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Japanese shipping firm NYK acquires Kadmos, a salary payment platform for seafarers
- Japanese shipping company NYK Line is acquiring the salary payment platform Kadmos for seafaring workers to expand its fintech services in the maritime sector.
- The financial terms of the acquisition deal between NYK Line and Kadmos were not disclosed, with the completion expected in the coming weeks.
- Kadmos, founded in 2021 by MIT alumni, aims to provide affordable and transparent salary transfer options internationally for ship management companies.
- NYK previously launched MarCoPay in the Philippines, offering financial services to Filipino seafaring workers and obtained an Electronic Money Issuer license.
- NYK plans to integrate Kadmos into MarCoPay to offer payroll solutions to seafaring workers globally, leveraging Kadmos' reach and MarCoPay's advantages.
- Kadmos intends to expand its services to include cross-border payments and corporate cards, targeting the cruise industry and additional financial services for shipping companies.
- Kadmos' team will remain with the company, and slight management structure adjustments are planned.
- Among digital payment platforms for maritime companies like MarTrust and ShipMoney, Kadmos differentiates itself with cashless features and flexible pricing.
- Kadmos recently secured a $29.5 million Series A funding round in 2022, bringing its total raised capital to $38 million, with over 40 enterprise customers.
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