NYK Acquires Kadmos: Streamlining Seafarer Salaries

NYK Line Acquires Kadmos to Expand Maritime Fintech Services

Nippon Yusen Kabushiki Kaisha, commonly known as NYK Line, a prominent Japanese shipping company, is set to acquire Kadmos, a German platform specializing in salary payments for seafarers. This strategic move aims to broaden NYK Line’s fintech service offerings within the maritime industry.

Acquisition Details

The financial specifics of the acquisition remain undisclosed. However, both companies anticipate finalizing the deal within the coming weeks. This acquisition signifies a growing trend of financial technology integration within the shipping sector.

Kadmos: A Focus on Seafarer Payments

Founded in 2021 by Justus Schmueser and Sasha Makarovych, Kadmos was created to provide shipowners and ship management companies with cost-effective and transparent international salary transfer solutions. The platform specifically caters to the unique financial needs of seafaring professionals.

NYK Line’s Existing Fintech Platform: MarCoPay

In 2019, NYK Line initiated its foray into financial services with the launch of MarCoPay in Manila, Philippines. This platform offers loans and insurance products tailored for Filipino seafarers and their families. Subsequently, NYK Line has collaborated with various stakeholders and secured an electronic money issuer (EMI) license from the Philippine central bank.

Expanding Beyond the Philippines

NYK Line’s decision to acquire Kadmos stems from its ambition to extend its digital payment business beyond the Philippines. The integration of the Kadmos platform into MarCoPay will enable the provision of payroll solutions to seafarers of all nationalities.

Synergies and Growth Potential

“We intend to capitalize on Kadmos’ extensive global network and coverage, while simultaneously leveraging the advantages that MarCoPay has established within the Philippines,” explained Makarovych to TechCrunch. “Furthermore, we anticipate utilizing the strong NYK Line brand and its respected reputation to accelerate growth within the shipping industry and expedite customer acquisition.”

Future Expansion Plans for Kadmos

Kadmos envisions expanding its services beyond payroll processing to encompass cross-border B2B payments and corporate card solutions. The company also intends to extend its reach into the cruise industry, offering a wider array of financial services for both shipping companies and seafarers in collaboration with NYK Line, as Makarovych noted.

Team Continuity

The existing Kadmos team will remain with the company following the acquisition, though some adjustments to the management structure are expected.

Competitive Landscape

Several digital payment platforms currently serve the maritime sector, including MarTrust, ShipMoney, and Brightwell. These platforms offer various solutions for managing financial transactions within the industry.

Kadmos’ Differentiating Factors

Makarovych believes Kadmos distinguishes itself through its comprehensive end-to-end capabilities. Features such as virtual point-of-sale devices and peer-to-peer transfers allow companies to operate entirely cashless on vessels.

“Our cards are designed for broad acceptance and do not require personalization, enabling rapid deployment across fleets without complex card logistics,” Makarovych stated. “Kadmos’ pricing model is exceptionally flexible, allowing companies to cover crew fees in a personalized manner while adhering to the regulations outlined in the Maritime Labour Convention – unlike competitors who typically charge a fixed monthly SaaS fee.”

Funding and Customer Base

Kadmos secured $29.5 million in Series A funding in 2022, bringing its total funding to $38 million. The company currently serves over 40 enterprise customers.