Betting big on the growing global cross-border B2C payment volume projected to reach $1.6 trillion by 2022, Berlin-based end-to-end salary payments platform for cross-border employers Kadmos has raised €29 million in Series A funding. The round was led by Blossom Capital and backed by existing investors Addition and Atlantic Labs.
The new funding comes on the back of a €8.3 million seed round in December.
Founded in February 2021 by Justus Schmueser and Sasha Makarovych, the platform aims to tackle the severe restrictions placed on the financial freedom of cross-border employees and to use modern financial technology to allow migrant workers to have a streamlined salary experience, just as they would expect working in their home country.
In the form of seamless and easy-to-use web and mobile apps, the German platform has developed a secure salary payments platform for shipping companies that enables them to efficiently pay their crews. It provides seamless integration with the Kadmos web application, where companies can automatically add their employees through an API-connection to various crewing software.
What’s new on the horizon for the company? Kadmos will expand into other industries with similar salary payment complexities such as construction, healthcare, and hospitality.
Justus Schmueser, Kadmos co-founder said: “We are working to change the status quo through technology and ensuring the hard-working people who power the global economy can keep more of their well-deserved salaries.”
Sasha Makarovych, Kadmos co-founder added: “In an ever-globalised world, it's criminal that it is so difficult for cross-border employers and their employees to pay and be paid. We’ve been taken aback by the level of demand for our product, particularly as geopolitical crises continue to cause issues around cross-border payments.”
Alex Lim, managing partner of Blossom Capital said: “With outdated banking practices and multiple intermediaries that charge excessive fees, it’s clear that the process for cross-border payments is broken and Kadmos’ fintech platform is exactly the technology to fix it.”