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Brief Published: 19 Oct 2020

Diem: The Circular Economy Bank Rethinking Resales


Ambitious new fintech concept Diem has just soft-launched in the UK: a ‘bank of things’ where users can see the market value of their items instantly, and cash them in as fast. Dovetailing with the rise of digital wardrobes and a booming resales economy, it’s targeting consumers cash-strapped by Covid, or monitoring their consumption. 

Created by London-based techpreneur Geri Cupi, Diem is a banking app where users receive an account and a debit card equivalent to any standard bank. However, they can also access a digital dashboard that instantly visualises the real-time resales value of their goods, then allows them to liquidate those ‘assets’– by selling them to Diem.  

It works like this: users upload a photo and description of their item to receive a price for their goods, assessed by a proprietary algorithm which is able to synthesise the real-time reselling prices across every platform in the world, from eBay to Depop – to name just two. If users like the price, they can ‘cash out’ at any time simply by swiping up. They then send their item to Diem’s headquarters, where specialist verifiers from multiple industries confirm legitimacy (a seven-day buffer is set in place for disputes regarding authenticity).

Users can also group items together to see exactly what they’d need to ‘cash in’ to invest in a new product or experience. Behaviourally speaking, the latter is key – an initiative advocating instant resales could inadvertently become an incitement to spend more mindlessly, not less.

“We have to assume this isn’t just about selling to buy more ‘things’, but selling to empower a lifestyle change,” Cupi told our director of Brand Engagement, Katie Baron, in an exclusive interview. “What is key to Diem is how it encourages people to re-evaluate their relationship with items, and with consumption in general.”