Diem, a London, U.K.-based fintech startup, has raised a seed round of $5.5 million led by Fasanara Capital, and angel investor Chris Adelsbach, founder of Outrun Ventures. Additional buyers include things like Andrea Molteni (early trader in Farfetch), Ben Demiri (co-chairman at style tech PlatformE) and Nicholas Kirkwood (founder of the eponymous manufacturer).
Diem is a debit card with an app affording immediate money accessibility, regular banking support gains (debit card, domestic and intercontinental lender transfers), but also making it possible for consumers to dispose of products for eventual resale. The thought listed here is that this feeds into the so-referred to as circular overall economy, earning Diem eye-catching from an environmental place of see. Some estimates place the total of truly worth of merchandise disposed of in the last 15 several years at $6.9 trillion.
Here’s how it works: You have an old product of outfits, telephone, e book or bag, for instance. You load the product it into the app. The app tends to make you an give for what the merchandise is worth. If you settle for, dollars is loaded into your account right away. You send the product to Diem, which is then resold. The incentive, hence, is not to toss away the item and include to landfill, mainly because you have now turned it into hard cash. Imagine “neo bank satisfies folks who offer your things on eBay.”
Geri Cupi explained in a statement: “Diem’s mission is to empower shoppers to price, unlock, and enjoy wealth they hardly ever understood they experienced. All of this even though fuelling the round economy and supporting the motivation to sustainability as our important worth proposition. DIEM would make it attainable for capitalism and sustainability to co-exist.”
Lead Investor and CEO at Fasanara Cash, Francesco Filia, reported: “Fasanara is thrilled to announce our partnership with DIEM and Geri Cupi… [it’s] a new technology fintech driven by rules of round economic climate and search ahead to aid its expansion.”