Blossom Capital sponsored a €29 million (USD 29.2 million) Series A investment round for Kadmos, the platform for end-to-end salary payments for international companies, on 11th July 2022. In addition to the previous € 8.3 million (USD 8.36 million) Seed round’s existing investors, Addition and Atlantic Labs participated in the funding round.
In advance of full-scale customer onboarding this summer, Kadmos has established a substantial waitlist and is already collaborating with several prominent shipping firms. This additional funding will support the development of new technologies and products.
With 169 million migratory workers globally, Kadmos is ideally situated to profit from the expanding cross-border B2C payment volume in the world, which is expected to reach USD 1.6 trillion by 2022.
What the founders have to say:
Justus Schmueser, Kadmos Co-Founder:
“It is extremely alarming the financial limitations imposed on foreign employees. Employees are compelled to pay expensive transaction fees or carry significant sums of cash at their peril while waiting days or weeks for their hard-earned money to reach their families. With cutting-edge financial technology, Kadmos aims to disrupt the status quo while ensuring that the hard-working individuals who drive the world economy may keep more of their well-earned salaries. We’re honored to work with such a reputable and esteemed startup fund in Blossom, and the speed and quantity of our most recent fundraising round highlight the potential for our platform.”
Sasha Makarovych, Kadmos Co-Founder:
“At Kadmos, we aim to make receiving payments abroad as straightforward as receiving payments at home. It is illegal that it is so difficult for cross-border employers and their employees to pay and receive payment in an increasingly globalized society. Given the continued difficulties with cross-border payments brought on by geopolitical events, we have been surprised by the demand for our product. Blossom’s backing will enable us to expand our personnel and product quickly.”
What the investors have to say:
Alex Lim, Managing Partner of Blossom Capital:
“We were intrigued by Justus and Sasha’s level of ambition and drive the moment we first met them. Obviously, the cross-border payment process is broken, and Kadmos’ fintech platform is the perfect piece of technology to fix it. This is because of antiquated banking methods and numerous intermediaries who impose high costs. We’re thrilled to partner with the team as they embark on what promises to be an interesting year in 2022 as they expand the product into new verticals.”
More about the company:
Justus Schmueser and Sasha Makarovych, both MIT grads, established Kadmos in February 2021. While Makarovych established and oversaw data science teams in the video game business, Schmueser had previously managed corporate finance at McKinsey. After Makarovych’s seafaring relative informed him of the difficulty and complexity of being paid, the two came up with Kadmos.
After conducting more studies, they concluded that the shipping industry desperately needs fintech solutions. The team expanded swiftly due to significant hires like the product and technical expertise of Philipp Decurtins from the multinational digital consultancy Capgemini and Sergio Lopez from finance startup Moss.
Kadmos has created a safe platform for shipping businesses to pay their workers’ salaries, enabling them to do so quickly. Kadmos offers seamless interaction with the Kadmos web application, where companies may use an API connection to add their personnel to other crewing applications instantly.
Each employee of Kadmos has access to the mobile app, which enables them to send money home, use a debit card to make purchases, and withdraw cash easily. Salary payments are also made promptly utilizing the app. Digitalizing the payment process enables the Kadmos app to store the funds in secure currencies with minimal transaction costs and market-leading exchange rates.
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