Berlin-based fintech company Kadmos has raised €8.3 million funding. The round was led by Addition, with existing investor Atlantic Labs joining the round. Other investors included fintech angels with backgrounds at Stripe, SumUp, True Layer, and Moss. It will use the new funds to accelerate product development, expand the team, and facilitate its entry into further industries.
Founded in 2021 by Justus Schmueser and Sasha Makarovych, the startup aims to bring fintech into industries riddled with opaque mark-ups, kickbacks, and physical cash. It offers companies a simple, low-cost, and secure method for international salary transfers, while every migrant worker receives a digital wallet as well as a connected debit card to remit or directly spend money. Going forward, the platform plans to significantly expand its product features after its launch in Q1.
With a focus on blue-collar migrant workers and an initial foothold in the shipping industry, the startup plans to soon move into verticals with similar salary payment structures such as the construction industry, healthcare, and hospitality.
Justus Schmueser, co-founder, Kadmos said: “We aim to revolutionise the salary payment experience of millions of migrant workers. We can now accelerate our pace to restore the financial freedom of migrant workers with the new funding.”
Sasha Makarovych, co-founder, Kadmos added: “We want to capture a sizable share of the global cross-border B2C payment volume, which is projected to reach $1.6 trillion by 2022. There are 180 million migrant workers in the world. We founded the platform to ensure all the hard work actually benefits their families.”