Japanese shipping firm NYK acquires Kadmos, a salary payment platform for seafarers

Nippon Yusen Kabushiki Kaisha (NYK Line), a prominent Japanese shipping firm, is set to enhance its financial technology offerings by acquiring Kadmos, a German platform specializing in salary payments for maritime workers. The acquisition, whose financial details remain undisclosed, is anticipated to conclude in the coming weeks. Founded in 2021 by MIT graduates Justus Schmueser and Sasha Makarovych, Kadmos aims to provide shipowners and management companies with cost-effective and transparent solutions for international salary transfers, particularly for seafarers. NYK Line previously launched MarCoPay, a financial services platform in Manila, which offers loans and insurance tailored for Filipino maritime professionals and their families. Since its inception, NYK has partnered with various shipowners and secured an Electronic Money Issuer license from the Central Bank of the Philippines. The acquisition of Kadmos aligns with NYK's strategy to broaden its digital payment services beyond the Philippines. The integration of Kadmos into MarCoPay will enable enhanced payroll solutions for seafarers worldwide. "We plan to harness Kadmos' international reach while leveraging MarCoPay's advantages in the Philippines," Makarovych explained in a statement. He further noted that NYK's strong brand recognition would facilitate quicker customer acquisition in the maritime industry. Kadmos also has ambitions to expand its service offerings beyond payroll, aiming to provide cross-border business-to-business payments and corporate card solutions. The company is looking to extend its services to the cruise sector, enhancing support for shipping companies and seafarers through its partnership with NYK. Makarovych confirmed that Kadmos' existing team will remain intact, with minor adjustments to management roles. While the maritime sector has several digital payment platforms, including MarTrust, ShipMoney, and Brightwell, Makarovych asserts that Kadmos differentiates itself with its comprehensive solutions. The platform enables vessels to operate cashlessly, featuring virtual point-of-sale devices and peer-to-peer transfer capabilities. "Our non-personalized cards have extensive acceptance, enabling rapid deployment on ships without complex logistics," Makarovych stated. He emphasized that Kadmos' pricing model is highly flexible, allowing companies to manage crew fees while ensuring compliance with the Maritime Labor Convention, unlike competitors who charge a fixed monthly fee. In 2022, Kadmos successfully raised $29.5 million in a Series A funding round, bringing its total capital to $38 million and establishing a client base of over 40 enterprise customers.