DIEM Announces a $5.5M Funding Round to Fuel the Circular Economy
DIEM, a London, UK-based circular economy-oriented fintech start-up, announces a seed investment round of $5.5 million (oversubscribed). Financing will boost DIEM’s acceleration plans in expanding its consumer base both in the UK and the pan-European region.
The investment round is led by Fasanara Capital, a UK-based finance-focused specialist fund, and supported by Chris Adelsbach, founder of Outrun Ventures and a notable investor in emergent winning fintechs. Additional investors include Andrea Molteni (early investor in Farfetch.com luxury marketplace), Ben Demiri (co-chairman at fashion tech PlatformE), and Nicholas Kirkwood (founder of the eponymous brand).
DIEM, a unique proposition merging finance and sustainability
DIEM powers a disruptive concept in fintech: merging solutions to address both personal finance and collective environmental needs. 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 valuation and spending analytics. In simple terms, DIEM enables consumers to receive instant payments for their things.
It is estimated that $6.9Tn worth of goods have been disposed of in the last 15 years, only, with 59% of the consumers throwing away goods just because it is the ‘easiest’ option. This has an enormous negative financial and environmental impact, all of which is positively reversed by DIEM.
Using the DIEM app, clients can easily value and get credit for all kinds of lifestyle assets including clothes, accessories, electronics, and books. The valuation is executed in nanoseconds, releasing instant cash access upon the client’s acceptance-making the proposition a convenient, fast, reliable, and importantly secure way to transact in a completely novel way while supporting green choices.
Upholding DIEM’s mission, Geri Cupi comments: ‘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. I am excited to create value for our future customers, which will be helped by the current funding round’.
Lead Investor and CEO at Fasanara Capital, Francesco Filia, highlights ‘Fasanara are excited to announce our partnership with DIEM and Geri Cupi whose unparalleled and unique approach is truly category-defining within fintech. We are compelled with DIEM’s vision, setting precedent as a new generation fintech powered by principles of circular economy and look forward to supporting its growth’
Chris Adelsbach, a prolific investor figure in UK fintech mentions: ‘‘Despite the privilege of being exposed to some of the most exciting fintech start-ups, I consider DIEM’s revolutionary approach to re-imagining wealth a true stand out proposition, with a seismic ability to alter the current fintech landscape. The intersection of personal finance and sustainability makes this a beacon and reference point for future banking. We look forward to future developments at DIEM.’