Kadmos receives €29m to ease payments for migrant workers

Europe – Over 169 million migrant labourers are estimated to exist worldwide. People who adore their hometowns work in fields like agriculture, construction, and shipping to better the lives of their family. These workers have, however, generally encountered problems with payment procedures and hefty remittance expenses. Kadmos has just received €29 million in Series A funding in an effort to reverse this.

Blossom led the investment, with existing backers Addition and Atlantic Labs joining aboard.

The startup was established in 2021 by Justus Schmueser and Sasha Makarovych with the goal of addressing the limitations imposed on the financial freedom of cross-border employees. The solution gives migrant workers a simplified salary experience using contemporary financial technologies, precisely as they would anticipate working in their native nation.

The recent fintech boom has paid little attention to migrant workers thus far, and Kadmos’ goal is to provide the most modern financial technologies to these underserved worker populations.

Kadmos co-founder Justus Schmueser stated, “The financial limitations imposed on migrant labour are genuinely disturbing. Employees are compelled to pay expensive transaction fees or carry significant sums of cash at their own peril while waiting days or weeks for their hard-earned money to reach their families. At Kadmos, we’re aiming to disrupt the status quo by utilizing cutting-edge financial technology and making sure that the toiling individuals who drive the world economy can keep more of their well-earned wages.”

When sending salaries across borders, the traditional financial system adds needless complication for employers and frequently charges exorbitant fees for as simple a transaction as a salary transfer. For instance, expensive, cumbersome, and opaque payment procedures continue to rule the shipping sector. To pay their staff, many shipping companies resort to transporting huge sums of cash on board, which is expensive and unreliable. Additionally, seafarers may wait days or even weeks to obtain their earnings and must deal with unfavorable exchange rates and expensive fees when sending money to their relatives back home.