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

VETD

In market

HOT WINDOWPayroll rails

Vetch Desk

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

Closed files are history. Live files have a clock. Vetch Desk has a few days.

Vetch Desk — 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. 6,908 on the product waitlist — that is demand, not an allocation.

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.

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

Melbourne · counsel-named

Sentences killed

Before listing

Claims live

9/12

Growth

Our cut

Of any proceeds

Plate Vault · 7471

VETD

The plate

Vault. Edition 7471.

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

VETD · Melbourne · Payroll rails

Score

Desk diligence

Pilots

Named, redacted

Waitlist

Product demand

Melbourne

Licensed PSPs

Sells

Annual

Annual PSP seat

Markets

Melbourne

Years

Founded 2023

Surfaces

Payroll adapters

Complete

File readiness

The wedge

Annual PSP seat

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.

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

Traction

4 named pilots (redacted).

Founded 2023, headquartered in Melbourne. 4 named pilots on file (identities redacted in public). 6,908 on the waitlist, gated — product demand, not a book built. 19 nodes or connected surfaces reported. Desk diligence score 88/100. A coverholder or carrier running one binder on this record. A redacted engagement letter landed in week one. That is why the desk took the meeting.

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. 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 Payroll rails is not a rumour. It is how this board stays readable. Vetch Desk is what survived. That is the sell.

Read this as an operating company, not a round. Counsel has a posture: Melbourne · counsel-named. Restricted markets stay dark. RCA Pad takes 0% if they ever raise. That combination is why inbound did not need a ticker.

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

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.

From the pilot

A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.

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.

0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.

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: 49
Asks / week: 864
Our cut: 0% of proceeds

I will take thirty minutes and decide budget. If that person is not me, we should not be listed.
Ibrahim Moreau, Chief executive

This company

Vetch Desk

Open-source looks free until the auditor asks who attests. Vetch Desk has an answer.

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

L2 wrappers are cheaper. They are also a different perimeter — and declined here. Vetch Desk is priced as software against an invoice that already exists.

Melbourne 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; Vetch Desk 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.

Second market
35%
Keeping the public story from running ahead of the claims register.
Named operators
28%
Hiring the operator who already does this job at a licensed firm.
Counsel & perimeter
19%
Dual-control drills, key ceremonies, and the person who owns them.
Control environment
18%
Adapter work against the incumbent register, admin, or custodian.

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: Annual PSP seat
Who pays: A coverholder or carrier running one binder on this record.
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: 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: 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.

A redacted engagement letter landed in week one. That is why the desk took the meeting.

They have not asked us to run a sale. That ask would close the file.

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
Melbourne 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.”

Product76
Customers96
Legal path84
Tech maturity94
Demand75
Market access68

Risks

What can kill it.

The one that actually kills it

The unit of account becomes a token

Seat plus event. If they attach a token as the unit of account, this company is a different company — and not one we will operate a campaign for.

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 Vetch Desk. Concentration in one scheme is existential.

Single-customer gravity

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

Ask these next

01Is the waitlist demand for a product, or a queue for a coin?
02Who is the first named paying customer — not a letter of intent?
03Where do keys, title, or NAV liability sit — and is that person licensed?
04Which incumbent can copy this in a quarter, and what would they have to migrate?
05Has counsel written the perimeter in a memo you can file?
06Who can unpublish a public sentence in 24 hours, by name?

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: Vetch Desk Ltd
Path on file: Melbourne · counsel-named
Posture: No public sale
Pack: Growth

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.

Melbournenamed
United Kingdomnamed
Public residual claimsrestricted
United Statesrestricted

Team

Who runs it.

Ibrahim MoreauChief executive
Mei NovakFinance

Stack

Payroll adapters
Payroll rails
Disclosure templates

Named with them

Northbridge Counsel
Helix Audit
Clearline

Who can decide

Ibrahim Moreau (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
Vetch Desk 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: Melbourne, United Kingdom	Named markets on the file	live

On the record

Sprint packPackJun
Counsel lockPathJul
Claims register liveRegisterAug
Creator briefBriefSep

Operating log

11 Sep 09:47
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

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