Diem, a London startup that combines traditional banking functionality with a service that lets customers sell their unwanted items to the firm, has raised $5.5 million in a seed funding round led by Fasanara Capital.
Diem offers user an account, Visa debit card and money management tools but the firm is differentiating itself through a “cash out” feature that lets customers get instant credit for unwanted items.
Using the Diem app, customers can get a valuation for their unwanted goods – books, clothing, electronics etc – in nanoseconds. If they choose to sell, Diem buys the goods directly and instantly credits the customer’s account.
Users send the products to Diem, which deploys the same evaluation tech to establish the marketplace – eBay, Depop etc – where it will resell them for a profit.
At the centre of the system is a proprietary algorithm which is able to provide an accurate market price for any item by monitoring and synthesizing real-time reselling prices across every platform in the world.
Diem says that it wants to help build a “circular economy” where unwanted goods are not simply thrown away. For customers, the service is a kind of digital pawnbroker for the eBay era, although without the capacity to buy stuff back.
Geri Cupi, founder, Diem, says: “Diem’s mission is to empower consumers to value, unlock, and enjoy 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.”
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