Germanybased Kadmos 29m Blossom Capital 8.5m
Germanybased Kadmos 29m Blossom Capital 8.5m Every so often, we hear about businesses that manage a diverse, globe-trotting workforce. The International Labor Organization has put a number on it – a staggering 169 million workers who jet off abroad for jobs.
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you’re a worker, venturing far from home to earn your keep. You’re probably thinking, “How do I get my hard-earned cash, and how do I spend it without it disappearing into thin air?” On the flip side, imagine being the company employing these global nomads. Payroll must be a nightmare, right? Well, the good folks at Kadmos, a German startup, decided to take on this headache. Plus, they added a sprinkle of humor into the mix.
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Migrant workers, as the name suggests, are working away from their home turf. They earn money but face a dilemma. If they receive cash, they’re golden for local spending, but when they try to take it home, the cash seems to evaporate, thanks to exorbitant transfer fees.
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And let’s not forget about the families back home who rely on these remittances – more fees! Alternatively, companies opt to pay through intermediaries like local banks or remittance companies. These middlemen don’t work for free, mind you, and they bring along a bunch of paperwork and delays for the ride.
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Kadmos, just a year and change old, is already making waves in the shipping industry. They offer a centralized platform for employers to pay their globe-trotting employees. Workers sign up through a snazzy mobile app, which has an e-wallet for their hard-earned cash in US dollars or euros. No more watching your money disappear into thin air. And the best part? You get a fancy debit card that’s linked to your digital wallet – you’re officially a fintech superstar!
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Now, some might say, “Hey, what if I want my money in my home currency?” Great question! But Kadmos keeps it simple, sticking to the greenbacks and the euros. Why, you ask? Well, according to the Kadmos crew, the seafaring industry usually deals in these two currencies. So it’s all about stability. But fret not, they’ve got a little trick up their sleeve – a sub-1% markup.
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This is your ticket to save some serious cash compared to traditional banks that can charge you anywhere from 1.5% to 4.5%. So when you use your Kadmos debit card in a foreign land, you won’t break the bank. Now, let’s talk dreams. What if Kadmos decides to dip its toes into other industries? Could they offer more currency options? They’re not ruling it out. In fact, they’re exploring the possibilities. Your wallet might just get a little more diverse in the future.
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Kadmos isn’t just your run-of-the-mill fintech startup. It’s like the James Bond of fintech – solving a specific, mission-critical problem. The founders believe in a B2B2C approach. In plain English, it means that making a few employers happy can bring in thousands of new users. Kadmos solves two problems at once: making sure migrant workers can access their money and making life easier for the bosses.
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As the world emerges from its lockdown cocoon, Kadmos is here to make financial freedom for cross-border employees a little less restricted. So, there you have it, a solution to the migrant worker payment puzzle brought to you by Kadmos. It’s time to bid farewell to excessive fees and paperwork and embrace the future of international payroll. Kadmos is all about using technology to free the financial butterflies flapping their wings across borders.
