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

SABL

In diligence

IN MOTIONPayments orchestration

Sable Rail

Pilots named (redacted). Waitlist not. a short list names. Your move.

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

Sable 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.

In a 14-day diligence sprint (day 5). This is when the story, the customers and the legal path get written down — or the file stops.

Window 8d. Waitlist a short list. 36 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.

Sprint day

0/14

Window

0days

Heat

0/99

Inbound / wk

0asks

Asking now

0live

Named pilots

Redacted on the public page

Live nodes

Account abstraction · testnet

Counsel hours

Not offering — locked

Sentences killed

Before listing

Claims live

2/8

Sprint

Our cut

Of any proceeds

Plate Signal · 2795

SABL

The plate

Signal. Edition 2795.

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

SABL · London · Payments orchestration

Score

Desk diligence

Pilots

Named, redacted

Sprint

Day 5 of 14

London

Licensed PSPs

Sells

Scheme-map

Scheme-map licence

Markets

United Kingdom

Years

Founded 2024

Surfaces

Account abstraction · testnet

Complete

File readiness

The wedge

Scheme-map licence

Sable Rail is betting that London PSPs will buy routing as software rather than issue a coin.

Why the desk took it

A real job, not a ticker.

US was taken off the file in the first hour. That is adult.

Traction

2 named pilots (redacted).

Founded 2024, headquartered in London. 2 named pilots on file (identities redacted in public). 4 nodes or connected surfaces reported. Desk diligence score 79/100. Sprint day 5 of 14. Two licensed PSPs on a paid pilot — identities off the public file. Counsel is named, even if the memo is still a draft. Unnamed counsel is how files die.

Next 12 months

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

A L2 payments coin is the thing this file has already refused. They win if they are cheaper than the internal build, not cheaper than a protocol.

The brief

How a serious reader should hold this.

The decline pile in Payments orchestration is not a rumour. It is how this board stays readable. Sable Rail is what survived. That is the sell.

Sable Rail 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.

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

From counsel

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 pilot

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

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

The window

Miss this and you read the archive.

When the heat drops, the named customer is still named — they just stop taking new calls.

The incumbent copy takes a year. The named customer is already writing into this record.

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

Window remaining

0days

When this window closes, the campaign is archive.

Sentences killed: 6
Counsel hours on file: 47
Asks / week: 36
Our cut: 0% of proceeds

Renewal is the round. If nobody renews, there is no company. A token would not fix that.
Jonah Adeyemi, Chief executive

This company

Sable Rail

Open-source looks free until the auditor asks who attests. Sable Rail has an answer.

In the same conversation

Modulr
Lemonway
Checkout.com routing
Not a L2 payments coin

The bet

Why this company exists.

Sable Rail is betting that London 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. Sable 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.

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.

Claims & campaign ops
37%
Adapter work against the incumbent register, admin, or custodian.
Certifications & adapters
27%
The remaining certifications and the second named market.
Control environment
18%
A counsel memo that can survive a later reader.
Second market
18%
Dual-control drills, key ceremonies, and the person who owns them.

Operating week

What “in market” actually looks like.

FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
WedCounselPerimeter diffs. If the site drifted from the memo, the site moves — not the memo.
ThuCustomerNamed pilot (redacted) sees the same record the auditor saw.
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: Two licensed PSPs on a paid pilot — identities off the public file.
Unit economics: They win if they are cheaper than the internal build, not cheaper than a protocol.
Moat on file: A design-partner PSP that will not talk to a second vendor this year.
Switching cost: Permissioned connectivity is the moat. Public endpoints would erase it.
Vs the comps: A L2 payments coin is the thing this file has already refused.
Why we listed it: US was taken off the file in the first hour. That is adult.

Next twelve months

What has to be true.

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

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.

Sandbox with two PSPs
No public token

Readiness

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

Product45
Customers62
Legal path62
Tech maturity48
Demand38
Market access44

Risks

What can kill it.

The one that actually kills it

The founder wants a public book

The moment Sable Rail 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 Sable Rail. Concentration in one scheme is existential.

Token relapse

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

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?
03If RCA Pad disappeared tomorrow, could the customer still run the job?
04What happens if a founder later wants a public token?
05Is the waitlist demand for a product, or a queue for a coin?
06Which geography is actually locked, and which is a hope?

Structure

How money would actually move.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding.

Entity: Sable Rail 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.

United Kingdomnamed
EEA until namedrestricted
USrestricted

Team

Who runs it.

Jonah AdeyemiChief executive

Stack

Account abstraction
PSP webhooks
Ledgering

Named with them

Helix Audit

Who can decide

Jonah Adeyemi came in named. The team is not a handle. Sable Rail Ltd exists, founded 2024, headquartered in London. 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
Sandbox with two PSPs	Sandbox logs	draft
Faster settlement than cards	No evidence	draft
No public token is sold on this pad	Engagement terms + posture lock	live
Customers contemplated: United Kingdom	Named markets on the file	live
Account abstraction · testnet is infrastructure — not a listed asset	Desk snapshot	live
RCA Pad does not take a cut of any raise	Fixed-fee engagement	live

On the record

Kick-off recordKick-off07 Sep
Exclusions listLock07 Sep

Operating log

11 Sep 11:05
Audience matrix workshop. Retail off the page.
07 Sep 09:30
Day 0. Purchase journey listed as an exclusion.

Path to now

D0
Kick-off
Exclusions include any purchase journey.
D5
Claims lock
Empty field, not publishable.
D14
Read-out
Build only if the lock holds.

Not a subscription

This is not a sale page.

Sprint is diligence, not a raise. A pack at the end is a file the company can take to its own lawyers and investors. RCA Pad does not complete funding. 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

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