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

LARZ

In market

IN MARKETPayroll rails

Larch North

If you read one Payroll rails company this quarter, make it this one.

Owen Costa will not run a public sale on this pad. The listing exists because of that sentence.

Larch North — 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.

Live campaign. 2,907 on the product waitlist — that is demand, not an allocation.

Window a fewd. Waitlist 2,907. 87 asks this week. This is not a quiet listing.

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

Payroll adapters

Counsel hours

Ireland · counsel-named

Sentences killed

Before listing

Claims live

10/13

Build

Our cut

Of any proceeds

Plate Lattice · 3558

LARZ

The plate

Lattice. Edition 3558.

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

LARZ · Dublin · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Dublin

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Ireland

Years

Founded 2023

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Scheme-map licence

Larch North is betting that Dublin PSPs will buy routing as software rather than issue a coin.

Why the desk took it

A real job, not a ticker.

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

Traction

3 named pilots (redacted).

Founded 2023, headquartered in Dublin. 3 named pilots on file (identities redacted in public). 2,907 on the waitlist, gated — product demand, not a book built. 11 nodes or connected surfaces reported. Desk diligence score 91/100. Two licensed PSPs on a paid pilot — identities off the public file. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Next 12 months

Counsel memo on the AA perimeter, or the UX layer stays dark.

Checkout.com is a processor. This is plumbing for processors. 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.

Most Payroll rails decks start with a market size. This one starts with a job: a person at a licensed firm, a record they cannot currently prove, and a calendar that does not wait for a proposed US rule. The calendar is the window. The window is the scarce thing.

What you can verify today is smaller than the slide. What you cannot verify is named as a question, not a promise. That is the difference between this company and a pad listing — and why the waitlist is not a coin queue.

On a Tuesday in Dublin, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.

From ops

This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.

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.

From the founder

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

The window

Miss this and you read the archive.

Miss a few days and you are explaining to your IC why you read it after it closed.

The comment period is not a path. This company is priced as if that is already true.

If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 7
Counsel hours on file: 73
Asks / week: 363
Our cut: 0% of proceeds

Our TAM is an invoice the customer already pays. A coin would not make it larger. It would make the licence harder.
Owen Costa, Chief executive

This company

Larch North

A L2 wrapper is cheaper. It is also a different perimeter — and declined here.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Larch North is betting that Dublin PSPs will buy routing as software rather than issue a coin.

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. Larch North is priced as software against an invoice that already exists.

Dublin being the city does not make local retail a default audience. Communications capable of inducing investment activity still have a promotions problem.

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
06Retail and unnamed geographies are structurally off the form, not only in the footer.

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.

Counsel & perimeter
34%
A counsel memo that can survive a later reader.
Control environment
21%
The remaining certifications and the second named market.
Second market
18%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
27%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
SatDarkNo creators. No threads. Restricted geos stay dark.

The wedge

Why this one, not the other one.

They sell: Scheme-map licence
Who pays: Two licensed PSPs on a paid pilot — identities off the public file.
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: Checkout.com is a processor. This is plumbing for processors.
Why we listed it: They walked in with a licensed PSP letter, not a token deck.

Next twelve months

What has to be true.

Counsel memo on the AA perimeter, or the UX layer stays dark.

They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.

Growth money would extend the record to a second geography, still permissioned.

Traction

What you can verify today.

Operating notes for Payroll adapters
No token contract listed as a public sale
Pilot letters on file, identities redacted
Dublin is the operating centre
The waitlist, if any, is a product list — not a book
RCA Pad does not take a cut of proceeds

Readiness

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

Product66
Customers96
Legal path84
Tech maturity79
Demand55
Market access68

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Larch North asks this pad to allocate, sell, or complete funding, the listing ends. That is not a moral project. It is how a services firm stays a services firm.

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 Larch North. Concentration in one scheme is existential.

Single-customer gravity

If the first named buyer is also the only buyer, Larch North is a services shop with a ledger. Ask for the second.

Ask these next

01Which geography is actually locked, and which is a hope?
02Who is the first named paying customer — not a letter of intent?
03Is the waitlist demand for a product, or a queue for a coin?
04What does renewal look like if no round ever happens?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06Where do keys, title, or NAV liability sit — and is that person licensed?

Structure

How money would actually move.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut.

Entity: Larch North DAC
Path on file: Ireland · counsel-named
Posture: No public sale
Pack: Build

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.

Irelandnamed
EEA professionalnamed
United States retailrestricted
United Statesrestricted

Team

Who runs it.

Owen CostaChief executive
Oskar VossChief technology

Stack

Payroll adapters
Payroll rails
Takedown SLA
Audit log

Named with them

Northbridge Counsel
Meridian Tax

Who can decide

The technical founder is on the record as Chief technology. Contractors in undisclosed jurisdictions are written down as a fact, not hidden. Facts can be managed. Hiding them is how companies die in diligence.

A second counterparty writing into the record is the only network effect that counts. One customer is a consultancy. Two is a market.

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Larch North does not sell a token to the public on this pad	Posture lock	live
The product is payroll rails sold to institutions	Architecture + customer type	live
Payroll adapters is the method — not a listed asset	Desk snapshot	live
Retail buyers are out of scope	Named markets lock	live
Any raise completes with the issuer’s counsel and providers — not on RCA Pad	Fixed-fee terms	live
Production date for the chain layer is not committed	No board minute	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: Ireland, EEA professional	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:13
Takedown SLA idle-tested.
08 Sep 11:40
A claim held for missing evidence.
04 Sep 08:22
Weekly report issued to the desk.
01 Sep 14:08
Creator set on disclosure. No buy language.

Path to now

Sprint
Pack accepted
Narrative, matrix, claims locked.
Path
Counsel names it
Or the file stays not-offering.
Live
Campaign
Waitlist and register. No purchase journey.

Not a subscription

This is not a sale page.

If this company raises, it raises with its own counsel and providers. The waitlist is a product list. It is not a round, a book, or an allocation on RCA Pad. We do not take a cut. 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

Other companies

VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.