UK-based DIEM, which claims to be a circular economy-oriented FinTech startup, has completed a $5.5m seed round.
The investment was led by Fasanara Capital, with commitments also coming from Outrun Ventures founder Chris Adelsbach, PlatformE co-chairman Ben Demiri and Farfetch.com early investor Andrea Molteni.
Funds from the round will be used to expand its consumer base in the UK and across Europe.
DIEM claims to be a new generation of FinTech that aims to empower consumers to value, unlock and enjoy wealth they never knew they had.
Users have instant cash access while deposing goods they no longer want. The app lets users get value and credit for a range of assets, such as clothes, accessories, electronics and books. A valuation of these is given in nanoseconds, with instant cash given to the user.
DIEM claims around $6.9trn of goods have been disposed in the past 15 years, with 59% of consumers throwing away goods because it is the easiest option.
Chris Adelsbach said, “Despite of the privilege of being exposed so 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 as beacon and reference point for future banking. We look forward to future developments at DIEM.”
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