Migrant payments FinTech Kadmos raises €29 million

Cross-border payments have traditionally been very expensive, leaving migrant workers who send their salaries to international family members paying a high price.

Founded last year by Justus Schmueser and Sasha Makarovych, start-up Kadmos was created to help cross-border staff achieve financial freedom.

Thanks to the focus on removing payment complexity for migrant workers, Kadmos recently raised €29 million in a series A funding round. In practice, companies can reduce expenses and admin work, while employees can receive salaries quicker and save on remittance fees. 

According to Justus Schmueser, Kadmos co-founder, migrant workers face often intense financial restrictions and need to wait up to several weeks for salaries to get to family members overseas. 

“At Kadmos, we are working to change the status quo through cutting-edge financial technology and ensuring the hard-working people who power the global economy can keep more of their well-deserved salaries,” said Schmueser. 

Through easy-to-use web and mobile apps, users can bypass payment delays and unfair exchange rates and embrace a fully digital payments process where salaries are ready to be transferred as soon as they are paid. 

“In an ever-globalized 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,” Sasha Makarovych, Kadmos co-founder adds. 

This new investment will be used to grow the team behind Kadmos and expand the product offering, as well as developing the back-end technology. Kadmos has focused on the shipping industry since its founding but it is ready to expand into new industries including construction, healthcare, and hospitality.