- Diem is a London, U.K.-based fintech startup.
- It raises a seed round of $5.5 million led by Fasanara Capital.
- Diem is a debit card with an app affording instant cash access.
- Its mission is to empower consumers to value, unlock, and enjoy wealth.
DIEM, is a circular economy-oriented fintech company, launching in the UK on September 28th, 2020. Its mission is to empower consumers to value, unlock, and enjoy the wealth they never knew they had. Best described by its founder, Geri Cupi as the “Bank of Things”.
DIEM offers a highly unique service on top of regular debit card access, competitive international transfer rates, and user-friendly spending analytics. In simple terms, DIEM enables consumers to receive instant payments for their things.
Diem, a U.K Based startup raises $5.5M
Diem is a London, U.K.-based fintech startup. It has raised a seed round of $5.5 million led by Fasanara Capital, and angel investor Chris Adelsbach. Additional investors include Andrea Molteni (an early investor in Farfetch), Ben Demiri (co-chairman at fashion tech platform), and Nicholas Kirkwood (founder of the eponymous brand).
Diem is a debit card with an app affording instant cash access, traditional banking service benefits (debit card, domestic and international bank transfers), but also allowing consumers to dispose of goods for eventual resale. The idea here is that this feeds into the so-called circular economy, making Diem attractive from an environmental point of view. Some estimates put the amount of worth of goods disposed of in the last 15 years at $6.9 trillion.
Diem works with an app affording instant cash.
You have an old item of clothing, phone, book, or bag, for instance. You load the item into the app. The app makes you an offer for what the item is worth. You send the item to Diem, which is then resold. The incentive, therefore, is not to throw away the object and add it to the landfill, because you have now turned it into cash. Think “neo bank meets people who sell your stuff on eBay.”
Geri Cupi said in a statement: “Diem’s mission is to empower consumers to value, unlock, and enjoy the wealth they never knew they had. All of this while fuelling the circular economy and supporting the commitment to sustainability as our key value proposition. DIEM makes it possible for capitalism and sustainability to co-exist.”
Lead Investor and CEO at Fasanara Capital, Francesco Filia, said: “Fasanara is excited to announce our partnership with DIEM and Geri Cupi… [it’s] a new generation fintech powered by principles of circular economy and look forward to supporting its growth.”
