The wedge
Scheme-map licence
Plight is betting that Manchester PSPs will buy routing as software rather than issue a coin.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
PLGT
Screened
SCREENEDPayments orchestrationPlight
They killed 7 sentences to get listed. That is the product you are about to miss.
Plight survived the screen. Most of Payments orchestration did not. That is not a slogan. It is the decline pile.
Plight — 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.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
A year from now this will be an obvious company or a missed one. The window decides which.
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
upcoming
Window
Closed
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Redacted on the public page
Live nodes
0
Account abstraction · testnet
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/5
Sprint
Our cut
0%
Of any proceeds
Plate Orbit · 8032
PLGT
The plate
Orbit. Edition 8032.
A unique plate for Plight. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
PLGT · Manchester · Payments orchestration
Score
0
Desk diligence
Pilots
0
None on file
Stage
upcoming
upcoming
HQ
Manchester
Licensed PSPs
Sells
Scheme-map
Scheme-map licence
Markets
0
Manchester
Years
0
Founded 2023
Surfaces
0
Account abstraction · testnet
Complete
0
File readiness
Why the desk took it
Early — still a question.
They walked in with a licensed PSP letter, not a token deck.
Traction
No paying pilot on the public file.
Founded 2023, headquartered in Manchester. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. A warehouse or port that has written a live event. 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.
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 Payments orchestration 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.
If you leave this page without opening the claims table, you have read marketing. The scarce version of Plight is the version that survives counsel. It is on a clock.
A sentence went public and came down in under an hour. Claire Diaz treated the kill as an operating skill, not a PR event. Files that cannot do this do not stay listed.
From ops
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
Fixed fee. Deposit to start. 0% of proceeds. Token-only pay is declined. Percentage of raise is declined.
From the screen
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.
The incumbent will still be slow in a year. The window will not.
Switching cost is the auditor conversation. Once it happens, you are late.
Read it once, properly, while the number is still green. Then decide.
Window
Closed
Closed. History only — not a place to buy.
- Sentences killed
- 7
- Counsel hours on file
- 9
- Asks / week
- 5
- Our cut
- 0% of proceeds
I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
This company
Plight
Open-source looks free until the auditor asks who attests. Plight has an answer.
In the same conversation
- Modulr
- Lemonway
- Checkout.com routing
- Not a L2 payments coin
The bet
Why this company exists.
Plight is betting that Manchester PSPs will buy routing as software rather than issue a coin.
Plight is betting that Manchester 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
The incumbent brand sells the relationship. Plight 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.
The live path is Not offering — locked. 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
- 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.
Control environment
33%
Dual-control drills, key ceremonies, and the person who owns them.
Counsel & perimeter
19%
Keeping the public story from running ahead of the claims register.
Named operators
22%
Adapter work against the incumbent register, admin, or custodian.
Claims & campaign ops
26%
Hiring the operator who already does this job at a licensed firm.
Operating week
What “in market” actually looks like.
- 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.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
The wedge
Why this one, not the other one.
- They sell
- Scheme-map licence
- Who pays
- A warehouse or port that has written a live event.
- Unit economics
- Annual software against an ops cost the board can see. Switching cost is the record, not the brand.
- Moat on file
- A design-partner PSP that will not talk to a second vendor this year.
- Switching cost
- Network effects only if a second named counterparty writes. One customer is a service firm.
- 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.
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.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2023, headquartered in Manchester. No named paying pilot on the file yet — that is the first question. 1 nodes or connected surfaces reported. Desk diligence score 64/100. A warehouse or port that has written a live event. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Pilot letters on file, identities redacted
- Manchester 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.”
- Product21
- Customers18
- Legal path62
- Tech maturity31
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
The founder wants a public book
The moment Plight 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 Plight. Concentration in one scheme is existential.
Token relapse
A later round that wants a public token puts Plight in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01What happens if a founder later wants a public token?
- 02Has counsel written the perimeter in a memo you can file?
- 03What does renewal look like if no round ever happens?
- 04Who is the first named paying customer — not a letter of intent?
- 05Who can unpublish a public sentence in 24 hours, by name?
- 06If RCA Pad disappeared tomorrow, could the customer still run the job?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Plight Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- 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.
- Manchesternamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Claire DiazChief executive
- Ines SantosHead of product
Stack
- Account abstraction · testnet
- Payments orchestration
- Takedown SLA
Named with them
- Northbridge Counsel
Who can decide
Claire Diaz came in named. The team is not a handle. Plight Ltd exists, founded 2023, headquartered in Manchester. Anonymity would have been an automatic decline.
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 |
|---|---|---|
| Plight does not sell a token to the public on this pad | Posture lock | live |
| The product is payments orchestration sold to institutions | Architecture + customer type | draft |
| Account abstraction · testnet is the method — not a listed asset | Paper only | draft |
| 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: Manchester | Named markets on the file | draft |
On the record
- Application APP-4539ScreenSep
- Counsel questionPathSep
Operating log
06 Sep 12:00
Application scored. Plight is not a calendar slot.
11 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
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