At the service of the local economy is a new way to rethink the local economy: interconnected and
collaborative, supported by the strength of the group and mutual trust.

Our goals is an integrated circuit designed to facilitate economic relations between economic entities operating in a given territory, and to provide them with complementary payment and credit tools


Facilitating collaboration between all economic actors of the territory


Encourage the creation of new relationships and enhance their economic and social impact


Anchor wealth to the territory by reactivating local production and consumption


Offer support to economic operators of the territory

Our history

January 2010

The Circuit is born

April 2010

First transaction

May 2010

First 100 member companies

September 2010

100.000 Sardex in transaction volume

December 2010

350.000 transacted volume, 250 member companies

September 2011


October 2011

1 million credits transacted

November 2011

Visit of the Central Bank of Ecuador

December 2011

D-Pixel on board

January 2012

National Press, Riccardo Luna feature on

January 2012

European Design Institute Innovation Award

February 2012

500 member companies

June 2012

Participation at Next - The Republic of ideas

October 2012

5000 operations

October 2012

5 MillionSardex credits transacted

January 2013

Framework agreement with the Sardinian Region

January 2013

B2E (business-to-employee) test starts

February 2013

1500 members companies

March 2013


May 2013

Sardex wins the Bloom Conference in Italy

June 2013 among the protagonists of the international conference "The Third Way"

June 2013 between "policy makers " at the 2nd International Conference of complementary currencies in The Hague

July 2013 selected in the Innovation category for the European Business Awards

November 2013

"Enterprise of the year" by Banco di Credito Sardo

December 2013 inserted by CheFuturo! among the first 10 places in the ranking of the top 100 Italian innovators

January 2014

the project Digipay4growth funded by the European Commission officially starts

February 2014

Genius Loci added to the database of Italian generativity of Don Luigi Sturzo Foundation

April 2014

2000 member businesses

May 2014

50.000 transactions

June 2014 among the best Fintech startups at Siena Next

July 2014 at "3rd EINS Summer School" in Volos - Greece

August 2014

The interdepartmental committee on local and complementary currencies appointed by the French Government places Sardex among the most interesting case studies in Europe.

September 2014

The London School of Economics publishes a series of studies on
Mitzas Sources of Change

October 2014

First edition of the International Festival Mitzas "Sources of change "

November 2014

Sardex among the 69 startups selected by Italiarestarts Up!

November 2014

50,000,000 Sardex credits traded

December 2014

Captains of Europe Award 2014

March, 2015 at the Chamber of Deputies.

may 2015

The final report of the French Interdepartmental Commission defines as the local currency system with the highest impact on the territory in Europe after WIR.

may 2015

Sardex at the Trento Festival of Economics.

June 2015

Sardex among the guests of the Barcelona FinTechStage.

July 2015

LSE published a series of papers on the Circuit.

August 2015

Thomas Greco defines the Sardex model as "closer to optimal than any other"

September 2015 among the leaders of the Yale Day Date

September 2015

The Sardex Factor: on the home page of the Financial Times.

October 2015

Second edition of Mitzas devoted to connective intelligence

November 2015

The circuit exceeds the 3000 member companies

December 2015 in Istanbul at the Workshop of the United Nations Development Department

December 2015

100 Millionof Sardex in transaction volume

January 2016

Nicola Pirina appointed General Manager of

February 2016

Signing of the agreement with Confcommercio South Sardinia

February 2016 protagonist at SellaLab

April 2016 among the protagonists of the Innovation Village

April 2016

Sardex Srl (Ltd) becomes Sardex Spa (joint-stock company) and closes a round of 3 million Euros for the development of its new business plan

April 2016

Convention sealed with Legacoop and Confcooperative Nuoro - Ogliastra

Giugno 2016

Sardex-Confindustria: patto per le aziende dell’isola

Giugno 2016

Sardex alla presentazione del rapporto di Banca d’Italia sull’economia sarda

Luglio 2016

Confcommercio Sud Sardegna scommette su

Agosto 2016

La squadra di Sardex si rinforza

Agosto 2016

Sardex: nuovi Circuiti in Italia e nel 2018 sbarco all’estero

Agosto 2016

Unter Uns (Tra di noi), Sardex sulla Süddeutsche Zeitung

Partners e collaborazioni

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Digipay4growth has been engaged for years in studying and experimenting possible forms of participation of the public administration in a Commercial Credit Circuit. The outcome of this long endeavour has been funnelled into the Digipay4growth project, funded by the European Commission under the Horizon 2020 program (Future Internet Research & Experimentation - FIRE+). Six Countries are involved and three field testing projects are scheduled in the initiative: one in Spain, one in England and one in Italy. Italy’s group leader is itself, which is carrying out the project in collaboration with the local government of Regione Autonoma della Sardegna (Autonomous Region of Sardinia).
The project uses an innovative payment tracking technology, is the first of its kind in Europe and requires the involvement of citizens, public authorities and businesses with the aim of increasing local demand, stimulate local circulation of purchasing power and increase the multiplier effect of public spending in the territory.

