Kadmos, which offers an end-to-end salary payments platform for cross-border employers, has bagged €29m in its Series A funding round.
Blossom Capital served as the lead investor to the round, with contributions also coming from Addition and Atlantic Labs.
With the funds, the company plans to bolster its product development and keep up with rising demand levels for its services.
Kadmos was founded to help tackle the restrictions placed on the financial freedom of cross-border employees and to use technology to allow migrant workers to have a streamlined salary experience.
Founded in 2021, the company stated that migrant workers have received little attention from the recent FinTech boom, which Kadmos aims to fix.
The traditional financial system has unnecessary complexity when paying salaries across the globe, with employers typically needing to pay large fees to transfer salary payments. Kadmos gave an example of the shipping industry, which has expensive, slow and untransparent payment processes. It claimed that many shipping companies resort to bring significant amount of cash on board to pay employees.
Kadmos helps shipping companies efficiently pay employees through an easy-to-use web and mobile app. Each employee has access to 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.
Justus Schmueser, Kadmos co-founder, said, “The financial restrictions placed on migrant workers are truly shocking. Employees need to wait days or weeks for their hard-earned salaries to reach their families and are then forced into paying exorbitant transaction fees or have to carry large sums of cash at their own risk.
“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. The speed and size of our latest funding round underline the potential for our platform, and we’re honoured to partner with such a reputable and prestigious venture fund in Blossom.”
Kadmos previously closed its seed round in December on an undisclosed amount.
Blossom Capital recently led the €15m Series A funding round of expense management company Zevoy.
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