The Italian fintech platform Sardex Spa, founded in 2007 in Sardinia, has closed a million-dollar round on the equity crowdfunding portal BackToWork, raising 1.27 million thanks to 295 investors, through an SPV (Special Purpose Vehicle), set up specifically for the operation. The round had a minimum target of $712,000 (€600,000).
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SardexPay – a digital marketplace dedicated to SMEs
SardexPay is a digital marketplace that, with the support of dedicated brokers, allows registered SMEs to find customers and suppliers and buy and sell goods and services without affecting their liquidity in euros. The companies use, in fact, as a method of payment, the credit “Sardex”, a complementary currency (but not a cryptocurrency) for which 1 Sardex = 1 Euro.
Each member has a line of Sardex credit (at zero interest rate) thanks to which he/she will make the first purchases, which he/she will repay with sales to other members of the community. It is also possible to obtain additional financing (at zero interest rate) for investments related to the business activity. Finally, within the circuit, it is possible to involve employees and consumers thanks to dedicated programs (B2E and B2C). Technically, exchanges are carried out through a multilateral/multitemporal debit/credit clearing system and managed through a computer platform and a digital account.
In 10 years, SardexPay has generated a community that, to date, counts over 7,000 professionals, traders, and SMEs with more than 600 million transactions. Moreover, the adhering companies can obtain additional liquidity at zero rate and involve employees (corporate welfare) and final consumers (cashback in complementary currency).
Funds and institutions such as CDP Venture Capital, Fondazione di Sardegna, Primomiglio, Innogest. Fabrick, Nice Group and Melpart. In addition, the project has seen the involvement in recent years of numerous Universities, Research Centers, scientific journals, which have dedicated studies and research to the Sardex model and its social and economic impact, such as London School of Economics (2015, 2019), Yale University (2015), UCL (2015), Nature (2018) and others.
The funds raised will be invested to scale the business nationally, specifically, to complete direct national coverage, community development with the goal of quadrupling membership and achieving an annual transactional reach of 500m, and to further develop the technology.
For Backtowork this is the second millionaire campaign in the first 6 months of 2021, after the one related to the real estate project in Milan Via Faravelli which had collected 1.2 million, bringing the total collection of the platform in the first part of this year to 6.5 million for 17 projects funded.
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