About us


I've known about Sardex almost since its beginning five years ago and have corresponded over the past few years with Giuseppe Littera, one of its founders, but this was the first opportunity I've had to get an inside look at Their operation. I came away with a pretty good understanding of how they operate and the impression that the Sardex structures, procedures, and protocols as closer to optimal than any other trade exchange I've seen. It appears to be a developing model that is both scalable and replicable.

Thomas H. Greco


The circuit is undoubtedly a generative example of social innovation which, thanks to the concreteness of the relationship, becomes an instrument of knowledge and social solidarity.

Anna Cossetta


To date, Sardex has proven to be a tool capable of reactivating trust, to stimulate exchanges, to create relationships.

Patrizia Cappelletti


Complementary currencies as the Sardex are not to be accumulated. They are essentially information. And they serve to promote credit in conditions where communities know well the market mechanism in which they operate.

Luca De Biase


At last we have the first surveys on the sharing economy and the most interesting results concern the territorial distribution: the collaboration economy prevails in the South and in the Islands. It is not surprisingl, then, that one of the most successful initiatives was born in Sardinia: it is called Sardex, a Commercial Credit Circuit started in 2009.

Ivana Pais

Credit systems like are not stores of value, there is no reason to hoard them and spending them is best; in this way the local economy is facilitated. In the circuit there is also another element: it strengthens the sense of community and creates a feeling of identification that in the neo-liberal economy does not exist.

Paolo Dini

The crisis broke out because too many loans had been granted without taking into account the actual ability of debtors to repay them. Credit does not mean that I have to get necessarily money. A clearing system like means I can pay my debts with my Sardex credits and the money spent reflects the exchange of goods and services.
Sardex is an instrument of measuring and payment and is closely linked to the real economy.

Luca Fantacci

Sardex acts as a mediator but also an accumulator of trust which stimulates the economy. In addition, it has a social value that allows a differentiation in the use of the money. Trust is put both in the other members of the circuit (it's like belonging to a family) and in the company and all those who are part of it.

Laura Sartori

In Sardex there is an ethical element that is also social, popular and generative. Those who join the circuit maintain and even reinforce their identity, which does not dissolve, on the contrary it multiplies in a reciprocity linked to the whole circuit

Leopoldo Sandonà

Making a local currency circuit means learning to know one's own region, seeing how the circuit can be adapted to the land, understanding what its potential is, what possibilities of exchange and economic relations can be implemented. A local currency comes into being when people and businesses talk to each other: trust is created in this kind of reciprocity. In the circuit the local currency is also used to pay part of the wages.

Massimo Amato

Sardex has proven its ability to go beyond the clichés. Because it is based on two principles of life: the first is that if your neighbour earns, you're better off too; and the second says that no one goes away with the loot and no one remains alone. It seems the new gospel. But an apocryphal one.

Riccardo Luna

Prizes and Awards

Here are the top prizes and awards received by the circuit over these years:

  • Innovation Award led 2012

    The prestigious Innovation Award is bestowed on in 2012 by Istituto Europeo di design (European Institute of Design)

  • National Champion EBA 2013 is awarded the title of Italian National Champion for getting nominated for the European Business Awards in London in the innovation category.

  • Bloom Italy 2013 triumphs in Bloom Italy in front of a jury of major national and international investors.

  • Banca di Credito Sardo 2013

    The Banca di Credito Sardo (Sardinian Credit Bank) awards a prize to for having distinguished itself as one of the most promising entrepreneurial realities in the island.

  • Captains of the Year Europe 2014 receives in the Hall of Flags Information Office of the European Parliament in Italy the Captains Of Europe Award.

  • Prize Startup Italy

    In December 2014 Sardex ranks third in the list of top 100 Italian startups compiled by Riccardo Luna and What future for Startup Italy, proving itself again one of the most promising reality of the fintech Italian scene.