▼ Summary
– NYK Line is acquiring German salary payment platform Kadmos to expand its fintech services in the maritime sector, though financial terms were not disclosed.
– Kadmos, founded in 2021 by MIT alumni, specializes in affordable international salary transfers for seafaring workers and their employers.
– NYK plans to integrate Kadmos into its existing MarCoPay platform, aiming to offer payroll solutions globally beyond its current operations in the Philippines.
– Kadmos intends to expand beyond payroll to include cross-border B2B payments, corporate cards, and services for the cruise industry through its partnership with NYK.
– Kadmos differentiates itself with features like cashless vessel operations, flexible pricing, and wide card acceptance, having raised $38 million and serving over 40 enterprise customers.
Japanese shipping giant NYK Line has strengthened its fintech capabilities by acquiring Kadmos, a German digital payment platform specializing in salary transfers for seafarers. The strategic move aims to enhance NYK’s financial services for maritime workers globally, though financial details remain undisclosed.
Founded in 2021 by MIT graduates Justus Schmueser and Sasha Makarovych, Kadmos provides transparent and cost-effective international salary transfers for shipowners and management companies. The platform eliminates traditional banking hurdles, offering seamless payroll solutions tailored for the maritime sector.
NYK has been expanding its fintech footprint since launching MarCoPay in 2019, a financial services platform for Filipino seafarers offering loans and insurance. With an Electronic Money Issuer license from the Philippine central bank, NYK now plans to integrate Kadmos into MarCoPay, broadening its reach beyond the Philippines to serve seafarers of all nationalities.
“By combining Kadmos’ global infrastructure with MarCoPay’s established presence in the Philippines, we can deliver faster, more efficient payroll solutions,” Makarovych explained. The partnership will also leverage NYK’s industry reputation to accelerate adoption among shipping companies.
Beyond salary transfers, Kadmos intends to introduce cross-border B2B payments, corporate cards, and financial services for cruise operators. The company differentiates itself with features like cashless vessel operations, virtual POS systems, and flexible fee structures compliant with Maritime Labor Convention regulations.
Unlike competitors that charge fixed SaaS fees, Kadmos offers customizable pricing models, allowing companies to cover crew transaction costs while maintaining regulatory compliance. The platform’s non-personalized cards also simplify deployment across fleets without complex logistics.
Following a $29.5 million Series A funding round in 2022, Kadmos has grown to serve over 40 enterprise clients. The acquisition ensures its team remains intact, with minor adjustments to management roles. As digital payment solutions gain traction in shipping, NYK’s investment positions it as a leader in maritime fintech innovation.
(Source: TechCrunch)
