Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK Line) is acquiring Kadmos, a Germany-based digital salary payment platform for seafaring workers, as part of its strategy to scale its fintech operations globally within the maritime sector. The companies did not disclose the value of the deal, which is expected to close in the coming weeks.
The acquisition marks a significant expansion of NYK’s digital payments ambitions beyond the Philippines, where the company launched its financial services platform, MarCoPay, in 2019.
Initially focused on providing loans and insurance to Filipino seafarers and their families, MarCoPay has since secured an Electronic Money Issuer (EMI) license from the Philippine central bank and partnered with shipowners and managers.
By integrating Kadmos into MarCoPay, NYK plans to offer payroll and financial services to international seafarers, regardless of nationality.
“Our plan is to leverage Kadmos’ global reach and coverage while using advantages that MarCoPay has in the Philippines,” According to TechCrunch, Kadmos co-founder Sasha Makarovych told that, “Beyond that, we are planning to use the NYK brand and reputation to grow faster in shipping and sign customers quicker, they are a widely respected brand globally recognized by the whole industry.”
Founded in 2021 by MIT alumni Justus Schmueser and Sasha Makarovych, Kadmos provides businesses, particularly shipowners and ship management firms, with streamlined and transparent salary transfer services designed for crew members working at sea.
Kadmos is also planning to expand its services beyond payroll, with Makarovych noting ambitions to offer cross-border B2B payments, corporate cards, and new products aimed at the cruise industry. “Kadmos’ team will stay with the company, with slight adjustments to the management structure,” he said.
While several platforms offer digital payment solutions for the maritime sector, including MarTrust, ShipMoney, and Brightwell, Makarovych believes Kadmos stands out due to its comprehensive, vessel-ready infrastructure.
“Our cards are non-personalized and have the widest acceptance, which allows companies to roll out Kadmos to their ships very quickly without complicated card logistics,” he said. “Kadmos pricing is built in an extremely flexible way, allowing companies to cover fees for their crew in a very personalized way while staying compliant with regulations by the Maritime Labor Convention, our competition simply charges a monthly SaaS fee.”
Kadmos most recently raised $29.5 million in a Series A funding round in 2022, bringing its total capital raised to $38 million. It currently serves more than 40 enterprise clients.
