VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14 VELMVellum Protocol8,420 waitlist KITEKite Ledger2,190 waitlist PLSDPalisade ID1,640 waitlist NRTLNorthlineDay 8 of 14 SABLSable RailDay 5 of 14 QULLQuill MarketsDay 11 of 14 CDWLCinder Well6,947 waitlist HRTNHartline8,787 waitlist OBSNObsidian Rail4,416 waitlist FENLFen Clearing1,060 waitlist LUMNLumen Books5,510 waitlist RDCTRedact ID6,485 waitlist HRBNHarbor NAV6,973 waitlist QLTDQuilt1,876 waitlist NMBMNimbus Match7,864 waitlist BRASBrass4,166 waitlist SLSTSolstice Credit9,342 waitlist WLTRWillow Transfer7,031 waitlist EMBREmber Registry2,487 waitlist NQAYNorth Quay2,013 waitlist KLNSKiln4,412 waitlist GLSHGlass HouseDay 8 of 14 IRNPIron PierDay 1 of 14 PLFRPale FireDay 3 of 14

ALDR

Closed

CLOSEDPayments orchestration

Alder Span

Window closed. 3,073 asked while it was live. You are reading history.

Alder Span survived the screen. Most of Payments orchestration did not. That is not a slogan. It is the decline pile.

Alder Span — A routing layer in front of payment firms that already hold licences. One API picks the rail (SEPA, cards, local schemes) and can present a wallet-like checkout. The wallet is the interface. It is not a coin.

Closed on this board. Any capital event was completed with the issuer’s own providers. RCA Pad took 0%.

Closed. The live conversation is over. The pack remains as archive.

Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.

Waitlist

Window

Closed

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Account abstraction · testnet

Counsel hours

Tallinn · closed private round

Sentences killed

Before listing

Claims live

0/9

Sprint

Our cut

Of any proceeds

Plate Horizon · 3926

ALDR

The plate

Horizon. Edition 3926.

A unique plate for Alder Span. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.

ALDR · Tallinn · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Tallinn

Licensed PSPs

Sells

Per-transaction

Per-transaction routing fee

Markets

Tallinn

Years

Founded 2022

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Per-transaction routing fee

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

Why the desk took it

A real job, not a ticker.

They walked in with a licensed PSP letter, not a token deck.

Traction

5 named pilots (redacted).

Founded 2022, headquartered in Tallinn. 5 named pilots on file (identities redacted in public). 3,073 on the waitlist, gated — product demand, not a book built. 13 nodes or connected surfaces reported. Desk diligence score 92/100. A named Tallinn administrator who already signs the pack (redacted). A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

Next 12 months

Live routing in one named scheme. Everything else is a slide.

Modulr and Lemonway sell the account. Alder Span sells the router in front of accounts they already have. Annual software against an ops cost the board can see. Switching cost is the record, not the brand.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Alder Span would not let a public sale sit on this page. That is why a company in Payments orchestration is listed here at all — and why the people who wanted a coin left, and the people who wanted the product stayed.

Alder Span exists because the incumbent brand will not staff the unglamorous middle of Payments orchestration. The product is that middle. The token, if it ever exists, is not the product — and is not for sale here. The people in the queue already understood the difference.

The auditor of a redacted pilot has seen a dual-record. Switching away now means a new auditor conversation. That is the switching cost — not the logo.

From the pilot

US persons are outside the audience. A form that asks “are you accredited?” without verification is not an exemption.

From ops

Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.

From counsel

We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.

The window

Miss this and you read the archive.

If the window closes you still have the pack — as history. Not as a live conversation.

A supervisor is already forcing a perimeter. Houses that pick software over a coin will buy this now.

Open the diligence or watch it close. There is not a third option that still counts as early.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 9
Counsel hours on file: 89
Asks / week: 384
Our cut: 0% of proceeds

The auditor has seen the dual-record. Switching now is a new conversation. That is the lock.
Hannah Krüger, Chief executive

This company

Alder Span

Not the incumbent brand. Alder Span sells the job the brand will not staff.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

The wedge is scheme sprawl: every new local rail is a new integration the PSP does not want to own.

MiCA is forcing PSPs to choose a perimeter. Houses that will not become CASPs still need programmable checkout. The ones that pick software over a coin will buy this. The ones that want a token will be declined here.

PSP orchestration in Europe is a multi-billion software market. Buyers already pay for routing. A token would not make the invoice larger; it would make the licence harder.

Versus the field

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Alder Span is priced as software against an invoice that already exists.

The live path is Tallinn · closed private round. Proposed Regulation Crypto Assets is not treated as a calendar slot. Build as if it never opens.

