Japanese shipping company NYK acquires Kadmos, a payroll platform for sailors
Japanese shipping company Nippon Yusen Kabushiki Kaishaor NYK Line has acquired a German payroll platform for sailor workers, Cadmosas they are looking to further expand the scope of fintech services in the maritime sector.
The company had not disclosed the financial terms of the acquisition agreement, which it expected to close in the coming weeks.
MIT alumni Justus Schmueser and Sasha Makarovych founded Kadmos in 2021, aiming to provide companies, including shipowners and ship management companies with affordable and transparent options for international transfer of pay, especially for sailor workers.
In 2019, NYK launched a financial services platform called Marco Pie in Manila, Philippines, providing loans and insurance to Filipino sailor workers and their families. Since then, he has worked with ship owners and ship management companies, and has even acquired them. Electronic Money Issuer (EMI) License From the Central Bank of the Philippines.
NYK approached Kadmos for an acquisition that was in line with plans to grow a digital payments business outside the Philippines. The Kadmos platform will be incorporated into Marcopay to provide payroll solutions to seafarers of all nationalities.
“Our plan is to leverage Kadmos’ global reach and coverage while using the benefits Marco Pie has in the Philippines,” Makarovych told TechCrunch. “Beyond that, we plan to use our NYK brand and reputation to grow quickly in transit and sign customers quickly. They are a widely respected brand that is recognized worldwide across the industry.”
Kadmos will also expand its capabilities beyond pay, offering cross-border B2B payments and corporate cards. The company plans to expand its authority to serve the cruise industry as well, and through its partnership with NYK, McArovich added.
Makarovych said Kadmos’ team will be reconciling its management structure slightly to stay with the company.
There are several digital payment platforms available to marine companies, including Martrust, Shipmoney and Brightwell.
However, Makarovych believes Kadmos is far apart thanks to its end-to-end reach. We list examples of features that allow companies to operate completely cashless on their vessels, such as virtual point-of-sale devices and peer-to-peer transfers.
“Our cards are impersonal and have the broadest acceptance, so businesses can deploy cadmos to ships very quickly without complicated card logistics,” said McArovich. “Kadmos pricing is built in a very flexible way, allowing businesses to cover their crew fees in a very personalized way while complying with regulations under the Maritime Labor Convention.
Kadmos recently raised a $29.5 million Series A round in 2022. The round raised Kadmos’ total capital to $38 million. We currently have over 40 enterprise customers.