Fintech Kadmos closes €8.3M Seed round to revolutionize the salary payments experience of migrant workers

Kadmos provides a new solution for international salary payments, making the salary journey of millions of migrant workers more transparent, convenient, and less expensive. With ambitious goals set for 2022, the start-up will use the new funds to accelerate product development, expand the team, and facilitate its entry into further industries. Kadmos plans to significantly expand its product features after the launch of its MVP in Q1. With a focus on blue-collar migrant workers and an initial foothold in the shipping industry, with its over 2 million seafarers, the start-up plans to soon move into verticals with similar salary payment structures such as the construction industry, healthcare, and hospitality.

“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. It is further proof for the hard work our team has put into Kadmos throughout 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.

By closing the recent seed round, Kadmos has put itself in a position to capture a sizable share of the global cross-border B2C payment volume, which is projected to reach $1.6T by 2022. The industry is still dominated by expensive, slow, and intransparent payment processes, driven by local and domestic banks and intermediaries. Kadmos is helping employers cut expenses and administrative work, while enabling workers to save transaction costs and keep most of their salaries.

“Kadmos is making a difference in the lives of migrant workers through its salary transfer software solution and, already, has secured several pilot customers,” said Lee Fixel, 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.”, said Christophe Maire, Founding Partner at Atlantic Labs.