Japanese sailing company Nippon Yusen Kabushiki Kaishaor Nyk Line, acquires a German remuneration payment platform for sea staff, CrapBecause he tries to further expand the range of his fintech services in the maritime sector.
Companies didn’t disclose the financial conditions of the takeover contract, which is to be accomplished in the next few weeks.
Mit graduates Justus Schmueser and Sasha Makarovy founded Kadmos in 2021, aimed at providing firms, including firms to administer ship, with inexpensive and transparent options for transferring remuneration on the international arena, especially for marine employees.
In 2019, Nyk launched a financial service platform called Marcopay in Manila in the Philippines, offering loans and insurance for Filipino maritime staff and their families. Since then, he cooperated with ships and ship management firms, and even acquired Enticic Money Emiters (EMI) license from the Filipino Central Bank.
Nyk asked Kadmos to take over in accordance with the development plan of digital payments outside the Philippines. He plans to incorporate the Kadmos platform in Marcopay, providing wage solutions for maritime employees of all nationalities.
“Our plan is to use the global coverage and coverage of Kadmos when using the advantages that Marcopay has in the Philippines,” said Makarovych Techcrunch. “In addition, we plan to use the Nyk brand and reputation to develop in shipping faster and sign customers faster – they are a widely respected brand around the world recognized by the entire industry.”
Kadmos also plans to expand its capabilities outside the payroll to supply cross -border B2B payments and corporate cards. The company intends to expand its remit to serve the cruise industry and desires to offer additional financial services for shipping firms and sailors through a partnership with Nyk, added Makarovych.
Makarovych said that the Kadmos team would remain in the company, with slight corrections of the management structure.
There are several digital payment platforms for marine firms, equivalent to Martrust, Shipmoney and Brightwell.
However, Makarovyd believes that Kadmos separates due to the range complex, mentioning as examples of its functions that allow firms to operate completely non-cash on ships, including virtual devices and transfer from peer-to-peer.
“Our cards are not personal and have the widest acceptance that allows companies to implement Kadmos on their ships without complicated logistics of cards,” said Makarovych. “Kadmos prices are built in an extremely flexible way, enabling companies to cover fees for their crew in a very personalized way, while maintaining compliance with the regulations of the convention of maritime work – our competition simply charges the SAAS monthly fee.”
Kadmos recently raised a round of $ 29.5 million in 2022. The round brought total Kadmos capital to $ 38 million. He currently has over 40 corporate clients.