sardex.net

What sardex.net does

Sardex SpA, operating as SardexPay, is an Italian private corporation founded in 2009–2010 in Serramanna, Sardinia, that runs a complementary currency payment network connecting Italian businesses through a digital B2B marketplace. Members hold digital accounts denominated in Sardex credits (1 SRD = 1 EUR) and exchange goods and services with one another across a national inter-circuit spanning 15 Italian regions and over 10,000 registered businesses, preserving euro liquidity while accessing new customers and suppliers. The product portfolio centers on SardexPay Business (the marketplace platform), Efficio+ (a zero-interest credit line available after six months of membership with 18–36 month repayment), SardexPay Cashback (a SRD-denominated customer loyalty module), and SardexPay Dipendenti (a B2E solution for employee benefits and TFR advances). Regional sub-brands Venetex (Veneto, acquired in February 2021) and Felix (Campania) extend the network, and a partnership with NATIVA S.r.l. Società Benefit (announced June 2025) adds ESG/sustainability advisory services payable in SRD credits.

The company monetizes primarily through annual membership renewal fees that scale with member growth within the circuit, rather than via per-transaction commissions. Go-to-market combines community-led network effects (15 dedicated Facebook groups, regional offices in Serramanna, Trento, Aosta, Turin, Udine, Bologna, Arezzo, Rome, Padua, and Caserta), broker consultants providing inside-sales support across Italy, and event-driven activation (notably Sardex Connect: Expo di Filiera, debuted March 2026 in Cagliari). Cumulative transaction volume reached 1.5 billion SRD by 2024, with ~600,000 credit operations executed annually and ~€200M of goods and services available for exchange per year. Shareholders include CDP Venture Capital (lead), Fondazione di Sardegna, PrimoMiglio SGR, Inno/Innogest Capital, Fabrick (Banca Sella Group), and Banca Etica; total disclosed equity raised is approximately €9.05M across 2016 (€3M), 2020 (€5.8M), and 2021 (€250K). Operations are regulated under Consob n. 18592/2013 governing shareholders' agreements.

Name

sardex.net

Legal name

Sardex SpA

Website

https://sardex.net

Company type

Private

Founded year

2010

Operating status

Operating

Short description

SardexPay (Sardex SpA) operates an Italian complementary-currency B2B marketplace and payment network spanning 15 regions with 10,000+ SME members, enabling businesses to exchange goods and services in credits (1 SRD = 1 EUR) and access zero-interest credit lines.

Ownership category

akta.pro rank

Product category

Complementary Currency Network

NAICS

Sales Financing (52222), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC)

Keywords

• Complementary currency network
• B2B payment platform
• Credit circuit services
• Zero-interest business credit
• Commercial exchange network

Headquarters

HQ city

Serramanna

HQ country

Italy

HQ region

Europe

Offices10 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations

Revenue model

1. Annual Membership Renewal: Members pay an annual renewal fee based on their growth within the circuit. The fee structure scales with business success and activity levels within the SardexPay network.
2. Transaction Fees: No commissions on transactions within the circuit. Revenue is generated through annual membership fees rather than per-transaction charges.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

SardexPay operates a commercial credit circuit where businesses exchange goods and services using a complementary currency in which 1 Sardex equals 1 Euro. Member businesses receive digital accounts, access a national B2B marketplace, and qualify for zero-interest credit lines (Efficio+) to preserve euro liquidity while trading within a network of over 10,000 member companies across 15 Italian regions. Revenue is generated through annual membership renewal fees scaled by member activity, with no per-transaction commissions.

Product overview

SardexPay is a complementary currency community for the real economy operating as a platform for Italian businesses. The core product is SardexPay Business, a B2B marketplace where enterprises exchange goods and services using Sardex credits (1 Sardex = 1 Euro) to preserve euro liquidity. The portfolio includes Efficio+ (interest-free credit line), SardexPay Cashback (customer loyalty), and SardexPay Dipendenti (B2E employee benefits). Regional circuits Venetex (Veneto, acquired 2021) and Felix (Campania) extend the national inter-circuit network. A sustainability partnership with NATIVA offers ESG advisory services. The circuit spans 15 Italian regions with over 10,000 active member businesses across sectors including services (48.1%), retail (37.9%), production (9.9%), and wholesale (4.0%).

