To Revolutionize Salary Payment System For Migrants The Fintech Startup Kadmos Nets €8.3M
Berlin-based fintech startup Kadmos has gathered funding of €8.3M to help employers pay migrants more efficiently.
Kadmos with aim to introduce a seamless way to pay and spend salaries across the globe for migrants has bagged funding of €8.3M. With existing investors Addition and Atlantic labs the round was joined by fintech angels like Stripe, True Layer, SumUp and Moss.
Moreover, it also plans to inculcate fintech into various industries with opaque markups, kickbacks and physical cash. Right now, the fintech startup offers companies cost-effective and secure methods for international salary transfers. In addition to digital wallet as well as connected debit card to remit or directly spend money.
Furthermore, Kadmos also provides facility to manage bank details, view payment statuses and automate data transfers in just a few clicks. It also claims to offer the lowest possible transfer fees. These diverse facilities included by MIT-graduated owners in Kadmos have made it one of most famous and heavily funded startups in Europe.
Infact, this hefty amount of funding handed down to Kadmos is manifestation of fact that investment in fintech will mirror the last year trend of upward trajectory. For instance, recently two fintech startups, Clear bank and Nosso gathered million dollar investments from famous investors like Octopus Ventures and Anthemis and Entrepreneur First, and Venture Together.
One of the utmost reasons that fintechs are receiving this rapid inflow of investments is their ability to promote financial inclusion. Especially, among the migrant community which are almost 180 million and looking for avenues to benefit their families by working abroad.
As Sasha Makarovych, co-founder of Kadmos said
—“We want to capture a sizable share of the global cross-border B2C payment volume, which is projected to reach $1.6 trillion by 2022. There are 180 million migrant workers in the world. We founded the platform to ensure all the hard work actually benefits their families.”—
The startup aims to transform the salary payment method for migrant workers. As Co-Founder of fintech startup Justus Schmueser said
—“We aim to revolutionize the salary payment experience of millions of migrant workers. We can now accelerate our pace to restore the financial freedom of migrant workers with the new funding.”—