Diem, a London, UK-based fintech start-up has raised a seed spherical of $5.5 million led by Fasanara Capital, and Angel investor Chris Adelsbach, founding father of Outrun Ventures. Further traders embrace Andrea Molteni (early investor in Farfetch), Ben Demiri (co-chairman at trend tech PlatformE) and Nicholas Kirkwood (founding father of the eponymous model).
Diem is a debit card with an app affording on the spot money entry, conventional banking service advantages (debit card, home and worldwide financial institution transfers), but additionally permitting customers to dispose of products for eventual resale. The thought right here is that this feeds into the so-called round economic system, making Diem enticing from an environmental viewpoint. Some estimates put the quantity of value of products disposed of within the final 15 years at $6.9Tn.
Right here’s the way it works: You’ve got an outdated time of clothes, cellphone, guide or bag, as an example. You load the merchandise it into the app. The app makes you a suggestion for what the merchandise is value. In the event you settle for, money is loaded into your account and there’s a facility to spend within the merchandise, which is then resold. The motivation, subsequently, is to not throw away the thing and add to landfill, as a result of you have got now turned it into money. Suppose “neo financial institution meets individuals who promote your stuff on eBay”
Geri Cupi mentioned in an announcement: “Diem’s mission is to empower customers to worth, unlock, and revel in wealth they by no means knew that they had. All of this whereas fuelling the round economic system and supporting the dedication to sustainability as our key worth proposition. DIEM makes it potential for capitalism and sustainability to co-exist.”
Lead Investor and CEO at Fasanara Capital, Francesco Filia, mentioned: “Fasanara is worked up to announce our partnership with DIEM and Geri Cupi… [it’s] a brand new technology fintech powered by ideas of round economic system and look ahead to assist its development.”