- Kadmos, which is a provider of cross-border payments services for wages and salaries, has announced that it has been given Series A funding totalling almost €30m from a number of providers, including Blossom Capital and Atlantic Labs.
- The funding will be used to boost the headcount of the company, among other goals.
- “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,” said a senior figure at the firm.
Kadmos, a provider of cross-border payments for salaries and wages, has confirmed that it has been granted €29m in Series A funding.
Based in Berlin, the company helps employers pay the salaries of employees in different countries.
The company said that it has a number of partner firms on its list as well as a long waiting list for others looking to work with it.
It plans to invest in product development, as well as to build its team, which currently rests at 30 people.
It is understood that the investors on the list included Blossom Capital, Atlantic Labs and Addition
Both Addition and Atlantic Labs were involved in the seed round for the firm, which took place in December.
That round netted US$8.3m.
In a statement, the co-founder of Kadmos said that migrant workers faced big problems when it came to financial restrictions.
“The financial restrictions placed on migrant workers are truly shocking,” said Justus Schmueser.
“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,” he explained.
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