Nippon Yusen Kabushiki Kaisha (NYK Line), a prominent Japanese shipping company, is poised to acquire Kadmos, a German salary payment platform catering to seafaring workers. The financial details of the acquisition remain undisclosed, but completion is anticipated within the next few weeks. This move aligns with NYK’s strategy to expand its fintech services within the maritime sector.
Founded in 2021 by MIT alumni Justus Schmueser and Sasha Makarovych, Kadmos specializes in offering affordable and transparent international salary transfer solutions for businesses, particularly shipowners and management firms. This initiative aims to streamline payment processes for seafaring workers, who often encounter challenges in accessing their earnings efficiently.
NYK Line has a track record in financial services, having launched MarCoPay in Manila in 2019. This platform provides loans and insurance specifically targeted at Filipino seafarers and their families. The company has since collaborated with various stakeholders in the maritime industry and acquired an electronic money issuer (EMI) license from the Philippine central bank. The acquisition of Kadmos is a strategic move to extend NYK’s digital payment offerings beyond the Philippines, integrating Kadmos’ platform into MarCoPay to enhance payroll solutions for seafaring workers of diverse nationalities.
Makarovych explained that this acquisition will enable Kadmos to leverage NYK’s global brand reputation to accelerate growth within the shipping industry. Kadmos plans to broaden its service offerings, moving beyond payroll to include cross-border B2B payments and corporate cards, and it aims to enter the cruise industry as well.
The management structure of Kadmos will be adjusted minimally, with the existing team remaining intact under NYK’s ownership. Makarovych highlighted the unique advantages of Kadmos compared to other digital payment platforms like MarTrust and ShipMoney. Kadmos offers comprehensive solutions for operating cashless on vessels, including virtual point-of-sale devices and peer-to-peer transfers, which facilitate quick and effective deployment for shipping companies.
The company’s pricing model is designed to be flexible, allowing businesses to customize payment solutions for their crews while ensuring compliance with the Maritime Labour Convention, a regulatory framework for seafarers’ working conditions. Unlike competitors that charge a fixed monthly software fee, Kadmos offers a more tailored approach to pricing.
Kadmos recently completed a $29.5 million Series A funding round in 2022, bringing its total capital raised to $38 million, and it currently serves over 40 enterprise customers. The acquisition by NYK Line marks a significant step in enhancing its capabilities in financial services while addressing the unique needs of seafaring workers globally.
