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

LARF

Closed

CLOSEDPayments orchestration

Larch Rail

Window closed. 4,564 asked while it was live. You are reading history.

Closed files are history. Live files have a clock. Larch Rail has 0 days.

Larch Rail — 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

Sweden · closed private round

Sentences killed

Before listing

Claims live

0/16

Sprint

Our cut

Of any proceeds

Plate Signal · 4786

LARF

The plate

Signal. Edition 4786.

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

LARF · Stockholm · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Stockholm

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Sweden

Years

Founded 2022

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Scheme-map licence

They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.

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 Stockholm. 5 named pilots on file (identities redacted in public). 4,564 on the waitlist, gated — product demand, not a book built. 19 nodes or connected surfaces reported. Desk diligence score 94/100. Four origination desks posting into a closed tape. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

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

Modulr and Lemonway sell the account. Larch Rail sells the router in front of accounts they already have. Seat plus event. If they ever attach a token as the unit of account, the file stops.

The brief

How a serious reader should hold this.

Someone in Stockholm already renewed a slower vendor this year. Larch Rail is the conversation that happens before they do it again. Miss this cycle and you explain the next one.

If you leave this page without opening the claims table, you have read marketing. The scarce version of Larch Rail is the version that survives counsel. It is on a clock.

US traffic was taken off the public surfaces in the first working session. Larch Rail did not argue. Adult companies do not costume a US offering.

From the screen

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 the founder

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

From counsel

The legal source of truth stays with the incumbent register, admin, or custodian. Larch Rail does not attest to its own facts.

The window

Miss this and you read the archive.

The next Payments orchestration company on this board will not have this waitlist, this HQ, or this counsel posture.

Certification is in motion. After it lands, the price of the seat is not the question — access is.

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: 14
Counsel hours on file: 94
Asks / week: 571
Our cut: 0% of proceeds

Do not put a participate button on our page. If you do, we leave.
Hiro Holm, Chief executive

This company

Larch Rail

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.

They sell a night’s sleep to compliance — the AA layer stays a lab until counsel says otherwise.

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

The incumbent brand sells the relationship. Larch Rail sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.

Stockholm 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
06The legal source of truth stays with the incumbent register, admin, or custodian.

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.

Second market
29%
Adapter work against the incumbent register, admin, or custodian.
Named operators
20%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
21%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
30%
Hiring the operator who already does this job at a licensed firm.

Operating week

What “in market” actually looks like.

SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.

The wedge

Why this one, not the other one.

They sell: Scheme-map licence
Who pays: Four origination desks posting into a closed tape.
Unit economics: Seat plus event. If they ever attach a token as the unit of account, the file stops.
Moat on file: ISO 20022 maps that took eighteen months — not a wrapper on Stripe.
Switching cost: Network effects only if a second named counterparty writes. One customer is a service firm.
Vs the comps: Modulr and Lemonway sell the account. Larch Rail 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.

Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Capital would fund the adapter work and a named counsel memo, not a public sale.

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
Stockholm 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 maturity85
Demand63
Market access68

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 Stockholm story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.

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 Rail. Concentration in one scheme is existential.

Path silence

If counsel will not name a path and not-offering is not locked, heated waitlist copy is an accidental offering.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Has counsel written the perimeter in a memo you can file?
03Which geography is actually locked, and which is a hope?
04Is the waitlist demand for a product, or a queue for a coin?
05Which incumbent can copy this in a quarter, and what would they have to migrate?
06If RCA Pad disappeared tomorrow, could the customer still run the job?

Structure

How money would actually move.

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

Entity: Larch Rail AB
Path on file: Sweden · 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.

Swedennamed
EEA professionalnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Hiro HolmChief executive

Stack

Account abstraction · testnet
Payments orchestration
Approval trail
Disclosure templates

Named with them

Clearline
Meridian Tax

Who can decide

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

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

Claims with evidence

Statements with evidence.

Statement	Evidence	Status
Larch Rail 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
Production date for the chain layer is not committed	No board minute	withdrawn
No public token is sold on this pad	Engagement terms + posture lock	withdrawn
Customers contemplated: Sweden, EEA professional	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
Larch Rail 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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