Kadmos closes €8.3M Seed round to revolutionize the salary payments

Kadmos, a new service provides an innovative solution to international salary payments. It makes the journey of millions of migrants easier, more convenient, and cheaper. The ambitious 2022 goals of the start-up mean that the company will make use of the new funds to increase product development, expand its team and enter additional industries. Kadmos will significantly expand its product features following the launch of its MVP in Quarter 1. Kadmos is focused on blue-collar workers, but it also has a foothold in the shipping and maritime industry with more than 2 million seafarers. The company plans to move quickly into verticals with similar pay structures like the construction and healthcare industries.

“We are beyond excited to have such prominent venture capital firms trusting our idea and backing our mission to revolutionize the salary payment experience of millions of migrant workers. This is further evidence of the hard work and dedication our team put into Kadmos over the last months. We can now accelerate our pace to restore the financial freedom of migrant workers.”, said Kadmos Co-founder Justus Schmueser.

“There are 180 million migrant workers in the world traveling across the globe to provide a better future for their loved ones. We founded Kadmos to ensure all that hard work actually benefits their families.”, said Kadmos Co-founder Sasha Makarovych.

Kadmos is now in a strong position to capture a significant share of global cross-border B2C payments volume. This figure is expected to grow to $1.6T by 2022. It is still dominated in this industry by slow, costly, and intransparent payments, which are driven by domestic and international banks and intermediaries. Kadmos helps employers reduce administrative work and expenses, while workers can save money on transaction costs and retain most of their wages.

“Kadmos is making a difference in the lives of migrant workers through its salary transfer software solution and, already, has secured several pilot customers,” Lee Fixel is the founder of Addition. “We are very impressed by the company’s rapid – and recent – growth and are excited to partner with Kadmos as it grows its team, expands across industries, and further accelerates product development.”

“The technology is now there for everyone to enjoy true financial freedom. The stellar team at Kadmos has set out to restore that freedom for an entire 5% of the global workforce.”, Christophe Maire is the Founding Partner of Atlantic Labs.

Get latest news from African Startup ecosystem

Latest stories

You might also like...