtual devices and peer transfers.
“Our cards are not personalized and have the widest acceptance, which allows companies to deploy kadmos to their ships very quickly without complicated card logistics,” said Makarovych. “Kadmos pricing is built in an extremely flexible manner, allowing companies to cover the costs of their crew in a very personalized manner while remaining in accordance with the regulations of the maritime labor agreement – our competition simply invoices monthly SaaS costs.”
Kadmos recently raised a series of 29.5 million dollars per cycle in 2022. The Tour brought Kadmos’s total capital to $ 38 million. It now has more than 40 business customers.
