Round Economic system Fintech Diem Secures $5.5M through Seed Spherical led by Fasanara Capital

UK-based Diem, a startup that goals to mix conventional banking with a service that permits customers to promote their undesirable objects to the corporate, has secured $5.5 million in capital through a seed spherical that was led by Fasanara Capital.

Diem supplies a consumer account, a Visa debit card, and monetary administration instruments. Nonetheless the Fintech agency says it’s differentiating itself from different service suppliers with its “money out” characteristic that lets shoppers purchase immediate credit score for undesirable objects.

Shoppers might use the Diem app to get an estimate or valuation for his or her undesirable objects equivalent to books, clothes, electronics in “nanoseconds.” If shoppers resolve to promote some items, then Diem will buy them straight and can present immediate credit score (deposited shortly to their accounts).

The app’s customers might ship their merchandise to Diem, which makes use of the identical analysis know-how to arrange {the marketplace} – as an illustration, eBay, Depop – the place the corporate will resell the products for a revenue.

Diem makes use of a proprietary algorithm which may supply correct or dependable market costs for the objects by monitoring and synthesizing real-time reselling costs throughout totally different platforms.

Diem’s administration famous that they intend to create a “round financial system” the place undesirable objects are usually not merely discarded. For shoppers, the service may be considered a sort of digital or on-line pawnbroker for the eBay period, however with out the power to buy objects again.

Geri Cupi, Founder at Diem, said:

“Diem’s mission is to empower customers to worth, unlock, and luxuriate in wealth they by no means knew they’d. All of this whereas fuelling the round financial system and supporting the dedication to sustainability as our key worth proposition. Diem makes it attainable for capitalism and sustainability to co-exist.”

Diem’s administration added:

“We’re very proud to announce that we’ve acquired $5.5M in our seed spherical to finance our progress and growth plan to the pan-European area. Thanks, Fasanara Capital and our wonderful angels for believing in our imaginative and prescient to reimagine wealth and supporting us on this journey.”

Diem describes itself as a “round economy-oriented” Fintech agency that goals to “empower customers to worth, unlock, and luxuriate in wealth.” Diem’s founder says it’s just like the “Financial institution of Issues.”

Diem claims that it supplies a “extremely distinctive” service on high of regular debit card entry, aggressive worldwide switch charges and user-friendly spending analytics. The corporate provides that “in easy phrases, Diem allows customers to obtain immediate funds for his or her issues.”

Utilizing the DIEM app, shoppers are in a position to get hold of credit score for all various kinds of life-style property (even outdated books).  The valuation is set nearly immediately with the corporate’s market-based pricing algorithm that leverages machine studying with a sophisticated logistics infrastructure. By means of this distinctive method to Fintech, Diem goals to supply a extra sustainable proposition, “empowering the patron and fueling the Round Economic system.”

DIEM is based by serial entrepreneur Geri Cupi, who can be the Co-Founder at MonoChain; and Social DNA (acquired by Levi’s).