Hustler Words – Nippon Yusen Kabushiki Kaisha (NYK Line), a Japanese shipping giant, has acquired Kadmos, a German salary payment platform specializing in seafarers’ compensation. This strategic move, expected to finalize within weeks, underscores NYK’s ambition to dominate the maritime fintech sector. While financial details remain undisclosed, the acquisition integrates Kadmos’s global reach with NYK’s existing MarCoPay platform, initially launched in the Philippines in 2019. This expansion aims to provide payroll solutions to seafarers worldwide.
Founded in 2021 by MIT alumni Justus Schmueser and Sasha Makarovych, Kadmos offers affordable and transparent international salary transfers, a crucial service for the globally dispersed maritime workforce. The platform’s appeal lies in its comprehensive approach, encompassing cashless onboard operations via virtual POS devices and peer-to-peer transfers. This contrasts with competitors like MarTrust, ShipMoney, and Brightwell, who primarily rely on monthly SaaS fees, according to Makarovych. Kadmos’ flexible pricing model allows companies to personalize crew fee coverage while adhering to Maritime Labor Convention regulations.
Makarovych highlighted Kadmos’ unique value proposition, emphasizing its non-personalized cards with broad acceptance, enabling swift deployment on vessels without complex logistical hurdles. The acquisition by NYK will leverage the established brand reputation to accelerate customer acquisition. Furthermore, Kadmos plans to extend its services beyond payroll, incorporating cross-border B2B payments, corporate cards, and expansion into the cruise industry. The Kadmos team will remain intact, with minor management restructuring. The company, which secured $29.5 million in Series A funding in 2022, boasting a total of $38 million raised, currently serves over 40 enterprise clients. This acquisition marks a significant step forward for both NYK and Kadmos, promising a transformative impact on the financial landscape of the maritime industry.
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