Kadmos, a Berlin, Germany-based fintech platform, announced that it has secured €29 million in Series A funding.
The round was led by Blossom Capital, with participation from existing investors Addition and Atlantic Labs. The announcement comes eight months after raising €8.3M in Seed round in December.
The new funding will help Kadmos to accelerate technology and product development. Further, Kadmos plans to expand into other industries with similar salary payment complexities such as construction, healthcare, and hospitality.
The company aims to grow its 30-person team significantly in the upcoming months. Also aims to capitalize on the growing global cross-border B2C payment volume projected to reach $1.6T by 2022, involving 169T migrant workers globally, as per the UN.
Company: Kadmos GmbH.
Raised: €29.0M
Round: Series A
Funding Month: July 2022
Lead Investors: Blossom Capital
Additional Investors: Addition and Atlantic Labs
Company Website: https://www.kadmos.io/
Software Category: end-to-end salary payment platform
About the Company: Founded by MIT graduates Justus Schmueser and Sasha Makarovych in 2021, Kadmos powers an end-to-end salary payment platform that enables secure payments to international employees across the globe. Kadmos provides each employee with the mobile app, where salary payments are instantly paid, and allows employees to transfer money home or use a debit card to spend or withdraw cash seamlessly. Kadmos was founded to tackle the 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. Kadmos’s mission is to bring fintech, low margins, and transparent FX to industries riddled with opaque mark-ups, kickbacks, and physical cash transactions.
Source: https://techfundingnews.com/kadmos-pockets-e29m-to-help-migrant-workers-with-cross-border-transaction/