JAPANESE shipping giant nyk is acquiring Germany's salary payment platform for seafarers, Kadmos, reports San Francisco's TechCrunch.
The companies did not disclose the financial terms of the acquisition deal, which is expected to be completed in the next few weeks.
MIT alumni Justus Schmueser and Sasha Makarovych founded Kadmos in 2021, aiming 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, the Philippines, offering loans and insurance for Filipino seafaring workers and their families.
Since then, it has collaborated with shipowners and ship management companies, and has even acquired an Electronic Money Issuer (EMI) license from the Philippine central bank.
NYK approached Kadmos for the acquisition in line with 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 said.
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The companies did not disclose the financial terms of the acquisition deal, which is expected to be completed in the next few weeks.
MIT alumni Justus Schmueser and Sasha Makarovych founded Kadmos in 2021, aiming 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, the Philippines, offering loans and insurance for Filipino seafaring workers and their families.
Since then, it has collaborated with shipowners and ship management companies, and has even acquired an Electronic Money Issuer (EMI) license from the Philippine central bank.
NYK approached Kadmos for the acquisition in line with 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 said.
SeaNews Turkey
