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

NET3

Closed

CLOSEDPayments orchestration

Nettle Room

Window closed. a short list asked while it was live. You are reading history.

The protocol pitch was declined. What remains is software against an invoice. a short list people still asked.

Nettle Room — 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.

Stage

completed

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

Vancouver · closed private round

Sentences killed

Before listing

Claims live

0/15

Build

Our cut

Of any proceeds

Plate Concentric · 4874

NET3

The plate

Concentric. Edition 4874.

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

NET3 · Vancouver · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Stage

completed

Vancouver

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

Vancouver

Years

Founded 2024

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Scheme-map licence

Nettle Room is betting that Vancouver 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

2 named pilots (redacted).

Founded 2024, headquartered in Vancouver. 2 named pilots on file (identities redacted in public). 12 nodes or connected surfaces reported. Desk diligence score 79/100. A named Vancouver administrator who already signs the pack (redacted). 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. Nettle Room sells the router in front of accounts they already have. Bps on a job that already has a budget line. A public coin would not make the invoice larger.

The brief

How a serious reader should hold this.

Before the waitlist, before the window, there was a refusal. Nettle Room 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.

The bet is narrow. A named Vancouver buyer already has budget for this invoice. Nettle Room wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.

A dual-control drill sits on paper. Keys, title, or NAV liability sit with a named licensed party — not Nettle Room. The architecture says so. We have not watched the drill live. That is the next ask, not a slogan.

From the pilot

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

From the founder

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

From the screen

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.

Founders who want a pack this tight apply. Readers who wait get a closed stamp.

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

We do not allocate. We do not take a cut. We will not hold the window open for you.

Window

Closed

Closed. History only — not a place to buy.

Sentences killed: 8
Counsel hours on file: 86
Asks / week: 0
Our cut: 0% of proceeds

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

This company

Nettle Room

Services firms hide in ‘platform’ language. Nettle Room sells a seat plus an event. Named.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Nettle Room is betting that Vancouver 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

A generalist vendor can copy the slide in a quarter. They cannot copy the named record, the scheme map, or the auditor conversation. That is the year they would have to buy.

Vancouver 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
06A named counterparty verifies; Nettle Room does not attest to its own facts.

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.

Certifications & adapters
32%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
20%
Keeping the public story from running ahead of the claims register.
Claims & campaign ops
21%
Hiring the operator who already does this job at a licensed firm.
Second market
27%
Adapter work against the incumbent register, admin, or custodian.

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.
SatDarkNo creators. No threads. Restricted geos stay dark.
TueExceptionsOvernight breaks post back into the customer’s case system. No side book.

The wedge

Why this one, not the other one.

They sell: Scheme-map licence
Who pays: A named Vancouver administrator who already signs the pack (redacted).
Unit economics: Bps on a job that already has a budget line. A public coin would not make the invoice larger.
Moat on file: ISO 20022 maps that took eighteen months — not a wrapper on Stripe.
Switching cost: Once the record is the record, the incumbent copy has to migrate history. That is the year.
Vs the comps: Modulr and Lemonway sell the account. Nettle Room 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.

A round, if any, sits with their providers. This pad does not take the order.

Traction

What you can verify today.

Operating notes for Account abstraction · testnet
No token contract listed as a public sale
Named founder; customer still a conversation
Vancouver 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
Customers62
Legal path84
Tech maturity64
Demand10
Market access44

Risks

What can kill it.

The one that actually kills it

The named customer is a letter of intent

Pilots that cannot be named, even redacted, are theatre. One paying seat that an auditor has seen is worth more than a waitlist of a short list.

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 Nettle Room. Concentration in one scheme is existential.

Incumbent feature

The administrator, CCP, scheme or custodian can ship this as a checkbox. Nettle Room has to be cheaper or faster before that happens.

Ask these next

01Who is the first named paying customer — not a letter of intent?
02Which incumbent can copy this in a quarter, and what would they have to migrate?
03What does renewal look like if no round ever happens?
04Where do keys, title, or NAV liability sit — and is that person licensed?
05Is the waitlist demand for a product, or a queue for a coin?
06Who can unpublish a public sentence in 24 hours, by name?

Structure

How money would actually move.

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

Entity: Nettle Room Ltd
Path on file: Vancouver · closed private round
Posture: Private only
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.

Vancouvernamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Ines HolmChief executive
Mei HolmChief compliance

Stack

Account abstraction · testnet
Payments orchestration
Disclosure templates
Approval trail

Named with them

Northbridge Counsel
Clearline

Who can decide

Ines Holm (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.

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
Nettle Room 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: Vancouver	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
Nettle Room 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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