Diem Secures $5.5 Million Seed Funding to Revolutionize Unwanted Item Valuation
Diem, a London-based startup, has successfully raised $5.5 million in a seed funding round led by Fasanara Capital. This innovative company merges traditional banking functions with a unique service that allows customers to sell their unwanted items directly to them.
Diem provides users with a bank account, Visa debit card, and a suite of money management tools. However, it sets itself apart with a distinctive "cash out" feature, enabling customers to receive instant credit for items they no longer need.
Through the Diem app, users can quickly obtain valuations for various unwanted goods—ranging from books and clothing to electronics. If a user decides to proceed with the sale, Diem purchases the items outright and instantly credits the user’s account.
Once items are received, Diem employs advanced evaluation technology to pinpoint the most effective marketplace—such as eBay or Depop—to resell them for a profit.
Central to Diem’s operations is a proprietary algorithm that accurately assesses market prices by continuously monitoring and analyzing real-time resale data across multiple platforms globally.
Diem aims to foster a "circular economy," ensuring that unwanted items are repurposed rather than discarded. This service acts like a digital pawnbroker tailored for the modern e-commerce landscape, though it does not facilitate the option to repurchase sold items.
Geri Cupi, the founder of Diem, states, "Our mission is to empower consumers to recognize, unlock, and benefit from hidden wealth, all while supporting the circular economy and prioritizing sustainability as a core value. Diem demonstrates that capitalism and sustainability can coexist harmoniously."