Kadmos Secures €29M in Series A to Streamline Payments for Cross-border Employers

Kadmos, the end-to-end salary payments platform for cross-border employers, has raised €29 million in Series A funding round led by Blossom Capital. 

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The investment round, which follows an €8.3m Seed round in December, also included existing investors Addition and Atlantic Labs. This new financing will be used for technology and product development.

Kadmos aims to tackle the severe restrictions placed on the financial freedom of cross-border employees and to use modern financial technology to allow migrant workers to have a streamlined salary experience. 

Kadmos provides each employee with access to the mobile app, where salary payments are instantly paid and which allows employees to transfer money home or use a debit card to spend or withdraw cash seamlessly. Digitalizing the payment process means the funds can be kept in secure currencies within the Kadmos app, ensuring low transaction fees and market-leading foreign exchange rates. 

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 honored to partner with such a reputable and prestigious venture fund in Blossom."

Alex Lim, Managing Partner of Blossom Capital said: "From the moment we met Justus and Sasha we couldn't help but be drawn to their scale of ambition and drive. With outdated banking practices and multiple intermediaries that charge excessive fees, it's clear that the process for cross-border payments is broken and Kadmos' fintech platform is exactly the technology to fix it. 2022 looks set to be an exciting year for the team as they look to grow the product into new verticals and we're delighted to be joining them on this journey."