[Japan] Shipping firm NYK acquires seafarer salary payment platform Kadmos

The Japanese shipping company Nippon Yusen Kabushiki Kaisha, known as NYK Line, has announced that it is acquiring Kadmos, Germany’s salary payment platform for seafaring workers, Kadmos, Yahoo Finance reports.

The acquisition forms part of steps by NYK Line to further expand the reach of its fintech services in the maritime sector.

The companies have yet to disclose the financial terms of the acquisition deal, which is expected to be completed in the next few weeks.

Kadmos was founded in 2021 by Justus Schmueser and Sasha Makarovych to provide businesses, including shipowners and ship management companies, with affordable and transparent options for transferring salaries internationally, specifically for seafaring workers.

In 2019, NYK launched a financial services platform called MarCoPay in Manila, Philippines, offering loans and insurance for Filipino seafaring workers and their families. It has since collaborated with shipowners and ship management companies and acquired its electronic money issuer (EMI) license from the Philippine central bank.

NYK reportedly approached Kadmos about the acquisition as part of its plan to grow its digital payment business beyond the Philippines. It plans to incorporate the Kadmos platform into MarCoPay, providing payroll solutions to seafaring workers of all nationalities.

“Our plan is to leverage Kadmos’ global reach and coverage while using advantages that MarCoPay has in the Philippines,” Mr Makarovych told TechCrunch. “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 recognised by the whole industry.”

Mr Makarovych added that Kadmos also plans to expand its capabilities beyond payroll to offer cross-border B2B payments and corporate cards. The company hopes to expand its remit to service the cruise industry, and wants to offer additional financial services for shipping companies and seafarers through a partnership with NYK.

According to Mr Makarovych, Kadmos’ team will stay with the company, after some adjustments to the management structure.

Source: Yahoo Finance

(Link and quote via original reporting)

The Japanese shipping company Nippon Yusen Kabushiki Kaisha, known as NYK Line, has announced that it is acquiring Kadmos, Germany’s salary payment platform for seafaring workers, Kadmos, Yahoo Finance reports.

The acquisition forms part of steps by NYK Line to further expand the reach of its fintech services in the maritime sector.

The companies have yet to disclose the financial terms of the acquisition deal, which is expected to be completed in the next few weeks.

Kadmos was founded in 2021 by Justus Schmueser and Sasha Makarovych to provide businesses, including shipowners and ship management companies, with affordable and transparent options for transferring salaries internationally, specifically for seafaring workers.

In 2019, NYK launched a financial services platform called MarCoPay in Manila, Philippines, offering loans and insurance for Filipino seafaring workers and their families. It has since collaborated with shipowners and ship management companies and acquired its electronic money issuer (EMI) license from the Philippine central bank.

NYK reportedly approached Kadmos about the acquisition as part of its plan to grow its digital payment business beyond the Philippines. It plans to incorporate the Kadmos platform into MarCoPay, providing payroll solutions to seafaring workers of all nationalities.

“Our plan is to leverage Kadmos’ global reach and coverage while using advantages that MarCoPay has in the Philippines,” Mr Makarovych told TechCrunch. “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 recognised by the whole industry.”

Mr Makarovych added that Kadmos also plans to expand its capabilities beyond payroll to offer cross-border B2B payments and corporate cards. The company hopes to expand its remit to service the cruise industry, and wants to offer additional financial services for shipping companies and seafarers through a partnership with NYK.

According to Mr Makarovych, Kadmos’ team will stay with the company, after some adjustments to the management structure.

Source: Yahoo Finance

(Link and quote via original reporting)