Connect with us


The Italian fintech company Sardex collects €5.8 million in a financing round

The fintech company Sardex managed to raise $6.7 million (€5.8 million) from investors including Nice Group and Fondaziona Sardegna. Sardex plans to use the money to further develop and to reach new territories outside Italy. Since it began operations in 2010, Sardex had moved resources of $464 million (€400 million) in Sardinia and $116 million (€100 million) in the other circuits by September 2019.



This picture show a city in Italy.

The fintech company Sardex, the circuit that allows companies and associated professionals to exchange goods and services with each other on a credit basis, collected a round of $6.7 million (€5.8 million).

The round was led by CDP Venture Capital SGR (through its fund Italia Venture I, already a shareholder of the company since 2016) with Fondazione Sardegna, Primomiglio SGR. Innogest and Nice Group also participated in the capital increase. The investment was announced by CDP Venture Capital last June when it presented its 2020-2022 business plan and its 7 funds.

Find out more about the last capital increase round the fintech company Sardex completed and read the most important business news with the Born2Invest mobile app.

Sardex aims to further expand and reach new territories

With this investment, Sardex will be able to accelerate growth throughout Italy and reach new territories. The operation goes hand in hand with the strengthening of the management team, with the inclusion since last January of the new CEO Marco De Guzzis.

Sardex is the first commercial credit circuit in Italy, created in 2010 in Sardinia, and has become a model for other circuits active in other Italian regions. It was founded in 2009 by Carlo Mancosu, Gabriele and Giuseppe Littera, and Franco Contu. In 2011, Piero Sanna joined the company and completed the group of founders.

Having started out in Sardinia, Sardex now includes Commercial Credit Circuits operating in the other 12 Italian regions (Valle d’Aosta, Piedmont, Liguria, Emilia-Romagna, Lombardy, Veneto, Marche, Umbria, Lazio, Abruzzo, Molise-Sannio and Campania). Since it began operations in 2010, Sardex had moved resources of $464 million (€400 million) in Sardinia alone and $116 million (€100 million) in the other circuits by September 2019. All this for over one million operations carried out by 10 thousand companies, 4 thousand of them in Sardinia.

Sardex has a subscription base of more than 6,000 subscribers in constant growth (+53% since January) and has shown resilience even after the COVID-19 emergency (+88% since April 2020 in terms of new subscribers and +38% in turnover).

Enrico Resmini, CEO and General Manager of CDP Venture Capital sgr, during the summer edition of SIOS 2020, commented: “This operation is part of the plan to relaunch the entire Italian entrepreneurial ecosystem, which is one of our priority objectives. The support to a company founded in Sardinia 10 years ago, which today is ready to accelerate its expansion throughout the country, is a concrete sign that venture capital is able to support and allow the economic development and innovation of resilient and visionary realities in our country.”

Past accomplishments of Sardex

At the end of 2011, the Luxembourg investment fund Digital Investments entered the capital of Sardex. In April 2016 Sardex received a $3.48 million (€3 million) round led by Innogest, supported by Invitalia Ventures and Banca Sella Holding, in which Fondazione di Sardegna, Nice Group and Stefano Meloni’s Melpart also participated. 

In 2019, the instrument of complementary currency, initially designed for professionals, businesses, and the workforce, also became the heritage of private citizens thanks to Sardex Bisoo. The program allows citizens to earn credits for a euro expense. Whoever buys a good or service in euro from one of the many activities participating in the initiative gets a top-up in credits according to a set percentage. In October 2019, Sardex purchased 63% of the Venetex commercial credit circuit from the investment holding company VeNetWork.


(Featured image by milesz via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Leah Marie Angelou is an LGBTI activist and equality advocate. She has been a writer for several feminism-focused groups for nearly a decade. Her pieces are often focused on career development and the workplace. She also regularly covers personal and micro-finance, business management and entrepreneurship. Recently she has also focused on covering the promising CBD and hemp industry.