Berlin-based FinTech Kadmos has closed an 8.3 million euro (about $9.1 million) seed funding round, the startup announced Thursday (March 24).
Kadmos said in a press release it plans to use the capital to hire staff, expand across industries and accelerate product development. With its focus on migrant workers and a base in the shipping industry, the startup said it plans move into the construction, healthcare and hospitality sectors where salary payments are similar.
The financing was led by Addition, with contributions from existing investor Atlantic Labs. Other investors included FinTech angels with backgrounds at Stripe, SumUp, True Layer and Moss.
Kadmos plans to launch by the end of March and already has commitments from a dozen customers, according to the release.
“We are beyond excited to have such prominent venture capital firms trusting our idea and backing our mission to revolutionize the salary payment experience of millions of migrant workers,” said Kadmos Co-Founder Justus Schmueser in the release. “We can now accelerate our pace to restore the financial freedom of migrant workers.”
Germany has a burgeoning FinTech sector.
Earlier this month, German startup Payrails raised $6.4 million to continue developing financial operations software for payments and financial services tailored to enterprises.
Read more: Payrails Raises $6.4M Seed to Launch FinOps Software
Headquartered in Berlin and co-founded late last year by Delivery Hero alums CEO Orkhan Abdullayev, Chief Operating Officer Emre Talay and Chief Technology Officer Nicolas Thouzeau, Payrails aims to enable high-growth companies to build and scale payment and financial services worldwide.
The startup said it wants enterprises to operate without having to purchase complicated and expensive infrastructure.
The fresh infusion of capital was led by Andreessen Horowitz with participation by HV Capital; Delivery Hero Chief Financial Officer Emmanuel Thomassin; Flixbus Founders Jochen Engert, André Schwämmlein and Daniel Krauss; and HelloFresh Founder Dominik Richter.
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