BONDIX is a proposal to establish a startup developing software for issuing and managing minibonds for Italian SMEs.
Project under development and validation. An MVP is available online.
BONDIX starts with a problem to investigate with SMEs and arrangers: how much do advisory fees, documentation and administration affect the viability of a minibond? The project focuses on companies seeking between €500K and €3M.
BONDIX proposes software that brings together issuance preparation, securities registration and information on payments and holdings. The cost model projects savings of 39–47%, and the project aims to make issuances from €500K viable. These are assumptions to validate with customers and partners, rather than results already achieved.
Preparation of minibond terms and digital registration of securities through the proposed process.
The planned product includes checking payments executed independently by issuers and investors.
Recording of holdings and authorized transfers. Participants retain custody of their tokens and private keys.
Summaries of holdings, payment schedules and payments for issuers, investors and advisors.
| Illustrative scenario: €5M issuance | Traditional reference | BONDIX assumption |
|---|---|---|
| Estimated one-off costs | €98K–148K | €60K–78K |
| Assumed timelines | 3–6 months | 4–8 weeks |
Project model estimates, subject to validation through quotes and pilot transactions. The projected savings of 39–47% apply to this €5M scenario and do not establish the viability of €500K issuances. Amounts and timelines are not a commercial offer.
An MVP is available. The separate demo illustrates selected workflows using sample data. The features below describe the planned product as a whole; the detail pages identify available functionality and planned work.
View functionality and development status
A personal badge allows users to log in and enter the required data. Role-specific operations require an additional badge, issued after the relevant checks.
The proposed workflow covers amount, coupon, maturity and transfer rules, with approval steps assigned to the relevant roles.
Planned functionality includes holdings summaries, investor communications and updates on coupon payments and repayments.
The product includes a planned workspace for documents, issuances and holdings, with access determined by role.
Issuers, investors, arrangers and Compliance have distinct responsibilities. The model provides for specific permissions for each role.
Partner-branded versions and support for other financial instruments are possible later developments, to assess after validating the minibond product.
The project uses Radix for the digital securities registry. The model provides for managing the registry and minibond lifecycle without holding participants’ tokens or private keys. Explore the custody model.
The network used in the project to represent securities and record holdings.
Taking on the role of DLT Registry Manager is a potential objective to assess as part of the regulatory process. BONDIX does not currently hold this registration.
The model envisages issuers and investors managing settlement independently through new payment systems based on euro-denominated stablecoins. Use depends on service availability and the necessary checks.
Compliance with the Fintech Decree (DL 25/2023) and CONSOB Regulation 22923/2023 is a project objective. Work towards meeting these requirements has not yet begun.
BONDIX focuses on participants in the Italian SME minibond market. Market figures describe the sector; demand for the proposed software still needs to be tested with companies, arrangers and partners.
SME issuances in 2025.
Cumulative minibond market stock since 2013.
Annual growth assumption used in the 2028 scenario.
If you represent an SME, an arranger or a potential partner, we can discuss the processes you would like to improve. If you are interested in supporting the startup, contact us to discuss the project and development plan.
Contact Leonardo