M02 · Readiness Grade · US$750
How this file would be read.
Prepared for the commissioning party from the documents supplied. This is not a reconstruction of a full data room. Page one is the product: the grade, the conditions, and whether the file is eligible for introductions.
01 / Verdict and outreach posture
There is a named team, a Singapore dual-entity structure, and a consumer app that appears to exist. The round is described as funding activation of payments. The whitepaper states that payments are not yet activated. The one-pager states that fiat is live at first partner venues. Those two statements cannot both stand. The deck is twenty-one slides with almost no evidence in the frames, and it labels the round Seed / Series A. The headline market figure is US$2.4 trillion. That is not a usable addressable market for diligence, even if the nearer SOM (Lisbon and similar hubs) is a real wedge.
This file is not eligible for investor introductions or outreach at this cutoff. The next engagement is a Diagnostic, which sources the gaps and states what “addressed” looks like. Introductions are considered only after the conditions below are met and a later letter states Eligible.
What would need to be in place
- A signed PSP or a week of settlement that matches “payments live,” or the one-pager corrected to match the whitepaper.
- Executed SAFE+T and a cap table in the folder.
- One round name, one founder-cheque figure, and QR codes either deployed or planned — the same in every document.
02 / Grade card
Score 0–5. Points = weight × score / 5. Record quality is not in the total. Not a rating.
| Category | Wt | Score | Pts | One-line reason |
|---|---|---|---|---|
| Market and competition | 18 | 2 | 7.2 | US$2.4T is not a usable TAM. SOM (Lisbon / hubs) is a wedge. OTAs are the wrong comparable for a 4% payment take-rate. |
| People, entity and authority | 16 | 3 | 9.6 | Named operators. Northpoint vs Halyard Pte Ltd vs Foundation not reconciled to a registry extract. Counsel named (Pires). |
| Product / what is live | 12 | 3 | 7.2 | App claimed live. Whitepaper: payments not activated. That is the product that would earn the 4%. |
| Traction, customers, revenue | 10 | 2 | 4.0 | 800 registered users, 15 partners, 266 QR codes. No GMV. Funnel rates labelled hypotheses. |
| Business / token mechanism | 10 | 3 | 6.0 | 4% on spend is clear. Phase 1 vs Phase 2 is written. Merchant 4% vs OTA 15–30% mixes two businesses. |
| Token supply, allocation, unlocks | 10 | 3 | 6.0 | 100M fixed, 40/15/15/12/10/8 split, cliffs described. No executed unlock schedule in the materials. |
| Financials, treasury, runway, use of funds | 8 | 2 | 3.2 | US$400k split 45/35/20. Year-4 US$48M protocol fees is a model, not a book. Grants “unlocks US$1.3M” unsourced here. |
| Ownership, instrument and rights | 8 | 2 | 3.2 | SAFE+T and dual-entity described. No cap table file, no signed instrument. |
| Legal, custody, IP, data rights | 8 | 2 | 3.2 | Counsel named. Reg D/S claimed for Investor Nodes. No opinion, no named PSP. |
| Total (investability) | 100 | — | 50 | Coverage 100% of weights. Hold band. Eligibility for introductions is independent of the total. |
| Companion (not in total) | Score | Note |
|---|---|---|
| Record quality | 2 | One-pager is dense. Deck is empty frames. Round name, founder cheque (US$100k vs US$125k), and QR “deployed” vs “planned” do not match. |
03 / Hard gates
| Gate | Result | Evidence |
|---|---|---|
| Authorised entity and signer | Hold | Northpoint Payments on the deck; Halyard Pte Ltd in the token paper; Foundation as a third. No ACRA extract in the materials. |
| Named operators | Clear | Elena Voss, Marco Silva, Ade Okonkwo, counsel named (Pires). |
| Live product or proof | Hold | App claimed shipped. Payments “not yet activated” (whitepaper §3). |
| Material claims reconcilable | Hold | Payments live vs not; QR deployed vs planned; Pre-Seed vs Seed/Series A; US$100k vs US$125k personal capital. |
| Instrument, rights, unlocks identifiable | Hold | SAFE+T described. No executed SAFE or warrant in the folder. |
| Harvest path stated | Clear | Equity in OpCo; token via SAFE+T at TGE 12–18 months, milestone-gated. |
| Token file: product is not the token | Clear | Commerce in stablecoin/fiat. $HYD is coordination. Written as Phase 2. |
| Conflicts | Clear | None recorded at this cutoff. |
Hard-gate result: Hold. Entity, live payments, claim consistency, and executed instrument remain open. Named operators and harvest path are clear. The file can be graded. It is not eligible for introductions at this cutoff.
04 / Three weakest — what would have to be true
Market · 2
Replace US$2.4T with the reachable market you can defend in one sentence (hub spend, venue GMV). Name payment competitors, not Booking.com, when the take-rate is 4%.
Traction · 2
State registered users as registered, partners as signed or LOI, and GMV as zero until a payment-processor record exists. The one-pager should not state “payments live” while the whitepaper states the opposite.
Record / claims
One round name. One founder-capital figure. QR codes either deployed or planned. Deck completed before it is circulated. An investor should be able to open two documents and find the same facts.
Informational only — not investment advice, an offer, or a solicitation. Issuer-side Grade. Not a rating, valuation, legal opinion, or promise of introductions. A total of 50 does not cure an open hard gate. Issued by Mjolnir Capital.