Differentiator

Problem solved

Functional benefit

Brands

• Venetex: Regional SardexPay circuit operating in the Veneto region
• Felix

Products and services

• SardexPay Business Core B2B marketplace platform that lets Italian businesses exchange goods and services using Sardex credits (1 Sardex = 1 Euro). Lets member enterprises find new customers and suppliers across the national SardexPay network while preserving euro liquidity.
• Efficio+ Zero-interest additional credit line for circuit members with at least six months of enrollment, featuring 18-36 month repayment plans with automatic monthly debits.
• SardexPay Cashback Customer loyalty system that lets businesses reward customers with Sardex credits on purchases, incentivizing repeat business without depleting euro reserves.
• SardexPay Dipendenti B2E (Business to Employee) solution enabling companies to open SardexPay accounts for employees and load credits for reimbursements, TFR advances, benefits, and common expenses.
• Venetex Regional complementary currency circuit for the Veneto region, now integrated into the national SardexPay inter-circuit network enabling cross-regional business exchanges.
• Felix (SardexPay Campania) Regional complementary currency circuit for the Campania region, integrated into the national SardexPay community.

Quantifiable outcome

• Over 1.5 billion SRD transacted through the circuit by 2024
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, supporting and strategic.

• VenetexcoreStrategic or Co-development Partner · 16 February 2021Sardex SpA acquired 63% of Venetex Holding from VeNetWork SpA, integrating the Veneto regional circuit into the national Sardex network.
• Microfinanza srlsupportingStrategic or Co-development Partner · 15 February 2021Partnership in the Venetex circuit offering integrated support services (R-imprendo) for micro and small businesses, including business model analysis and access to financing.
• Fabrick SpasupportingTechnology or IntegrationCompany of the Banca Sella Group specialized in software development in the fintech sector, supporting Sardex's digital platform development.
• NICE GroupsupportingStrategic or Co-development PartnerVeneto-based world leader in automation systems, promoter of the Venetex circuit in the Veneto region.
• NATIVA S.r.l. Società BenefitstrategicStrategic or Co-development PartnerPartnership announced June 3, 2025 for sustainability transformation of Italian enterprises. NATIVA will guide Sardex toward Società Benefit status and offer sustainability consulting to circuit members through the SPACESHIP platform. Services payable with SRD credits.
• ELITE Intesa Sanpaolo LoungesupportingStrategic or Co-development PartnerAccess to ELITE Intesa Sanpaolo Lounge for startups program, supporting Sardex's growth ambitions.
• Confartigianato UdinesupportingStrategic or Co-development PartnerPartnership with Confartigianato Udine supporting Friuli Venezia Giulia regional community operations.
• AssoretiPMIsupportingStrategic or Co-development PartnerPartnership to support Italian SMEs through collaborative economy solutions.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• WIR Bank: Swiss complementary currency bank operating the WIR Franc circuit for B2B trade among SMEs. Closest direct analogue to Sardex's complementary currency network model, sharing the core value proposition of enabling businesses to transact without depleting fiat liquidity.
• Fabrick: Italian fintech platform of Banca Sella Group that is both a Sardex technology partner and an investor. Operates an open finance ecosystem overlapping with Sardex's B2B payment and marketplace infrastructure.
• Iwoca: European B2B short-term lender providing working capital to SMEs. Closest direct analogue to Sardex's Efficio+ zero-interest credit functionality, targeting similar SME liquidity pain points across Europe.

Regional players

• Satispay: Italian mobile payment network serving consumers and merchants with a low-cost alternative to card payments. Operates in the same Italian SME payment market and overlaps with Sardex's merchant-facing payment and loyalty use cases.

Broad incumbents

• Qonto: European B2B business banking platform serving SMEs with accounts, payment cards, and credit. Targets the same Italian/European SME liquidity management pain points Sardex addresses, with a much broader product suite.
• Pleo: European B2B spend management platform providing company cards, expense management, and supplier payments. Competes for the same SME financial management wallet, especially through its credit and supplier-payment functionality overlapping with Efficio+.
• Banca Etica: Italian ethical and cooperative bank that is both a Sardex investor (€250K in 2021) and operates in the alternative finance / social-economy niche. Comparable mission alignment and SME-focused services.
• Funding Circle: UK-based P2P / institutional B2B lending marketplace providing working capital and term loans to SMEs. Comparable in operating a credit marketplace for SME funding, though at much larger scale and a different funding model.
• SumUp: European payment platform serving SMBs with card acceptance and banking products. Overlaps with Sardex's SME-facing payment and merchant services across European markets.

Emerging players

• Veem: B2B cross-border payments platform using a multi-rail network to enable business-to-business transfers. Comparable in providing a non-traditional payment rail for B2B commerce, though primarily cross-border vs. Sardex's domestic circuit.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/groups/sardexpay

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about sardex.net