How it works

01Payer or merchant hits a single checkout API
02The router selects a licensed rail the PSP already runs
03Account-abstraction is an optional UX layer (currently testnet)
04Settlement lands in the PSP’s existing accounts — no new token
05Exceptions (chargebacks, scheme rejects) post back into the PSP’s existing case system
06Exceptions post back into the customer’s existing case system — no side spreadsheet.

In the same conversation as

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

If they raise

Where the money would actually go.

Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.

Claims & campaign ops
31%
Adapter work against the incumbent register, admin, or custodian.
Control environment
18%
Keeping the public story from running ahead of the claims register.
Second market
20%
The remaining certifications and the second named market.
Certifications & adapters
31%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
MonClaimsEvery public sentence checked against the register. Anything extra is unpublished.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.

The wedge

Why this one, not the other one.

They sell: Per-transaction routing fee
Who pays: A named Tallinn administrator who already signs the pack (redacted).
Unit economics: Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
Moat on file: ISO 20022 maps that took eighteen months — not a wrapper on Stripe.
Switching cost: The customer’s auditor has seen this book. Switching means a new auditor conversation.
Vs the comps: Modulr and Lemonway sell the account. Alder Span sells the router in front of accounts they already have.
Why we listed it: They walked in with a licensed PSP letter, not a token deck.

Next twelve months

What has to be true.

Live routing in one named scheme. Everything else is a slide.

A dual-control drill exists on paper. We have not watched it live yet — that is the next ask.

They have not asked us to run a sale. That ask would close the file.

Traction

What you can verify today.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Pilot letters on file, identities redacted
Tallinn is the operating centre
The waitlist, if any, is a product list — not a book
Raise, if any, closed with issuer providers

Readiness

Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”

Product95
Customers96
Legal path84
Tech maturity67
Demand55
Market access44

Risks

What can kill it.

The one that actually kills it

A second geography without a lock

Extending the record into a market that is still restricted is how a clean Tallinn story becomes a fact pattern. The restricted list exists for a reason: Public residual claims.

Token temptation

If the wallet layer is ever described as a means of payment, the product becomes an e-money or CASP problem. This file treats that as a hard stop.

Perimeter

A supervisor can still read account-abstraction as issuing. Until counsel names the path, treat the AA layer as a lab.

Customer concentration

A handful of PSP design partners can stall the company if they slip. Ask who is paying, not who is ‘interested’.

United States

The US is out of scope on this file. That is deliberate. It also caps the TAM.

Scheme freeze

A card scheme can kill the router without talking to Alder Span. Concentration in one scheme is existential.

Token relapse

A later round that wants a public token puts Alder Span in a different perimeter. The file treats that as a hard stop.

Ask these next

01If RCA Pad disappeared tomorrow, could the customer still run the job?
02Is the waitlist demand for a product, or a queue for a coin?
03What happens if a founder later wants a public token?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Has counsel written the perimeter in a memo you can file?
06What does renewal look like if no round ever happens?

Structure

How money would actually move.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds.

Entity: Alder Span Ltd
Path on file: Tallinn · closed private round
Posture: Private only
Pack: Sprint

Where they can operate

Named vs off-limits.

Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.

Tallinnnamed
Public residual claimsrestricted

Team

Who runs it.

Hannah KrügerChief executive
Ibrahim OkaforChief technology

Stack

Account abstraction · testnet
Payments orchestration
Takedown SLA
Audit log

Named with them

Helix Audit
Meridian Tax

Who can decide

Hannah Krüger came in named. The team is not a handle. Alder Span Ltd exists, founded 2022, headquartered in Tallinn. Anonymity would have been an automatic decline.

If the first customer renews, the adapter work pays for itself. If they do not, Alder Span is a services firm with a slide. The twelve-month test is renewal, not waitlist.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Alder Span does not sell a token to the public on this pad	Posture lock	withdrawn
The product is payments orchestration sold to institutions	Architecture + customer type	withdrawn
Account abstraction · testnet is the method — not a listed asset	Desk snapshot	withdrawn
Retail buyers are out of scope	Named markets lock	withdrawn
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	withdrawn
Pilot identities redacted in public	Desk file	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Tallinn	Named markets on the file	withdrawn

On the record

Final registerArchiveAug
Close reportReportAug
Tombstone copyArchiveAug

Operating log

19 Aug 10:00
Close report. 0% of proceeds.
12 Aug 18:00
Alder Span archived. Live claims withdrawn.
11 Aug 09:30
Final creator pass. Residual claims pulled.

Path to now

Open
File
Before any public sentence.
Close
Archive
We did not take a cut.

Not a subscription

This is not a sale page.

Window closed. Tombstone is theirs. Archive is ours. 0% of proceeds. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.

Launch your own How an RCAICO works

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